TenCore Partners LP Lowers Stock Position in Meta Platforms, Inc. (NASDAQ:META)

TenCore Partners LP decreased its position in Meta Platforms, Inc. (NASDAQ:META) by 26.1% during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 62,967 shares of the social networking company’s stock after selling 22,265 shares during the quarter. Meta Platforms accounts for approximately 17.0% of TenCore Partners LP’s holdings, making the stock its 2nd biggest holding. TenCore Partners LP’s holdings in Meta Platforms were worth $36,045,000 at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. Charles Schwab Investment Management Inc. grew its holdings in shares of Meta Platforms by 0.9% in the 3rd 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 purchasing an additional 118,298 shares during the last quarter. LS Investment Advisors LLC grew its holdings in shares of Meta Platforms by 111.4% in the 3rd quarter. LS Investment Advisors LLC now owns 11,679 shares of the social networking company’s stock worth $6,686,000 after purchasing an additional 6,155 shares during the last quarter. Gradient Investments LLC grew its holdings in shares of Meta Platforms by 8.9% in the 2nd quarter. Gradient Investments LLC now owns 72,587 shares of the social networking company’s stock worth $36,600,000 after purchasing an additional 5,953 shares during the last quarter. Cutter & CO Brokerage Inc. grew its holdings in shares of Meta Platforms by 0.7% in the 3rd quarter. Cutter & CO Brokerage Inc. now owns 9,735 shares of the social networking company’s stock worth $5,573,000 after purchasing an additional 65 shares during the last quarter. Finally, Stanley Laman Group Ltd. lifted its position in Meta Platforms by 26.5% during the 2nd quarter. Stanley Laman Group Ltd. now owns 1,678 shares of the social networking company’s stock worth $846,000 after buying an additional 352 shares in the last quarter. Institutional investors own 79.91% of the company’s stock.

Insider Activity

In other news, CEO Mark Zuckerberg sold 35,921 shares of the stock in a transaction that occurred on Tuesday, December 3rd. The stock was sold at an average price of $607.97, for a total value of $21,838,890.37. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Jennifer Newstead sold 905 shares of the firm’s stock in a transaction on Tuesday, September 10th. The shares were sold at an average price of $507.63, for a total value of $459,405.15. Following the sale, the insider now directly owns 37,817 shares of the company’s stock, valued at $19,197,043.71. This represents a 2.34 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 142,160 shares of company stock valued at $81,611,223. 13.71% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on META. Truist Financial upped their price target on shares of Meta Platforms from $570.00 to $650.00 and gave the stock a “buy” rating in a research report on Thursday, October 10th. JMP Securities upped their price target on shares of Meta Platforms from $635.00 to $660.00 and gave the stock a “market outperform” rating in a research report on Thursday, October 31st. UBS Group upped their price target on shares of Meta Platforms from $690.00 to $719.00 and gave the stock a “buy” rating in a research report on Thursday, October 31st. Citigroup upped their price target on shares of Meta Platforms from $645.00 to $705.00 and gave the stock a “buy” rating in a research report on Thursday, October 31st. Finally, Sanford C. Bernstein upped their target price on shares of Meta Platforms from $600.00 to $675.00 and gave the company an “outperform” rating in a research report on Friday, October 25th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating, thirty-five have issued a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $634.71.

Meta Platforms Price Performance

Shares of META opened at $608.93 on Friday. The stock has a market capitalization of $1.54 trillion, a P/E ratio of 28.68, a P/E/G ratio of 1.35 and a beta of 1.20. Meta Platforms, Inc. has a twelve month low of $317.04 and a twelve month high of $619.90. The company has a 50 day moving average of $577.69 and a 200-day moving average of $530.51. 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 (NASDAQ:META) last issued its quarterly earnings results on Wednesday, October 30th. The social networking company reported $6.03 earnings per share for the quarter, topping the consensus estimate of $5.19 by $0.84. The company had revenue of $40.59 billion during 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 22.68 EPS for the current fiscal year.

Meta Platforms Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 27th. Stockholders of record on Monday, December 16th will be issued a $0.50 dividend. This represents a $2.00 annualized dividend and a dividend yield of 0.33%. Meta Platforms’s payout ratio is presently 9.42%.

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.