Silvia McColl Wealth Management LLC has established a new position in Meta Platforms, Inc. (NASDAQ:META), acquiring 322 shares valued at approximately $238,000. This acquisition, recorded in the firm’s latest filing with the Securities and Exchange Commission (SEC), occurred during the second quarter of 2023.
Other institutional investors have also adjusted their stakes in Meta. Diligent Investors LLC increased its holdings by 4.3%, now owning 6,804 shares worth $5,022,000, after purchasing 281 additional shares. Willner & Heller LLC raised its stake by 5.6%, owning 863 shares valued at $637,000 following the acquisition of 46 shares. Similarly, both McNaughton Wealth Management LLC and Penobscot Investment Management Company Inc. raised their positions by 5.2% and 5.8%, respectively. Elevate Capital Advisors LLC made a significant move, increasing its holdings by 30.8% to 5,711 shares valued at $4,215,000.
As of now, hedge funds and institutional investors collectively own 79.91% of Meta’s stock.
Recent Insider Transactions and Analyst Ratings
In related news, insider trading activity has been notable. Chief Operating Officer Javier Olivan sold 517 shares on October 6, 2023, at an average price of $704.81, totaling about $364,386.77. Following this transaction, Olivan holds 9,509 shares valued at approximately $6,702,038.29, marking a 5.16% decrease in his ownership. Similarly, Director Robert M. Kimmitt sold 465 shares on September 15, 2023, at an average price of $757.47, amounting to $352,223.55. After this sale, Kimmitt retains 8,412 shares valued at $6,371,837.64, reflecting a 5.24% decrease in his holdings.
In the last 90 days, company insiders sold a total of 214,182 shares valued at $164,946,219. Currently, corporate insiders hold 13.61% of Meta’s stock.
Analysts have also been active in assessing Meta’s stock potential. Sanford C. Bernstein raised its price target from $775.00 to $900.00, maintaining an “outperform” rating. TD Cowen increased its price objective from $800.00 to $875.00, also assigning a “buy” rating. Meanwhile, Zacks Research downgraded its rating from “strong-buy” to “hold.” Overall, four analysts have rated the stock as a “Strong Buy,” while thirty-nine have given it a “Buy” rating, and five analysts have assigned a “Hold” rating. The consensus rating for Meta Platforms is currently classified as “Moderate Buy,” with an average target price of $830.68.
Stock Performance and Financial Overview
On October 6, 2023, shares of Meta Platforms opened at $705.30. The stock has experienced a 52-week low of $479.80 and a high of $796.25. The company boasts a market capitalization of $1.77 trillion, a price-to-earnings (P/E) ratio of 25.54, and a beta of 1.20. Its 50-day moving average stands at $752.20, while the 200-day moving average is $679.24.
Meta Platforms released its quarterly earnings on July 30, 2023, reporting earnings per share (EPS) of $7.14, surpassing the consensus estimate of $5.75 by $1.39. The company achieved a return on equity of 39.33% and a net margin of 39.99%. Total revenue reached $47.52 billion, exceeding analysts’ expectations of $44.55 billion. This represents a 21.6% increase compared to the same quarter last year. Meta has set its Q3 2025 guidance at EPS, with analysts projecting a current year EPS of 26.7.
Additionally, Meta Platforms recently declared a quarterly dividend of $0.525, paid on September 29, 2023, to investors recorded on September 22, 2023. This annualizes to $2.10, resulting in a yield of 0.3%, with a dividend payout ratio of 7.60%.
Meta Platforms, Inc. develops products that facilitate connections and sharing among users through various platforms, including Facebook, Instagram, Messenger, and WhatsApp. It operates through two segments: Family of Apps and Reality Labs.