Amica Mutual Insurance Co. has decreased its investment in Meta Platforms, Inc. by 11.5% during the second quarter of 2023, according to a recent disclosure to the Securities and Exchange Commission. The institutional investor now holds 39,332 shares of Meta, valued at approximately $29,031,000. This adjustment positions Meta as the sixth largest holding in Amica Mutual’s portfolio, accounting for 2.8% of its total investments.
In addition to Amica Mutual’s adjustments, several other institutional investors have modified their positions in Meta. For example, Evergreen Private Wealth LLC significantly increased its stake by 237.5%, acquiring a total of 54 shares worth around $40,000 after purchasing an additional 38 shares in the last quarter. Similarly, MJT & Associates Financial Advisory Group Inc. and Briaud Financial Planning Inc. have also entered the Meta fold, with new stakes valued at approximately $33,000 and $42,000, respectively. Notably, WFA Asset Management Corp. raised its holdings by 42.6%, now owning 67 shares valued at $49,000.
As of the latest reports, institutional investors and hedge funds collectively own 79.91% of Meta Platforms stock.
Market Performance and Financials
Meta Platforms opened at $590.32 on Thursday, with a slight decline of 1.2%. The company’s stock has seen a 50-day simple moving average of $704.12 and a 200-day moving average of $705.68. Over the past year, Meta has experienced volatility, with a fifty-two week low of $479.80 and a high of $796.25. The company boasts a market capitalization of $1.49 trillion and a price-to-earnings ratio of 26.07.
In its latest earnings report, released on October 29, 2023, Meta reported earnings per share (EPS) of $7.25, exceeding analysts’ estimates of $6.74 by $0.51. Revenue for the quarter reached $51.24 billion, significantly higher than the expected $49.34 billion. This result reflects a 26.2% increase in revenue compared to the same quarter last year, when the company reported an EPS of $6.03.
Analysts anticipate that Meta Platforms will report an average EPS of 26.7 for the current year.
Dividends and Analyst Ratings
Recently, Meta announced a quarterly dividend of $0.525, paid on September 29, 2023, to investors of record as of September 22, 2023. This annualized dividend equates to $2.10, yielding 0.4%. The company’s dividend payout ratio currently stands at 9.28%.
Multiple analysts have also revised their price targets for Meta shares. Canaccord Genuity Group reaffirmed a “buy” rating, setting a price objective at $900.00. In contrast, Raymond James Financial adjusted its target down to $825.00, while TD Cowen lowered its target from $875.00 to $810.00. On the other hand, UBS Group increased its price target to $915.00, maintaining a “buy” rating.
Overall, market sentiment remains robust, with four research analysts rating Meta as a Strong Buy, thirty-seven as Buy, and seven as Hold. The current consensus rating is “Moderate Buy,” with an average target price of $825.05 according to data from MarketBeat.
In insider trading news, Susan J. Li, the Chief Financial Officer of Meta Platforms, sold 6,875 shares on November 15, 2023, at an average price of $609.46, amounting to a transaction total of $4,190,037.50. Following this sale, she retains 88,370 shares valued at approximately $53,857,980.20. Additionally, insider Jennifer Newstead sold 516 shares on November 10, 2023, for a total of $325,596.00.
In summary, as institutional investors adjust their positions in Meta Platforms, the company continues to demonstrate strong financial performance and remains a focal point for market analysts and investors alike.