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

CIBC Asset Management Inc increased its position in Meta Platforms, Inc. (NASDAQ:META) by 5.5% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 628,272 shares of the social networking company’s stock after purchasing an additional 32,732 shares during the quarter. Meta Platforms makes up 1.2% of CIBC Asset Management Inc’s portfolio, making the stock its 22nd biggest position. CIBC Asset Management Inc’s holdings in Meta Platforms were worth $359,648,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its stake in shares of Meta Platforms by 0.4% during the first quarter. Vanguard Group Inc. now owns 187,180,393 shares of the social networking company’s stock worth $90,891,055,000 after purchasing an additional 831,047 shares during the period. Capital World Investors lifted its stake in Meta Platforms by 0.6% in the first quarter. Capital World Investors now owns 38,299,316 shares of the social networking company’s stock valued at $18,597,382,000 after buying an additional 244,803 shares during the period. Capital Research Global Investors boosted its holdings in Meta Platforms by 14.5% during the first quarter. Capital Research Global Investors now owns 34,597,001 shares of the social networking company’s stock worth $16,799,612,000 after buying an additional 4,379,826 shares during the last quarter. GQG Partners LLC grew its position in shares of Meta Platforms by 3.1% during the 1st quarter. GQG Partners LLC now owns 11,497,335 shares of the social networking company’s stock worth $5,582,876,000 after buying an additional 342,742 shares during the period. Finally, International Assets Investment Management LLC increased its stake in shares of Meta Platforms by 57,001.5% in the 3rd 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 last quarter. 79.91% of the stock is owned by institutional investors.

Meta Platforms Trading Down 4.0 %

Shares of META stock opened at $554.08 on Monday. Meta Platforms, Inc. has a 12-month low of $313.66 and a 12-month high of $602.95. The company has a market capitalization of $1.40 trillion, a PE ratio of 26.10, a price-to-earnings-growth ratio of 1.23 and a beta of 1.22. The firm has a 50 day moving average price of $568.11 and a two-hundred day moving average price of $521.17. 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 released 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. Meta Platforms had a return on equity of 35.60% and a net margin of 35.55%. The business had revenue of $40.59 billion during the quarter, compared to analysts’ expectations of $40.21 billion. As a group, analysts predict that Meta Platforms, Inc. will post 22.53 earnings per share for the current year.

Meta Platforms Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 26th. Investors of record on Monday, September 16th were paid a $0.50 dividend. The ex-dividend date was Monday, September 16th. This represents a $2.00 annualized dividend and a dividend yield of 0.36%. Meta Platforms’s dividend payout ratio (DPR) is presently 9.42%.

Insider Buying and Selling

In other Meta Platforms news, insider Jennifer Newstead sold 901 shares of the stock in a transaction that occurred on Tuesday, November 5th. The shares were sold at an average price of $567.70, for a total transaction of $511,497.70. Following the transaction, the insider now owns 30,581 shares in the company, valued at $17,360,833.70. This represents a 2.86 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Mark Zuckerberg sold 492 shares of Meta Platforms stock in a transaction that occurred on Monday, October 7th. The shares were sold at an average price of $600.75, for a total transaction of $295,569.00. Following the completion of the sale, the chief executive officer now owns 518,508 shares of the company’s stock, valued at approximately $311,493,681. The trade was a 0.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 141,498 shares of company stock valued at $75,732,154. 13.71% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on META shares. Piper Sandler lifted their price objective on shares of Meta Platforms from $575.00 to $650.00 and gave the stock an “overweight” rating in a research note on Thursday, October 31st. Barclays upped their price objective on shares of Meta Platforms from $550.00 to $630.00 and gave the company an “overweight” rating in a research report on Thursday, October 31st. JMP Securities lifted their target price on Meta Platforms from $635.00 to $660.00 and gave the stock a “market outperform” rating in a report on Thursday, October 31st. Monness Crespi & Hardt increased their price target on Meta Platforms from $620.00 to $660.00 and gave the stock a “buy” rating in a report on Thursday, October 31st. Finally, Truist Financial lifted their price objective on Meta Platforms from $570.00 to $650.00 and gave the company a “buy” rating in a report on Thursday, October 10th. Two research 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 company. Based on data from MarketBeat, Meta Platforms has an average rating of “Moderate Buy” and an average target price of $634.10.

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.