Silvia McColl Wealth Management LLC has initiated a new investment in Meta Platforms, Inc. during the second quarter of 2023, acquiring 322 shares valued at approximately $238,000, according to a filing with the Securities and Exchange Commission (SEC). This move reflects a growing interest among institutional investors in the social networking giant.
Other hedge funds have also adjusted their positions in Meta. Diligent Investors LLC increased its stake by 4.3%, now holding 6,804 shares worth $5,022,000 after purchasing an additional 281 shares. Similarly, Willner & Heller LLC raised its position by 5.6%, acquiring 863 shares valued at $637,000 after buying 46 more shares.
Furthermore, McNaughton Wealth Management LLC boosted its holdings by 5.2%, now owning 2,377 shares worth $1,754,000, while Penobscot Investment Management Company Inc. increased its stake by 5.8%, owning 16,196 shares valued at $11,954,000. Notably, Elevate Capital Advisors LLC saw the most significant increase, raising its position by 30.8% to hold 5,711 shares valued at $4,215,000. Collectively, hedge funds and institutional investors now hold approximately 79.91% of Meta’s stock.
Insider Transactions and Analyst Ratings
In addition to institutional investments, insider trading activity has been notable. On October 6, 2023, Javier Olivan, Chief Operating Officer of Meta, sold 517 shares at an average price of $704.81, totaling $364,386.77. Following this transaction, Olivan’s holdings decreased by 5.16%, leaving him with 9,509 shares valued at approximately $6,702,038.29.
Another insider, Robert M. Kimmitt, a Director at Meta, sold 465 shares on September 15, 2023, at an average price of $757.47, resulting in a total sale of $352,223.55. His ownership decreased by 5.24%, leaving him with 8,412 shares valued at $6,371,837.64. Over the past 90 days, insiders have sold a total of 214,182 shares, valued at $164,946,219, with corporate insiders currently owning 13.61% of the stock.
Analysts have also weighed in on Meta’s stock. On July 31, 2023, Sanford C. Bernstein raised its price target from $775.00 to $900.00, issuing an “outperform” rating. TD Cowen similarly increased its price objective from $800.00 to $875.00 with a “buy” rating. In contrast, Zacks Research downgraded the stock from “strong-buy” to “hold” on August 19, 2023. Overall, four analysts rated the stock as a Strong Buy, with thirty-nine granting a Buy rating and five assigning a Hold rating. MarketBeat reports a consensus rating of “Moderate Buy” and an average target price of $830.68.
Financial Performance and Market Status
On October 6, 2023, shares of Meta opened at $705.30, reflecting a decrease of 3.8%. The stock has fluctuated between a 52-week low of $479.80 and a high of $796.25. With a market capitalization of $1.77 trillion, Meta’s price-to-earnings (P/E) ratio stands at 25.54, with a price-to-earnings-growth (PEG) ratio of 1.47.
The company’s recent quarterly earnings report, released on July 30, 2023, showed earnings per share (EPS) of $7.14, exceeding analysts’ expectations of $5.75. Meta reported revenue of $47.52 billion, surpassing projections of $44.55 billion, and demonstrated a year-over-year revenue growth of 21.6%. The firm also announced guidance for Q3 2025, with analysts forecasting an EPS of 26.7 for the current fiscal year.
Additionally, Meta declared a quarterly dividend of $0.525, which was paid to investors on September 29, 2023. This dividend, representing an annualized total of $2.10, yields 0.3% and reflects a payout ratio of 7.60%.
As Meta continues to evolve, its focus remains on developing products that facilitate connections among users through various platforms, including Facebook, Instagram, Messenger, and WhatsApp, alongside its innovations in virtual reality and wearables.
