Shares of Meta Platforms, Inc. (NASDAQ:META) Transferred by New York State Common Retirement Fund

November 04, 2024 02:50 AM PST | By Team Kalkine Media

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Shares of Meta Platforms, Inc. (NASDAQ:META) Transferred by New York State Common Retirement Fund — Image source: Shutterstock

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Highlights

New York State Common Retirement Fund reduced its holdings in Meta Platforms, Inc. by 4.3% during the third quarter.

Meta reported robust quarterly earnings, exceeding analyst expectations with significant revenue growth.

The company announced a quarterly dividend, reinforcing its commitment to shareholder returns.

New York State Common Retirement Fund has decreased its holdings in Meta Platforms, Inc. (NASDAQ:META) by 4.3%, according to its latest Form 13F filing with the Securities and Exchange Commission. After selling 131,454 shares during the third quarter, the fund now holds 2,940,849 shares, which represents approximately 2.3% of its total portfolio. At the end of the reporting period, these holdings were valued at approximately $1.68 billion, making Meta its fifth-largest position.

In addition to New York State Common Retirement Fund, several other institutional investors have adjusted their stakes in Meta. Benchmark Financial Wealth Advisors LLC increased its holdings by 1.6% in the first quarter, while China Universal Asset Management Co. Ltd. raised its stake by nearly 49%. Additionally, SeaBridge Investment Advisors LLC significantly boosted its position, reflecting a trend among large investors toward Meta. Overall, institutional ownership in Meta stands at approximately 79.91%.

Meta Platforms opened at $567.16 on the latest trading day. The company has demonstrated strong financial performance, reporting earnings per share (EPS) of $6.03 for the latest quarter, which surpassed analysts' expectations of $5.19. Revenue for the quarter reached $40.59 billion, also exceeding forecasts. The net margin for the company was reported at 35.55%, with a return on equity of 35.60%.

The company has a market capitalization of approximately $1.43 trillion and maintains a price-to-earnings (P/E) ratio of 26.72. Meta's financial health is underscored by a current ratio of 2.73 and a quick ratio of 2.83.

Additionally, Meta recently declared a quarterly dividend of $0.50 per share, reinforcing its commitment to delivering shareholder value. This translates to an annualized dividend of $2.00, with a yield of 0.35% and a payout ratio of 9.42%.

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