Russell Investments Group Ltd. announced a reduction in its holdings of Meta Platforms, Inc. (NASDAQ: META) by 2.5% during the second quarter of 2023. This adjustment was detailed in a recent filing with the Securities and Exchange Commission (SEC), revealing that the firm now owns 2,622,431 shares after selling 67,706 shares during this period. Meta Platforms remains a significant component of Russell Investments’ portfolio, constituting approximately 2.5% of its total investments, making it the firm’s fifth-largest position. As of the end of the quarter, these holdings were valued at around $1.93 billion.
Other institutional investors have also been adjusting their stakes in Meta. For instance, Brighton Jones LLC increased its holdings by 1.7%, now owning 34,551 shares valued at about $20.23 million after adding 570 shares. Similarly, Revolve Wealth Partners LLC boosted its position by 10.2%, acquiring an additional 875 shares for a total of 9,456 shares, worth approximately $5.54 million.
In the first quarter, Smart Money Group LLC raised its position in Meta by 20.4%, owning 2,052 shares valued at $1.18 million. Other notable movements include Aspire Growth Partners LLC, which increased its holdings by 7.3%, and Waddell & Associates LLC, which grew its stake by 5.0%. As a result, institutional investors now hold 79.91% of Meta’s stock.
Meta Platforms Stock Performance and Dividend Announcement
Meta Platforms’ stock opened at $661.53 on the market, reflecting a 3.4% increase. The company boasts a market capitalization of $1.67 trillion, with a price-to-earnings (PE) ratio of 29.22 and a price/earnings to growth (PEG) ratio of 1.34. Over the past year, the stock has fluctuated, reaching a low of $479.80 and a high of $796.25. The fifty-day moving average stands at $674.56, while the 200-day moving average is $705.81.
In addition to its stock performance, Meta recently declared a quarterly dividend of $0.525, scheduled for payment on December 23, 2023. Shareholders registered by December 15, 2023, will be eligible for this dividend, translating to an annualized payout of $2.10 and a yield of 0.3%. The company’s current payout ratio is approximately 9.28%.
Insider Transactions and Analyst Ratings
In recent insider trading activity, Javier Olivan, the Chief Operating Officer of Meta, sold 2,610 shares on November 15, 2023, at an average price of $609.46, totaling around $1.59 million. Post-transaction, Olivan holds 9,784 shares, valued at approximately $5.96 million, representing a decline of 21.06% in his ownership. Similarly, Andrew Bosworth, the Chief Technology Officer, sold 11,690 shares on November 18, 2023, for about $6.94 million, which reflects an 82.88% decrease in his position.
In the last quarter, insiders collectively sold 41,959 shares worth around $26.67 million. Currently, insiders own about 13.61% of Meta’s stock.
Equity analysts have expressed varied views on Meta’s performance. Wedbush maintains an “outperform” rating, setting a price target of $920.00. Conversely, TD Cowen has reduced its price target from $875.00 to $810.00, while BNP Paribas Exane has initiated coverage with a price target of $800.00. As of now, the average rating for Meta’s stock stands at “Moderate Buy,” with an average price target of $819.43, indicating a generally positive outlook among analysts.
Meta Platforms, Inc. focuses on creating products that foster connectivity and sharing among users globally, operating primarily through its Family of Apps segment, which includes platforms like Facebook, Instagram, Messenger, and WhatsApp.
