Investment firm Capital Insight Partners LLC has reduced its stake in Meta Platforms, Inc. by 6.6% during the second quarter of 2023. According to its latest Form 13F filing with the U.S. Securities and Exchange Commission (SEC), the firm now holds 14,084 shares of the social media giant after selling 994 shares in this period. This adjustment places Meta as the 13th largest holding in Capital Insight’s investment portfolio, accounting for approximately 1.8% of their total assets. As of the end of the reporting period, the value of the firm’s holdings in Meta stood at around $10.4 million.
Several other institutional investors have also made adjustments to their Meta holdings. Notably, Inlight Wealth Management LLC acquired a new stake valued at approximately $25,000 during the first quarter. Similarly, Barnes Dennig Private Wealth Management LLC and MJT & Associates Financial Advisory Group Inc. invested new amounts of approximately $28,000 and $33,000 respectively.
In a significant move, Evergreen Private Wealth LLC increased its stake in Meta by a remarkable 237.5% in the second quarter, now holding 54 shares valued at around $40,000. Additionally, JCIC Asset Management Inc. raised its holdings by 102.6% in the first quarter, bringing its total to 79 shares valued at $46,000. Currently, institutional investors and hedge funds collectively own 79.91% of Meta’s stock.
Analyst Ratings Show Optimism for Meta
In light of recent market activity, the sentiment around Meta Platforms remains bullish according to several research analysts. HSBC Global Research upgraded Meta from a “hold” to a “strong buy” rating, reflecting increased confidence in its future performance. Cantor Fitzgerald also reaffirmed an “overweight” rating with a target price of $920.00.
Further, KeyCorp raised its price target from $800.00 to $905.00, while Roth Capital increased its target from $620.00 to $740.00. The overall consensus among analysts is notably positive, with four giving a “Strong Buy” rating, thirty-nine a “Buy,” and five maintaining a “Hold” rating. According to data from MarketBeat, the average rating for Meta is classified as “Moderate Buy,” with an average price target of $830.02.
Meta’s Stock Performance and Financial Health
As of the latest trading session, shares of Meta Platforms opened at $710.56. The company boasts a market capitalization of $1.79 trillion and a price-to-earnings (P/E) ratio of 25.73. The stock has shown volatility, with a 52-week range between $479.80 and $796.25. Meta’s financial health is illustrated by a debt-to-equity ratio of 0.15 and a current ratio of 1.97.
In its most recent earnings report, released on July 30, 2023, Meta reported earnings per share (EPS) of $7.14, exceeding analysts’ expectations of $5.75. The company’s revenue for the quarter reached $47.52 billion, surpassing the forecast of $44.55 billion. Year-over-year, revenue increased by 21.6%, highlighting the company’s strong growth trajectory.
Meta Platforms has also announced a quarterly dividend of $0.525 per share, payable on September 29, 2023, to shareholders of record as of September 22, 2023. This dividend represents an annualized figure of $2.10 and offers a yield of 0.3%, with a payout ratio currently set at 7.60%.
In insider trading news, Javier Olivan, Chief Operating Officer, sold 517 shares at an average price of $748.72 on September 29, 2023, totaling nearly $387,088.24. Following this transaction, Olivan retains 10,026 shares valued at approximately $7.51 million. Additionally, insider Jennifer Newstead sold 519 shares at an average price of $741.50 on September 30, 2023, resulting in a value of around $384,838.50.
As a leading global technology company, Meta Platforms focuses on creating products that facilitate connectivity and sharing among users. The company operates through two main segments: Family of Apps, which includes Facebook and Instagram, and Reality Labs, which develops virtual and augmented reality technologies.
With ongoing interest from institutional investors and analysts predicting continued growth, Meta Platforms remains a significant player in the technology sector, showcasing resilience and potential for future earnings.
