CIBC Asset Management Inc Has $359.65 Million Stock Position in Meta Platforms, Inc. (NASDAQ:META)

CIBC Asset Management Inc boosted its holdings in shares of Meta Platforms, Inc. (NASDAQ:META) by 5.5% in the 3rd quarter, Holdings Channel reports. The firm owned 628,272 shares of the social networking company’s stock after buying an additional 32,732 shares during the period. Meta Platforms accounts for about 1.2% of CIBC Asset Management Inc’s holdings, making the stock its 22nd largest position. CIBC Asset Management Inc’s holdings in Meta Platforms were worth $359,648,000 at the end of the most recent quarter.

Other large investors have also recently modified their holdings of the company. Central Valley Advisors LLC boosted 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 valued at $3,271,000 after buying an additional 18 shares in the last quarter. Cherrydale Wealth Management LLC lifted its holdings in shares of Meta Platforms by 0.5% in the third quarter. Cherrydale Wealth Management LLC now owns 3,841 shares of the social networking company’s stock worth $2,199,000 after acquiring an additional 18 shares during the last quarter. Alliance Wealth Advisors LLC grew its holdings in shares of Meta Platforms by 0.7% during the 3rd quarter. Alliance Wealth Advisors LLC now owns 2,787 shares of the social networking company’s stock valued at $1,595,000 after purchasing an additional 18 shares during the last quarter. Kozak & Associates Inc. increased its position in Meta Platforms by 1.0% during the 3rd quarter. Kozak & Associates Inc. now owns 1,906 shares of the social networking company’s stock worth $1,099,000 after purchasing an additional 18 shares in the last quarter. Finally, Capital Advisors Ltd. LLC increased its position in Meta Platforms by 0.5% during the 3rd quarter. Capital Advisors Ltd. LLC now owns 3,560 shares of the social networking company’s stock worth $2,038,000 after purchasing an additional 18 shares in the last quarter. Institutional investors and hedge funds own 79.91% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on META. Hsbc Global Res raised shares of Meta Platforms to a “hold” rating in a research note on Thursday, October 24th. Royal Bank of Canada restated an “outperform” rating and set a $570.00 price objective on shares of Meta Platforms in a research report on Thursday, August 1st. The Goldman Sachs Group upped their target price on Meta Platforms from $555.00 to $636.00 and gave the stock a “buy” rating in a report on Monday, October 14th. JMP Securities lifted their price target on Meta Platforms from $635.00 to $660.00 and gave the company a “market outperform” rating in a research note on Thursday, October 31st. Finally, UBS Group upped their price objective on Meta Platforms from $690.00 to $719.00 and gave the company a “buy” rating in a research note on Thursday, October 31st. Two investment analysts have rated the stock with a sell rating, four have given a hold rating, thirty-five have given 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 price target of $634.10.

Meta Platforms Trading Down 4.0 %

META opened at $554.08 on Monday. Meta Platforms, Inc. has a fifty-two week low of $313.66 and a fifty-two week high of $602.95. The firm has a market capitalization of $1.40 trillion, a PE ratio of 26.10, a P/E/G ratio of 1.23 and a beta of 1.22. The company has a debt-to-equity ratio of 0.18, a current ratio of 2.73 and a quick ratio of 2.73. The company’s 50-day moving average is $568.11 and its 200 day moving average is $521.17.

Meta Platforms (NASDAQ:META) last issued its quarterly earnings data 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 firm had revenue of $40.59 billion during the quarter, compared to the consensus estimate of $40.21 billion. Meta Platforms had a return on equity of 35.60% and a net margin of 35.55%. As a group, research analysts predict that Meta Platforms, Inc. will post 22.53 earnings per share for the current fiscal year.

Meta Platforms Dividend Announcement

The company also recently disclosed 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 0.36%. The ex-dividend date was Monday, September 16th. Meta Platforms’s dividend payout ratio is 9.42%.

Insiders Place Their Bets

In related news, insider Jennifer Newstead sold 905 shares of the business’s stock in a transaction dated Tuesday, August 20th. The shares were sold at an average price of $528.38, for a total transaction of $478,183.90. Following the transaction, the insider now directly owns 40,532 shares in the company, valued at approximately $21,416,298.16. The trade was a 2.18 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, COO Javier Olivan sold 413 shares of the stock in a transaction dated Friday, November 1st. The shares were sold at an average price of $567.58, for a total transaction of $234,410.54. Following the completion of the sale, the chief operating officer now owns 10,294 shares of the company’s stock, valued at approximately $5,842,668.52. This trade represents a 3.86 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 141,498 shares of company stock valued at $75,732,154 in the last three months. 13.71% of the stock is currently owned by insiders.

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.