HF Advisory Group LLC has reduced its stake in Meta Platforms, Inc. (NASDAQ: META) by 23.6% during the third quarter of 2023. According to a recent filing with the Securities and Exchange Commission, the advisory firm now holds 5,818 shares of the social media giant after selling 1,794 shares during the quarter. This reduction means that Meta Platforms now represents approximately 1.6% of HF Advisory Group’s total holdings, making it the firm’s 11th largest holding with a value of $4.27 million.
Other institutional investors have also adjusted their positions in Meta. For instance, Infusive Asset Management Inc. increased its holdings by 10.7% in the first quarter, acquiring an additional 2,285 shares to bring its total to 23,620 shares, valued at approximately $13.61 million. Similarly, Spirepoint Private Client LLC raised its stake by 2.7%, owning 4,080 shares, while Diversify Advisory Services LLC boosted its position by 10.4% with 55,431 shares worth $43.79 million. CW Advisors LLC and Sequoia Financial Advisors LLC also made significant increases in their holdings, acquiring additional shares during the same period.
As of now, institutional investors own approximately 79.91% of Meta’s stock.
Analysts Adjust Price Targets for Meta Platforms
Recent evaluations from financial analysts indicate a shift in sentiment regarding Meta’s stock performance. Zacks Research downgraded Meta Platforms from a “strong-buy” to a “hold” rating on November 18, 2023. Meanwhile, Mizuho revised its price target from $925.00 to $815.00, maintaining an “outperform” rating. Similarly, Canaccord Genuity Group reaffirmed its “buy” rating while setting a price target of $900.00. Other analysts, including TD Cowen and Barclays, also adjusted their price targets, reflecting a cautious outlook.
Currently, four analysts rate Meta as a Strong Buy, with thirty-nine assigning a Buy rating, and seven issuing a Hold rating. According to data from MarketBeat.com, the consensus rating for Meta Platforms is “Moderate Buy,” with a consensus price target of $819.46.
Meta Platforms Stock Performance and Earnings Report
On the trading front, Meta Platforms opened at $649.50 on Thursday. The company boasts a market capitalization of $1.64 trillion, a price-to-earnings ratio of 28.69, and a price-to-earnings-growth ratio of 1.38. Its financial metrics include a current ratio of 1.98 and a debt-to-equity ratio of 0.15. Over the past year, the stock has seen a low of $479.80 and a high of $796.25.
In its latest quarterly earnings report released on October 29, 2023, Meta Platforms reported earnings per share (EPS) of $7.25, surpassing analyst expectations of $6.74 by $0.51. The company’s revenue reached $51.24 billion, exceeding estimates of $49.34 billion, and reflecting a 26.2% increase compared to the same quarter last year. Analysts project that Meta will post an EPS of 26.7 for the current year.
In addition to these financial updates, Meta Platforms announced a quarterly dividend of $0.525, set to be paid on December 23, 2023, to shareholders on record by December 15, 2023. The annualized dividend will amount to $2.10, representing a yield of 0.3%.
Insider Trading Activity
In recent insider trading news, Javier Olivan, the Chief Operating Officer, sold 517 shares of Meta stock on December 15, 2023 at an average price of $646.00, totaling approximately $333,982. Following this transaction, Olivan holds 13,234 shares valued at around $8.55 million. Similarly, Andrew Bosworth, the Chief Technology Officer, sold 11,690 shares at an average price of $593.31 for a total of approximately $6.94 million. Over the past three months, insiders have sold a total of 41,555 shares, valued at around $26.14 million. Corporate insiders currently own 13.61% of Meta’s stock.
Meta Platforms, Inc. continues to play a crucial role in the global social media landscape, developing products that facilitate connections among users through various platforms, including Facebook, Instagram, Messenger, and WhatsApp. As the company navigates market fluctuations, its performance remains closely watched by investors and analysts alike.
