Capital Insight Partners LLC has reduced its stake in Meta Platforms, Inc. (NASDAQ: META) by 6.6% during the second quarter of 2023. According to the firm’s latest Form 13F filing with the U.S. Securities and Exchange Commission (SEC), Capital Insight now holds 14,084 shares after selling 994 shares during this period. This adjustment reflects a continuing trend among institutional investors as they reassess their portfolios in a fluctuating market.
The firm’s investment in Meta Platforms now constitutes approximately 1.8% of its overall portfolio, ranking as its 13th largest holding. As of the close of the reporting period, the value of Capital Insight’s holdings in Meta amounted to about $10,395,000.
In addition to Capital Insight’s actions, several other investors have also made notable changes to their stakes in Meta. In the first quarter, Inlight Wealth Management LLC acquired a position worth around $25,000, while Barnes Dennig Private Wealth Management LLC invested approximately $28,000. MJT & Associates Financial Advisory Group Inc. and Evergreen Private Wealth LLC also increased their stakes, with Evergreen boosting its holdings by 237.5% during the second quarter.
With institutional investors and hedge funds collectively owning 79.91% of Meta’s stock, the company remains a significant player in the market.
Analyst Ratings and Stock Performance
Meta Platforms has attracted attention from several equity research analysts recently. Notably, HSBC Global Research raised its rating from “hold” to “strong buy” in a report dated July 31, 2023. Cantor Fitzgerald reiterated an “overweight” rating and established a target price of $920.00 for the stock. Other analysts have similarly adjusted their price targets, with KeyCorp raising its figure from $800.00 to $905.00 on the same day.
Currently, Meta Platforms holds an average rating of “Moderate Buy” with an average price target of $830.02, according to data from MarketBeat. The stock opened at $710.56 on the most recent trading day and has displayed significant volatility, with a 52-week range between a low of $479.80 and a high of $796.25.
In its latest earnings report, released on July 30, 2023, Meta reported earnings per share (EPS) of $7.14, surpassing analyst expectations of $5.75 by $1.39. The company’s revenue for the quarter reached $47.52 billion, exceeding the anticipated $44.55 billion.
Recent Developments and Insider Transactions
On the corporate front, Meta Platforms recently declared a quarterly dividend of $0.525 per share, which was paid out on September 29, 2023. Shareholders of record on September 22, 2023 received this dividend, which amounts to an annual yield of 0.3%. The company maintains a payout ratio of 7.60%.
In terms of insider activity, Chief Operating Officer Javier Olivan sold 517 shares on September 29, 2023, at an average price of $748.72, totaling approximately $387,088.24. Following this transaction, Olivan holds 10,026 shares valued at around $7,506,666.72. Another insider, Jennifer Newstead, sold 519 shares at an average price of $741.50, amounting to $384,838.50. Insiders have collectively sold 214,182 shares worth about $164,955,168 over the last three months.
Meta Platforms, Inc. continues to develop products that facilitate connections among users through various devices. It operates primarily in two segments: Family of Apps, which includes Facebook, Instagram, Messenger, and WhatsApp, and Reality Labs, focusing on virtual reality innovations. As the company navigates a complex market landscape, investor interest and insider transactions will likely serve as key indicators of its future performance.
