Investors are adjusting their portfolios as Peoples Financial Services CORP. has decreased its stake in Meta Platforms, Inc. (NASDAQ: META) by a significant 21.1% in the second quarter of 2023. According to a recent filing with the Securities and Exchange Commission, the firm now holds 2,391 shares after selling 641 shares during this period. As of the end of June, these holdings were valued at approximately $1.765 million.
In addition to Peoples Financial, several other institutional investors have modified their positions in Meta. For instance, Pachira Investments Inc. increased its stake by 3.0%, bringing its total to 488 shares valued at $360,000 after acquiring an extra 14 shares. Similarly, Shelton Wealth Management LLC raised its holdings by 0.9%, now owning 1,764 shares worth $1.302 million following the purchase of 15 additional shares.
Myecfo LLC also boosted its stake by 2.0%, now holding 776 shares valued at $573,000, while Kooman & Associates increased its position by 2.8%, bringing its total to 544 shares worth $402,000. Cedar Point Capital Partners LLC similarly raised its holdings by 2.2% during the first quarter, resulting in ownership of 752 shares valued at $433,000. Overall, institutional investors control 79.91% of Meta’s stock.
Recent Market Performance
On the trading front, Meta Platforms opened at $710.56 on Friday, reflecting a decline of 2.3%. The company has recorded a 50-day simple moving average of $753.21 and a 200-day moving average of $674.82. Meta’s market capitalization stands at a substantial $1.79 trillion, with a price-to-earnings ratio of 25.73 and a PEG ratio of 1.52. The company’s stock has fluctuated between a low of $479.80 and a high of $796.25 over the past year.
In its most recent earnings report, released on July 30, 2023, Meta Platforms reported earnings per share (EPS) of $7.14, exceeding analysts’ expectations of $5.75 by $1.39. The company also posted a net margin of 39.99% and a return on equity of 39.33%. Revenue for the quarter reached $47.52 billion, surpassing estimates of $44.55 billion and reflecting a 21.6% increase compared to the same quarter last year.
Dividends and Insider Activity
Meta Platforms recently declared a quarterly dividend of $0.525, which was paid on September 29, 2023. Investors on record as of September 22, 2023 received this dividend, representing an annualized yield of 0.3% and a payout ratio of 7.60%.
In terms of insider transactions, Christopher K. Cox, an insider at Meta, sold 60,000 shares on August 5, 2023, at an average price of $775.95, totaling approximately $46.56 million. This sale decreased his ownership by 20.19%. Additionally, CEO Mark Zuckerberg sold 15,847 shares on August 1, 2023, for a total of about $11.94 million. Over the past three months, insiders have sold a total of 214,182 shares valued at approximately $164.96 million, with insiders maintaining ownership of 13.61% of the company.
As analysts look ahead, several firms have raised their price targets for Meta shares. Sanford C. Bernstein has increased its target from $775.00 to $900.00, while Royal Bank of Canada raised its target from $740.00 to $840.00. Morgan Stanley and Mizuho also adjusted their price objectives upward, with targets of $850.00 and $925.00, respectively. Currently, the consensus rating for Meta Platforms is classified as a “Moderate Buy,” with an average price target of $830.02, based on data from MarketBeat.com.
Overall, Meta Platforms remains a focal point for investors amid significant market movements and strategic adjustments by major stakeholders.
