Pitcairn Co. Has $15.30 Million Stock Position in Meta Platforms, Inc. (NASDAQ:META)

Pitcairn Co. cut its position in Meta Platforms, Inc. (NASDAQ:META) by 12.7% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 26,730 shares of the social networking company’s stock after selling 3,873 shares during the quarter. Meta Platforms makes up about 0.9% of Pitcairn Co.’s holdings, making the stock its 16th biggest position. Pitcairn Co.’s holdings in Meta Platforms were worth $15,301,000 at the end of the most recent reporting period.

Several other institutional investors have also recently bought and sold shares of the company. International Assets Investment Management LLC increased its position in Meta Platforms by 57,001.5% during the third quarter. International Assets Investment Management LLC now owns 9,517,111 shares of the social networking company’s stock worth $5,447,975,000 after acquiring an additional 9,500,444 shares during the period. Integrated Investment Consultants LLC grew its position in Meta Platforms by 61,769.3% in the 3rd quarter. Integrated Investment Consultants LLC now owns 4,132,870 shares of the social networking company’s stock worth $2,365,820,000 after purchasing an additional 4,126,190 shares during the last quarter. Sustainable Growth Advisers LP bought a new position in shares of Meta Platforms during the 2nd quarter worth about $595,152,000. Healthcare of Ontario Pension Plan Trust Fund increased its stake in Meta Platforms by 926.6% during the second quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 733,358 shares of the social networking company’s stock valued at $369,774,000 after acquiring an additional 661,923 shares during the period. Finally, Manning & Napier Advisors LLC bought a new stake in shares of Meta Platforms during the second quarter valued at approximately $285,690,000. Institutional investors own 79.91% of the company’s stock.

Analysts Set New Price Targets

META has been the topic of several analyst reports. Susquehanna boosted their price target on shares of Meta Platforms from $600.00 to $675.00 and gave the company a “positive” rating in a report on Thursday, October 31st. Jefferies Financial Group increased their price target on shares of Meta Platforms from $600.00 to $675.00 and gave the stock a “buy” rating in a research report on Tuesday, October 22nd. JMP Securities lifted their price objective on Meta Platforms from $635.00 to $660.00 and gave the company a “market outperform” rating in a report on Thursday, October 31st. JPMorgan Chase & Co. increased their target price on Meta Platforms from $640.00 to $660.00 and gave the stock an “overweight” rating in a report on Thursday, October 31st. Finally, Rosenblatt Securities reaffirmed a “buy” rating and issued a $811.00 price target on shares of Meta Platforms in a research note on Thursday, October 31st. Two analysts have rated the stock with a sell rating, four have given a hold rating, thirty-five have issued a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $634.71.

Insider Buying and Selling at Meta Platforms

In other news, CAO Aaron Anderson sold 731 shares of the stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $557.00, for a total transaction of $407,167.00. Following the completion of the transaction, the chief accounting officer now directly owns 3,414 shares in the company, valued at $1,901,598. This represents a 17.64 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Susan J. Li sold 8,951 shares of Meta Platforms stock in a transaction dated Friday, November 15th. The shares were sold at an average price of $577.16, for a total value of $5,166,159.16. Following the completion of the sale, the chief financial officer now directly owns 51,591 shares in the company, valued at approximately $29,776,261.56. This represents a 14.78 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 118,218 shares of company stock valued at $65,819,414 in the last 90 days. 13.71% of the stock is currently owned by company insiders.

Meta Platforms Trading Up 1.1 %

Shares of NASDAQ META opened at $565.11 on Tuesday. The company has a quick ratio of 2.73, a current ratio of 2.73 and a debt-to-equity ratio of 0.18. Meta Platforms, Inc. has a twelve month low of $313.66 and a twelve month high of $602.95. The company’s fifty day moving average is $573.38 and its 200-day moving average is $525.35. The stock has a market cap of $1.43 trillion, a price-to-earnings ratio of 26.62, a P/E/G ratio of 1.23 and a beta of 1.22.

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

Meta Platforms Dividend Announcement

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

Meta Platforms 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.