Peoples Financial Services CORP. has reduced its stake in Meta Platforms, Inc. (NASDAQ:META) by 21.1% during the second quarter of 2023. According to the company’s recent filing with the Securities and Exchange Commission, Peoples Financial Services now holds 2,391 shares of Meta after selling 641 shares in the period. By the end of June, these shares were valued at approximately $1,765,000.
This decision follows a trend among institutional investors adjusting their positions in Meta. For instance, Pachira Investments Inc. increased its stake by 3.0%, now owning 488 shares worth $360,000 after acquiring 14 additional shares. Similarly, Shelton Wealth Management LLC raised its holdings by 0.9% to 1,764 shares valued at $1,302,000 after acquiring 15 shares. Myecfo LLC and Kooman & Associates also made marginal increases, owning 776 shares and 544 shares respectively, valued at $573,000 and $402,000. Currently, approximately 79.91% of Meta’s stock is held by hedge funds and other institutional investors.
Meta’s Recent Market Performance
On the trading day following Peoples Financial Services’ announcement, Meta Platforms opened at $710.56, experiencing a 2.3% decline. The company has a market capitalization of $1.79 trillion and operates with a price-to-earnings ratio of 25.73. Over the past year, Meta shares have fluctuated, reaching a low of $479.80 and a high of $796.25.
Meta recently reported its fiscal performance for the second quarter, revealing earnings per share (EPS) of $7.14, surpassing analysts’ expectations of $5.75 by $1.39. The company’s revenue for the quarter was $47.52 billion, significantly exceeding the anticipated $44.55 billion and marking a year-over-year increase of 21.6%.
In addition, Meta has announced a quarterly dividend of $0.525, which was distributed to shareholders on September 29, 2023, with an annualized yield of 0.3%.
Insider Transactions and Analyst Ratings
Insider trading activity has also been notable, with Christopher K. Cox, a key executive, selling 60,000 shares on August 5, 2023, for a total of $46,557,000. Following this sale, Cox retained 237,205 shares valued at approximately $184 million. Additionally, CEO Mark Zuckerberg sold 15,847 shares on August 1, 2023, for about $11.94 million.
Wall Street analysts have recently revised their outlook on Meta shares. Analysts from Sanford C. Bernstein raised their price target from $775.00 to $900.00, assigning an “outperform” rating. Other firms, including Royal Bank of Canada and Morgan Stanley, have also adjusted their price objectives upward, reflecting optimism about the company’s future performance.
With four analysts issuing a “Strong Buy” rating, 39 recommending a “Buy,” and only five suggesting a “Hold,” the consensus rating for Meta Platforms remains a “Moderate Buy” with an average target price of $830.02.
Meta Platforms, Inc. continues to evolve its business model, focusing on enhancing connectivity through its various platforms, including Facebook, Instagram, Messenger, and WhatsApp. As the company navigates a rapidly changing digital landscape, it remains to be seen how these strategic adjustments will affect its long-term growth and investor confidence.