Sandbox Financial Partners LLC has increased its holdings in Meta Platforms, Inc. (NASDAQ:META) by an impressive 18.8% during the third quarter of 2023. According to a report from HoldingsChannel, the firm acquired an additional 999 shares, bringing its total ownership to 6,301 shares. This investment now constitutes 1.3% of Sandbox Financial Partners’ portfolio, making Meta its 18th largest position, valued at approximately $4.63 million based on the most recent filings with the Securities and Exchange Commission.
Other institutional investors have also made notable adjustments to their stakes in Meta. For instance, Infusive Asset Management Inc. raised its position by 10.7% in the first quarter, now holding 23,620 shares valued at $13.61 million. Similarly, Spirepoint Private Client LLC increased its holdings by 2.7% in the second quarter, acquiring 4,080 shares worth around $3.01 million. Diversify Advisory Services LLC and CW Advisors LLC have also seen significant increases, with respective stakes growing by 10.4% and 27.8%. Notably, CW Advisors LLC now owns 176,762 shares valued at $130.47 million.
The investment landscape for Meta is dominated by institutional investors and hedge funds, who collectively own approximately 79.91% of the company’s shares.
Analyst Ratings and Market Performance
Recent activity among analysts indicates a mixed outlook for Meta. On October 30, 2023, Oppenheimer downgraded the stock from an “outperform” rating to “market perform.” Jefferies Financial Group revised its price target down from $950.00 to $910.00, although it maintained a “buy” rating. Other firms, including Bank of America and Truist Financial, also adjusted their price targets, reflecting a cautious sentiment among analysts.
Currently, four analysts rate Meta as a strong buy, while thirty-nine have assigned a buy rating and seven have given it a hold rating. According to data from MarketBeat, the consensus rating is classified as a “Moderate Buy,” with a target price averaging $820.22.
On the trading front, shares of Meta opened at $660.09 on Friday, showing a slight decline of 0.9% from previous levels. The company boasts a market capitalization of $1.66 trillion, a price-to-earnings ratio of 29.16, and a price-to-earnings-growth ratio of 1.36. The stock has experienced a 52-week low of $479.80 and a high of $796.25.
Quarterly Earnings and Dividend Announcement
Meta Platforms recently reported its quarterly earnings on October 29, 2023, revealing earnings per share of $7.25, surpassing analysts’ expectations of $6.74 by $0.51. The company achieved a net margin of 30.89% and a return on equity of 39.35%. Revenue for the quarter reached $51.24 billion, significantly above the forecasted $49.34 billion and representing a year-over-year increase of 26.2%.
Additionally, Meta announced a quarterly dividend of $0.525, paid to stockholders of record on December 15, 2023. This dividend represents an annualized payout of $2.10, resulting in a dividend yield of 0.3% and a payout ratio of 9.28%.
Founded in 2004, Meta Platforms, Inc., formerly Facebook, Inc., is a global leader in technology focused on social networking services and immersive computing platforms. Headquartered in Menlo Park, California, the company operates popular platforms including Facebook, Instagram, WhatsApp, and Messenger. The rebranding to Meta in October 2021 highlights its strategic pivot towards augmented and virtual reality technologies alongside its established social media offerings.
