Private Management Group Inc. has significantly increased its holdings in Meta Platforms, Inc. by acquiring an additional 922 shares during the second quarter of 2023. This move represents an impressive rise of 83.4%, bringing the firm’s total ownership to 2,028 shares valued at approximately $1.497 million, according to a recent filing with the Securities and Exchange Commission (SEC).
The investment landscape for Meta has seen notable activity, as several other institutional investors have also adjusted their positions. Evergreen Private Wealth LLC expanded its stake in Meta by 237.5% during the same period, now holding 54 shares worth $40,000 after acquiring 38 additional shares. Similarly, Briaud Financial Planning Inc. entered the market with a new investment valued at $42,000, while WFA Asset Management Corp. increased its position by 42.6%, owning 67 shares now worth $49,000 following a purchase of 20 shares.
Maseco LLP and eCIO Inc. also made moves in the second quarter, with Maseco acquiring shares valued at approximately $54,000 and eCIO obtaining new shares valued at about $58,000. Institutional investors collectively own 79.91% of Meta’s stock, indicating strong confidence in the company’s future performance.
Insider Trading Activity
In addition to institutional investments, insider trading activity has been notable. On November 24, 2023, Chief Operating Officer Javier Olivan sold 517 shares at an average price of $598.54, totaling $309,445.18. Following this transaction, Olivan retained 14,785 shares valued at approximately $8.85 million, marking a 3.38% reduction in his ownership.
Director Robert M. Kimmitt also sold 600 shares on November 17, 2023, at an average price of $609.35, generating $365,610.00 in proceeds. After this sale, Kimmitt holds 7,347 shares worth about $4.48 million, reflecting a 7.55% decrease in his ownership stake. Over the past three months, insiders have sold a total of 40,923 shares valued at $26.01 million, with corporate insiders owning 13.61% of the company’s stock.
Meta Platforms Performance and Outlook
Meta Platforms’ stock performance has been dynamic. On Tuesday, shares opened at $640.87. The company maintains a debt-to-equity ratio of 0.15, with a current ratio and quick ratio both at 1.98. Over the past year, Meta’s shares have fluctuated between a low of $479.80 and a high of $796.25. The company boasts a market capitalization of approximately $1.62 trillion, a price-to-earnings ratio of 28.31, and a price-to-earnings-growth ratio of 1.36.
On October 29, 2023, Meta reported earnings that exceeded expectations, posting earnings per share (EPS) of $7.25 for the quarter, surpassing the consensus estimate of $6.74 by $0.51. The company achieved a net margin of 30.89% and a return on equity of 39.35%, with quarterly revenue reaching $51.24 billion against a forecast of $49.34 billion. This represents a year-over-year revenue increase of 26.2%.
Additionally, Meta Platforms has declared a quarterly dividend of $0.525, paid on September 29, 2023, to shareholders recorded on September 22, 2023. The annualized dividend amounts to $2.10, yielding 0.3%, with a payout ratio of 9.28%.
In summary, Private Management Group Inc.’s increased stake in Meta Platforms reflects a broader trend of institutional investment in the company, which continues to demonstrate strong financial performance and growth potential.
