Covington Capital Management lifted its position in shares of Facebook, Inc. (NASDAQ:FB) by 5.2% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 62,302 shares of the social networking company’s stock after purchasing an additional 3,082 shares during the quarter. Covington Capital Management’s holdings in Facebook were worth $11,095,000 at the end of the most recent reporting period.
Other large investors have also recently modified their holdings of the company. Financial Advantage Inc. bought a new stake in Facebook during the third quarter worth $28,000. Shamrock Asset Management LLC bought a new stake in Facebook during the second quarter worth $38,000. Clean Yield Group bought a new stake in Facebook during the second quarter worth $39,000. Litman Gregory Asset Management LLC bought a new stake in Facebook during the second quarter worth $41,000. Finally, Spectrum Management Group Inc. grew its holdings in Facebook by 135.3% during the second quarter. Spectrum Management Group Inc. now owns 240 shares of the social networking company’s stock worth $46,000 after buying an additional 138 shares in the last quarter. 63.81% of the stock is currently owned by institutional investors.
Several brokerages recently issued reports on FB. Royal Bank of Canada upped their price target on Facebook from $260.00 to $270.00 and gave the stock an “outperform” rating in a report on Thursday, October 31st. Nomura upped their price target on Facebook from $235.00 to $253.00 and gave the stock a “buy” rating in a report on Thursday, October 31st. BidaskClub upgraded Facebook from a “sell” rating to a “hold” rating in a report on Thursday, October 10th. Morgan Stanley upped their price target on Facebook from $235.00 to $250.00 and gave the stock an “overweight” rating in a report on Thursday, October 31st. Finally, Mizuho decreased their price target on Facebook from $247.00 to $240.00 and set a “buy” rating for the company in a report on Thursday, October 31st. One research analyst has rated the stock with a sell rating, six have given a hold rating and forty-one have given a buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $228.33.
FB stock opened at $202.00 on Thursday. The company has a debt-to-equity ratio of 0.09, a quick ratio of 4.66 and a current ratio of 4.66. The company has a market capitalization of $576.05 billion, a price-to-earnings ratio of 26.68, a PEG ratio of 1.12 and a beta of 1.05. Facebook, Inc. has a fifty-two week low of $123.02 and a fifty-two week high of $208.66. The stock has a fifty day moving average of $190.95 and a 200-day moving average of $187.86.
Facebook (NASDAQ:FB) last posted its quarterly earnings results on Wednesday, October 30th. The social networking company reported $2.12 earnings per share for the quarter, topping the consensus estimate of $1.91 by $0.21. The company had revenue of $17.65 billion during the quarter, compared to the consensus estimate of $17.35 billion. Facebook had a return on equity of 20.39% and a net margin of 27.08%. The firm’s quarterly revenue was up 28.6% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.76 EPS. Equities analysts predict that Facebook, Inc. will post 8.61 EPS for the current year.
In related news, VP Jennifer Newstead sold 260 shares of the stock in a transaction dated Tuesday, November 26th. The stock was sold at an average price of $200.01, for a total transaction of $52,002.60. Following the sale, the vice president now owns 2,866 shares of the company’s stock, valued at approximately $573,228.66. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Susan J.S. Taylor sold 1,133 shares of the stock in a transaction dated Wednesday, November 20th. The stock was sold at an average price of $198.58, for a total value of $224,991.14. Following the sale, the chief accounting officer now directly owns 1,505 shares in the company, valued at approximately $298,862.90. The disclosure for this sale can be found here. Insiders have sold a total of 3,804,995 shares of company stock valued at $707,792,296 in the last quarter. 14.53% of the stock is owned by corporate insiders.
Facebook Company Profile
Facebook, Inc provides various products to connect and share through mobile devices, personal computers, and other surfaces worldwide. The company's products include Facebook that enables people to connect, share, discover, and communicate with each other on mobile devices and personal computers; Instagram, a community for sharing photos, videos, and messages; Messenger, a messaging application for people to connect with friends, family, groups, and businesses across platforms and devices; and WhatsApp, a messaging application for use by people and businesses to communicate in a private way.
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