Parr Mcknight Wealth Management Group LLC Increases Stake in Meta Platforms, Inc. $META

Parr Mcknight Wealth Management Group LLC boosted its stake in Meta Platforms, Inc. (NASDAQ:META) by 99.2% in the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 11,807 shares of the social networking company’s stock after purchasing an additional 5,880 shares during the quarter. Meta Platforms comprises 1.2% of Parr Mcknight Wealth Management Group LLC’s portfolio, making the stock its 15th largest position. Parr Mcknight Wealth Management Group LLC’s holdings in Meta Platforms were worth $8,715,000 as of its most recent filing with the SEC.

A number of other large investors also recently bought and sold shares of META. Bare Financial Services Inc acquired a new stake in shares of Meta Platforms during the 2nd quarter worth $30,000. Evergreen Private Wealth LLC grew its position in Meta Platforms by 237.5% during the second quarter. Evergreen Private Wealth LLC now owns 54 shares of the social networking company’s stock valued at $40,000 after acquiring an additional 38 shares during the period. Briaud Financial Planning Inc purchased a new stake in Meta Platforms during the second quarter valued at about $42,000. Knuff & Co LLC acquired a new stake in Meta Platforms during the second quarter worth about $44,000. Finally, WFA Asset Management Corp raised its holdings in shares of Meta Platforms by 42.6% in the 2nd quarter. WFA Asset Management Corp now owns 67 shares of the social networking company’s stock worth $49,000 after purchasing an additional 20 shares during the period. Hedge funds and other institutional investors own 79.91% of the company’s stock.

Meta Platforms Stock Performance

Shares of META stock opened at $644.23 on Friday. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.98 and a quick ratio of 1.98. The company’s fifty day moving average price is $665.92 and its two-hundred day moving average price is $707.24. The firm has a market capitalization of $1.62 trillion, a P/E ratio of 28.46, a P/E/G ratio of 1.35 and a beta of 1.28. Meta Platforms, Inc. has a 12 month low of $479.80 and a 12 month high of $796.25.

Meta Platforms (NASDAQ:META) last announced its earnings results on Wednesday, October 29th. The social networking company reported $7.25 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $6.74 by $0.51. Meta Platforms had a return on equity of 39.35% and a net margin of 30.89%.The business had revenue of $51.24 billion for the quarter, compared to analyst estimates of $49.34 billion. During the same period in the previous year, the company earned $6.03 earnings per share. The company’s revenue for the quarter was up 26.2% compared to the same quarter last year. On average, research analysts anticipate that Meta Platforms, Inc. will post 26.7 earnings per share for the current fiscal year.

Meta Platforms Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 23rd. Shareholders of record on Monday, December 15th will be given a $0.525 dividend. This represents a $2.10 dividend on an annualized basis and a dividend yield of 0.3%. The ex-dividend date of this dividend is Monday, December 15th. Meta Platforms’s dividend payout ratio is presently 9.28%.

Insider Buying and Selling

In related news, COO Javier Olivan sold 2,610 shares of the company’s stock in a transaction on Saturday, November 15th. The shares were sold at an average price of $609.46, for a total value of $1,590,690.60. Following the sale, the chief operating officer directly owned 9,784 shares of the company’s stock, valued at $5,962,956.64. This represents a 21.06% 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, Director Robert M. Kimmitt sold 600 shares of the firm’s stock in a transaction on Monday, November 17th. The stock was sold at an average price of $609.35, for a total transaction of $365,610.00. Following the transaction, the director directly owned 7,347 shares of the company’s stock, valued at approximately $4,476,894.45. This represents a 7.55% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 41,959 shares of company stock worth $26,578,191 over the last 90 days. 13.61% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of analysts have recently issued reports on META shares. Oppenheimer cut Meta Platforms from an “outperform” rating to a “market perform” rating in a report on Thursday, October 30th. Raymond James Financial reiterated a “strong-buy” rating and set a $825.00 price objective (down from $900.00) on shares of Meta Platforms in a research note on Thursday, October 30th. Wells Fargo & Company dropped their price objective on shares of Meta Platforms from $837.00 to $802.00 and set an “overweight” rating for the company in a research report on Thursday, October 30th. The Goldman Sachs Group reaffirmed a “buy” rating on shares of Meta Platforms in a research report on Tuesday, October 14th. Finally, Benchmark lowered Meta Platforms from a “buy” rating to a “hold” rating in a research report on Thursday, October 30th. Four investment analysts have rated the stock with a Strong Buy rating, thirty-nine have issued a Buy rating and seven have issued a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $819.46.

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.