Matrix Asset Advisors Inc. NY Reduces Stake in Meta Platforms, Inc. (NASDAQ:META)

Matrix Asset Advisors Inc. NY lowered its holdings in Meta Platforms, Inc. (NASDAQ:META) by 1.8% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 40,489 shares of the social networking company’s stock after selling 749 shares during the period. Meta Platforms makes up 2.6% of Matrix Asset Advisors Inc. NY’s investment portfolio, making the stock its 14th largest position. Matrix Asset Advisors Inc. NY’s holdings in Meta Platforms were worth $23,178,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Central Valley Advisors LLC grew its stake in Meta Platforms by 0.3% in the third quarter. Central Valley Advisors LLC now owns 5,714 shares of the social networking company’s stock worth $3,271,000 after purchasing an additional 18 shares in the last quarter. S.A. Mason LLC boosted its position in Meta Platforms by 1.5% during the 1st quarter. S.A. Mason LLC now owns 1,328 shares of the social networking company’s stock valued at $645,000 after acquiring an additional 20 shares in the last quarter. Front Row Advisors LLC boosted its position in Meta Platforms by 5.7% during the 2nd quarter. Front Row Advisors LLC now owns 371 shares of the social networking company’s stock valued at $187,000 after acquiring an additional 20 shares in the last quarter. Merrion Investment Management Co LLC boosted its position in Meta Platforms by 1.8% during the 3rd quarter. Merrion Investment Management Co LLC now owns 1,145 shares of the social networking company’s stock valued at $655,000 after acquiring an additional 20 shares in the last quarter. Finally, Horizon Bancorp Inc. IN boosted its position in Meta Platforms by 2.0% during the 1st quarter. Horizon Bancorp Inc. IN now owns 1,057 shares of the social networking company’s stock valued at $513,000 after acquiring an additional 21 shares in the last quarter. Hedge funds and other institutional investors own 79.91% of the company’s stock.

Meta Platforms Stock Performance

NASDAQ META opened at $589.95 on Friday. The stock has a 50-day simple moving average of $538.12 and a two-hundred day simple moving average of $505.59. The firm has a market capitalization of $1.50 trillion, a P/E ratio of 33.89, a PEG ratio of 1.45 and a beta of 1.22. Meta Platforms, Inc. has a fifty-two week low of $279.40 and a fifty-two week high of $602.95. The company has a debt-to-equity ratio of 0.12, a quick ratio of 2.83 and a current ratio of 2.83.

Meta Platforms (NASDAQ:META) last posted its earnings results on Wednesday, July 31st. The social networking company reported $5.16 EPS for the quarter, beating analysts’ consensus estimates of $4.70 by $0.46. Meta Platforms had a return on equity of 34.16% and a net margin of 34.34%. The firm had revenue of $39.07 billion for the quarter, compared to analysts’ expectations of $38.26 billion. During the same period last year, the firm earned $3.23 EPS. The company’s quarterly revenue was up 22.1% on a year-over-year basis. On average, equities analysts forecast that Meta Platforms, Inc. will post 21.37 earnings per share for the current year.

Meta Platforms Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, September 26th. Stockholders of record on Monday, September 16th were given a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a dividend yield of 0.34%. The ex-dividend date of this dividend was Monday, September 16th. Meta Platforms’s dividend payout ratio (DPR) is presently 11.49%.

Insider Activity

In other news, insider Jennifer Newstead sold 905 shares of the firm’s stock in a transaction dated Tuesday, October 8th. The stock was sold at an average price of $589.89, for a total transaction of $533,850.45. Following the sale, the insider now directly owns 34,197 shares in the company, valued at $20,172,468.33. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, insider Jennifer Newstead sold 905 shares of Meta Platforms stock in a transaction dated Tuesday, October 8th. The stock was sold at an average price of $589.89, for a total value of $533,850.45. Following the sale, the insider now directly owns 34,197 shares in the company, valued at approximately $20,172,468.33. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Mark Zuckerberg sold 492 shares of Meta Platforms stock in a transaction dated Monday, October 7th. The stock was sold at an average price of $600.75, for a total value of $295,569.00. Following the completion of the sale, the chief executive officer now owns 518,508 shares in the company, valued at approximately $311,493,681. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 252,443 shares of company stock worth $133,105,284 in the last ninety days. Company insiders own 13.71% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the company. Royal Bank of Canada reaffirmed an “outperform” rating and set a $570.00 target price on shares of Meta Platforms in a research report on Thursday, August 1st. Scotiabank assumed coverage on Meta Platforms in a research report on Friday. They set a “sector perform” rating and a $585.00 target price on the stock. Barclays increased their target price on Meta Platforms from $520.00 to $550.00 and gave the company an “overweight” rating in a research report on Thursday, August 1st. DA Davidson began coverage on Meta Platforms in a report on Tuesday, September 10th. They set a “buy” rating and a $600.00 price objective for the company. Finally, Bank of America increased their price objective on Meta Platforms from $563.00 to $630.00 and gave the company a “buy” rating in a report on Thursday, September 26th. Two research analysts have rated the stock with a sell rating, three have issued a hold rating, thirty-five have assigned a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, Meta Platforms currently has an average rating of “Moderate Buy” and a consensus target price of $609.71.

Meta Platforms Company Profile

Meta Platforms, Inc engages in the development of products that enable people to connect and share with friends and family through mobile devices, personal computers, virtual reality headsets, and wearables worldwide. It operates in two segments, Family of Apps and Reality Labs. The Family of Apps segment offers Facebook, which enables people to share, discuss, discover, and connect with interests; Instagram, a community for sharing photos, videos, and private messages, as well as feed, stories, reels, video, live, and shops; Messenger, a messaging application for people to connect with friends, family, communities, and businesses across platforms and devices through text, audio, and video calls; and WhatsApp, a messaging application that is used by people and businesses to communicate and transact privately.