Amica Mutual Insurance Co. has decreased its investment in Meta Platforms, Inc. (NASDAQ:META) by 11.5%, as reported in its latest filing with the Securities and Exchange Commission. The institutional investor now holds 39,332 shares of the social media giant after selling 5,098 shares during the second quarter of 2023. This reduction brings Meta’s share of Amica’s portfolio to 2.8%, making it the firm’s sixth largest holding, valued at approximately $29.03 million.
Additionally, various hedge funds have adjusted their positions in Meta Platforms. For instance, Evergreen Private Wealth LLC significantly increased its stake by 237.5%, now owning 54 shares valued at $40,000 after acquiring an additional 38 shares in the last quarter. Other firms, such as MJT & Associates Financial Advisory Group Inc. and Briaud Financial Planning Inc., have also initiated new positions in Meta, with investments around $33,000 and $42,000, respectively. Overall, institutional investors and hedge funds currently own 79.91% of Meta’s stock.
Meta Platforms Financial Overview
On the trading day following the news, Meta’s shares opened at $590.32, reflecting a decline of 1.2%. The company has experienced a 52-week low of $479.80 and a high of $796.25. Its market capitalization stands at $1.49 trillion, with a price-to-earnings ratio of 26.07 and a price-to-earnings-growth ratio of 1.25. The company also boasts a low debt-to-equity ratio of 0.15 and a current ratio of 1.98.
Meta Platforms released its latest earnings results on October 29, 2023, reporting an earnings per share (EPS) of $7.25, exceeding analysts’ expectations of $6.74 by $0.51. The company generated $51.24 billion in revenue for the quarter, outpacing the anticipated $49.34 billion. This reflects a year-over-year revenue increase of 26.2%, with a net margin of 30.89% and a return on equity of 39.35%.
Dividend and Analyst Ratings
Meta recently announced a quarterly dividend of $0.525, which was paid on September 29, 2023, to investors who were on record as of September 22. The annualized dividend amounts to $2.10, representing a yield of 0.4%, with a payout ratio of 9.28%.
Analysts remain optimistic about Meta’s future performance. Canaccord Genuity Group reaffirmed a “buy” rating, setting a price target of $900.00. Other firms, such as Raymond James and TD Cowen, have updated their price targets, reflecting a consensus rating of “Moderate Buy” with an average target price of $825.05.
Insider trading also reflects confidence in the company. Chief Financial Officer Susan J. Li sold 6,875 shares at an average price of $609.46, totaling approximately $4.19 million. Following this transaction, she retains 88,370 shares, valued at about $53.86 million. Similarly, insider Jennifer Newstead sold 516 shares for around $325,596.00.
Meta Platforms, Inc. continues to play a significant role in the technology landscape by developing products that enable global connectivity through various platforms, including Facebook, Instagram, and WhatsApp. As it navigates market fluctuations and adjusts to investor sentiment, Meta remains a central figure in discussions around digital communication and social networking.
