First Commonwealth Financial Corp PA Boosts Holdings in Meta Platforms, Inc. (NASDAQ:META)

First Commonwealth Financial Corp PA boosted its position in shares of Meta Platforms, Inc. (NASDAQ:META) by 4.7% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 5,311 shares of the social networking company’s stock after buying an additional 238 shares during the period. Meta Platforms accounts for approximately 0.7% of First Commonwealth Financial Corp PA’s portfolio, making the stock its 19th biggest holding. First Commonwealth Financial Corp PA’s holdings in Meta Platforms were worth $3,040,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of META. POM Investment Strategies LLC purchased a new stake in shares of Meta Platforms in the second quarter valued at about $38,000. Ruedi Wealth Management Inc. lifted its position in Meta Platforms by 122.2% in the second quarter. Ruedi Wealth Management Inc. now owns 80 shares of the social networking company’s stock valued at $40,000 after purchasing an additional 44 shares during the period. Halpern Financial Inc. acquired a new stake in Meta Platforms in the third quarter valued at about $46,000. West Financial Advisors LLC purchased a new stake in Meta Platforms in the 3rd quarter valued at approximately $49,000. Finally, NewSquare Capital LLC increased its position in Meta Platforms by 221.9% during the 2nd quarter. NewSquare Capital LLC now owns 103 shares of the social networking company’s stock worth $52,000 after purchasing an additional 71 shares during the period. Hedge funds and other institutional investors own 79.91% of the company’s stock.

Analyst Ratings Changes

Several analysts recently commented on META shares. Loop Capital raised their price objective on shares of Meta Platforms from $550.00 to $575.00 and gave the company a “buy” rating in a research note on Tuesday, August 6th. Wells Fargo & Company cut their price target on Meta Platforms from $652.00 to $641.00 and set an “overweight” rating for the company in a report on Friday, November 1st. Citigroup upped their price objective on shares of Meta Platforms from $645.00 to $705.00 and gave the company a “buy” rating in a research note on Thursday, October 31st. UBS Group raised their price target on Meta Platforms from $690.00 to $719.00 and gave the stock a “buy” rating in a research note on Thursday, October 31st. Finally, Needham & Company LLC reiterated an “underperform” rating on shares of Meta Platforms in a report on Thursday, October 31st. Two research analysts have rated the stock with a sell rating, four have issued a hold rating, thirty-five have assigned a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $634.71.

Meta Platforms Trading Down 0.8 %

Shares of NASDAQ:META opened at $569.20 on Friday. The company has a quick ratio of 2.73, a current ratio of 2.73 and a debt-to-equity ratio of 0.18. The business has a 50 day moving average of $574.75 and a 200-day moving average of $526.33. Meta Platforms, Inc. has a 12-month low of $313.66 and a 12-month high of $602.95. The stock has a market cap of $1.44 trillion, a PE ratio of 26.81, a P/E/G ratio of 1.25 and a beta of 1.22.

Meta Platforms (NASDAQ:META) last announced its earnings results on Wednesday, October 30th. The social networking company reported $6.03 EPS for the quarter, topping the consensus estimate of $5.19 by $0.84. The company had revenue of $40.59 billion for the quarter, compared to analysts’ expectations of $40.21 billion. Meta Platforms had a net margin of 35.55% and a return on equity of 35.60%. As a group, equities research analysts forecast that Meta Platforms, Inc. will post 22.62 earnings per share for the current year.

Meta Platforms Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, September 26th. Shareholders of record on Monday, September 16th were issued a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 0.35%. The ex-dividend date of this dividend was Monday, September 16th. Meta Platforms’s dividend payout ratio is presently 9.42%.

Insider Buying and Selling at Meta Platforms

In other news, CEO Mark Zuckerberg sold 492 shares of Meta Platforms stock in a transaction on Monday, October 7th. The shares were sold at an average price of $600.75, for a total transaction of $295,569.00. Following the transaction, the chief executive officer now owns 518,508 shares in the company, valued at approximately $311,493,681. The trade was a 0.09 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Jennifer Newstead sold 905 shares of the company’s stock in a transaction that occurred on Tuesday, November 26th. The shares were sold at an average price of $565.30, for a total value of $511,596.50. Following the completion of the sale, the insider now owns 37,790 shares in the company, valued at $21,362,687. The trade was a 2.34 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 106,239 shares of company stock worth $59,681,541 over the last 90 days. Insiders own 13.71% of the company’s stock.

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.