First Commonwealth Financial Corp PA Purchases 238 Shares of Meta Platforms, Inc. (NASDAQ:META)

First Commonwealth Financial Corp PA raised its position in Meta Platforms, Inc. (NASDAQ:META) by 4.7% in the 3rd quarter, HoldingsChannel reports. The institutional investor owned 5,311 shares of the social networking company’s stock after purchasing an additional 238 shares during the period. Meta Platforms accounts for 0.7% of First Commonwealth Financial Corp PA’s holdings, making the stock its 19th biggest position. First Commonwealth Financial Corp PA’s holdings in Meta Platforms were worth $3,040,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. RPg Family Wealth Advisory LLC raised its position in Meta Platforms by 2.4% in the third quarter. RPg Family Wealth Advisory LLC now owns 16,909 shares of the social networking company’s stock worth $9,679,000 after acquiring an additional 390 shares during the period. CreativeOne Wealth LLC increased its stake in shares of Meta Platforms by 38.6% during the 3rd quarter. CreativeOne Wealth LLC now owns 20,773 shares of the social networking company’s stock worth $11,891,000 after purchasing an additional 5,786 shares during the last quarter. Forest Avenue Capital Management LP bought a new stake in shares of Meta Platforms in the 3rd quarter worth approximately $33,488,000. WorthPointe LLC lifted its stake in Meta Platforms by 14.2% in the third quarter. WorthPointe LLC now owns 834 shares of the social networking company’s stock valued at $477,000 after purchasing an additional 104 shares during the last quarter. Finally, Soros Capital Management LLC grew its holdings in Meta Platforms by 3,417.6% during the third quarter. Soros Capital Management LLC now owns 48,649 shares of the social networking company’s stock valued at $27,849,000 after purchasing an additional 47,266 shares during the period. Hedge funds and other institutional investors own 79.91% of the company’s stock.

Insider Transactions at Meta Platforms

In related news, insider Jennifer Newstead sold 905 shares of the company’s stock in a transaction that occurred on Tuesday, November 26th. The stock was sold at an average price of $565.30, for a total value of $511,596.50. Following the transaction, the insider now directly owns 37,790 shares of the company’s stock, valued at approximately $21,362,687. This represents a 2.34 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CAO Aaron Anderson sold 731 shares of Meta Platforms stock in a transaction on Monday, November 18th. The stock was sold at an average price of $557.00, for a total value of $407,167.00. Following the completion of the sale, the chief accounting officer now directly owns 3,414 shares of the company’s stock, valued at approximately $1,901,598. The trade was a 17.64 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 106,239 shares of company stock valued at $59,681,541 in the last quarter. 13.71% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on the company. Stifel Nicolaus boosted their price objective on Meta Platforms from $590.00 to $663.00 and gave the company a “buy” rating in a research note on Monday, October 14th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $670.00 price objective on shares of Meta Platforms in a research note on Wednesday, October 16th. Robert W. Baird increased their target price on Meta Platforms from $605.00 to $630.00 and gave the stock an “outperform” rating in a research report on Thursday, October 31st. Morgan Stanley lifted their price target on Meta Platforms from $550.00 to $575.00 and gave the company an “overweight” rating in a research report on Thursday, August 1st. Finally, BMO Capital Markets raised their target price on Meta Platforms from $525.00 to $530.00 and gave the stock a “market perform” rating in a research note on Thursday, October 31st. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating, thirty-five have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $634.71.

Meta Platforms Stock Performance

Shares of META stock opened at $569.20 on Friday. The company has a current ratio of 2.73, a quick ratio of 2.73 and a debt-to-equity ratio of 0.18. The company’s fifty day moving average price is $574.75 and its 200-day moving average price is $526.33. The stock has a market cap of $1.44 trillion, a PE ratio of 26.81, a price-to-earnings-growth ratio of 1.25 and a beta of 1.22. Meta Platforms, Inc. has a 12 month low of $313.66 and a 12 month high of $602.95.

Meta Platforms (NASDAQ:META) last announced its earnings results on Wednesday, October 30th. The social networking company reported $6.03 earnings per share for the quarter, beating analysts’ consensus estimates of $5.19 by $0.84. Meta Platforms had a net margin of 35.55% and a return on equity of 35.60%. The business had revenue of $40.59 billion during the quarter, compared to the consensus estimate of $40.21 billion. On average, equities analysts expect that Meta Platforms, Inc. will post 22.62 EPS for the current fiscal year.

Meta Platforms Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, September 26th. Stockholders 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 dividend on an annualized basis and a dividend yield of 0.35%. Meta Platforms’s dividend payout ratio is currently 9.42%.

About Meta Platforms

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.