Meta Platforms, Inc. (NASDAQ:META) is Cim Investment Management Inc.’s 10th Largest Position

Cim Investment Management Inc. lessened its holdings in Meta Platforms, Inc. (NASDAQ:META) by 2.1% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 8,687 shares of the social networking company’s stock after selling 182 shares during the period. Meta Platforms comprises approximately 1.5% of Cim Investment Management Inc.’s holdings, making the stock its 10th biggest holding. Cim Investment Management Inc.’s holdings in Meta Platforms were worth $4,973,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently modified their holdings of the company. Geode Capital Management LLC increased its stake in shares of Meta Platforms by 1.5% in the third quarter. Geode Capital Management LLC now owns 48,160,608 shares of the social networking company’s stock worth $27,470,870,000 after buying an additional 698,884 shares during the last quarter. Jennison Associates LLC grew its position in shares of Meta Platforms by 1.9% during the 3rd quarter. Jennison Associates LLC now owns 14,440,868 shares of the social networking company’s stock valued at $8,266,531,000 after buying an additional 263,063 shares during the last quarter. Charles Schwab Investment Management Inc. raised its stake in Meta Platforms by 0.9% during the third quarter. Charles Schwab Investment Management Inc. now owns 13,827,565 shares of the social networking company’s stock worth $7,915,451,000 after acquiring an additional 118,298 shares during the period. International Assets Investment Management LLC boosted its stake in Meta Platforms by 57,001.5% in the third quarter. International Assets Investment Management LLC now owns 9,517,111 shares of the social networking company’s stock valued at $5,447,975,000 after acquiring an additional 9,500,444 shares during the period. Finally, Dimensional Fund Advisors LP lifted its holdings in shares of Meta Platforms by 2.8% in the 2nd quarter. Dimensional Fund Advisors LP now owns 7,754,450 shares of the social networking company’s stock worth $3,911,029,000 after purchasing an additional 208,677 shares during the last quarter. Hedge funds and other institutional investors own 79.91% of the company’s stock.

Meta Platforms Trading Down 0.4 %

Shares of META traded down $2.68 during trading hours on Thursday, hitting $630.00. 691,080 shares of the stock traded hands, compared to its average volume of 14,740,563. The business has a fifty day moving average of $582.52 and a 200-day moving average of $535.78. The firm has a market capitalization of $1.59 trillion, a PE ratio of 29.80, a price-to-earnings-growth ratio of 1.37 and a beta of 1.20. Meta Platforms, Inc. has a 1-year low of $328.64 and a 1-year high of $638.40. The company has a current ratio of 2.73, a quick ratio of 2.73 and a debt-to-equity ratio of 0.18.

Meta Platforms (NASDAQ:META) last issued its earnings results on Wednesday, October 30th. The social networking company reported $6.03 earnings per share (EPS) for the quarter, beating the consensus estimate of $5.19 by $0.84. Meta Platforms had a net margin of 35.55% and a return on equity of 35.60%. The company had revenue of $40.59 billion for the quarter, compared to analyst estimates of $40.21 billion. Analysts expect that Meta Platforms, Inc. will post 22.68 EPS for the current year.

Meta Platforms Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, December 27th. Shareholders of record on Monday, December 16th will be issued a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a yield of 0.32%. The ex-dividend date of this dividend is Monday, December 16th. Meta Platforms’s dividend payout ratio (DPR) is currently 9.42%.

Insiders Place Their Bets

In related news, COO Javier Olivan sold 413 shares of the company’s stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $520.57, for a total value of $214,995.41. Following the transaction, the chief operating officer now directly owns 13,185 shares in the company, valued at approximately $6,863,715.45. This represents a 3.04 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Mark Zuckerberg sold 35,921 shares of the business’s stock in a transaction dated Wednesday, December 11th. The shares were sold at an average price of $633.25, for a total transaction of $22,746,973.25. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 213,510 shares of company stock worth $126,396,359. Insiders own 13.71% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the company. KeyCorp increased their target price on Meta Platforms from $560.00 to $655.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 9th. DA Davidson began coverage on Meta Platforms in a report on Tuesday, September 10th. They set a “buy” rating and a $600.00 price target on the stock. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $670.00 price objective on shares of Meta Platforms in a report on Wednesday, October 16th. Truist Financial increased their price objective on shares of Meta Platforms from $570.00 to $650.00 and gave the company a “buy” rating in a report on Thursday, October 10th. Finally, Citigroup lifted their target price on Meta Platforms from $645.00 to $705.00 and gave the company a “buy” rating in a research note on Thursday, October 31st. Two analysts have rated the stock with a sell rating, four have issued a hold rating, thirty-five have issued a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $635.20.

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.