The New York State Common Retirement Fund has decreased its investment in Meta Platforms, Inc. (NASDAQ:META) by 5.6% during the third quarter of 2023. According to the fund’s recent 13F filing with the Securities and Exchange Commission, the fund now holds 2,569,591 shares of the social media giant after selling a total of 152,639 shares during this period. This adjustment positions Meta as approximately 2.4% of the fund’s overall holdings, making it the fund’s fifth-largest investment.
At the end of the reporting period, the value of the New York State Common Retirement Fund’s stake in Meta Platforms stood at approximately $1.88 billion. This strategic move reflects broader trends among institutional investors, many of whom are also adjusting their positions in the company.
Several other firms have recently modified their stakes in Meta. Bay Colony Advisory Group Inc, operating as Bay Colony Advisors, raised its investment by 0.4% in the second quarter, acquiring an additional 13 shares to bring its total to 3,506 shares, valued at about $2.59 million. Hemington Wealth Management similarly increased its holdings by 0.6%, now owning 2,223 shares worth around $1.64 million after acquiring 14 additional shares.
Vista Capital Partners Inc. also adjusted its position, increasing its stake by 1.3% to own 1,075 shares valued at approximately $794,000. Trust Co of the South grew its investment by 0.8%, resulting in ownership of 1,850 shares with a value of $1.36 million. Furthermore, Sentinel Pension Advisors LLC raised its position by 1.6% in the third quarter, now holding 915 shares valued at around $672,000. Overall, institutional investors control approximately 79.91% of Meta’s stock.
Meta Platforms’ Recent Financial Performance
On the financial front, Meta Platforms has experienced significant activity in recent weeks. The company’s stock opened at $661.46 on Friday, reflecting a market capitalization of $1.67 trillion. With a price-to-earnings ratio of 28.15 and a price-to-earnings-growth ratio of 1.14, the company has demonstrated resilience amid market fluctuations. Over the past year, Meta’s stock has seen a low of $479.80 and a high of $796.25.
Recently, Meta announced its quarterly earnings, reporting an earnings per share (EPS) of $8.88 for the last quarter, exceeding analysts’ expectations of $8.16 by $0.72. The company’s net margin stood at 30.08%, with a return on equity of 38.61%. Revenue reached $59.89 billion, surpassing the consensus estimate of $58.33 billion and showcasing a year-over-year growth of 23.8%.
In terms of dividends, Meta recently declared a quarterly dividend of $0.525, which was paid on December 23, 2023. Shareholders of record on December 15, 2023 received this dividend, translating to an annualized payout of $2.10 or a dividend yield of 0.3%. The company’s current dividend payout ratio (DPR) is 8.94%.
Market Outlook and Analyst Ratings
Looking ahead, Meta Platforms has been the subject of numerous analyst reports. Arete Research set a target price of $718.00, while Piper Sandler increased its price objective from $840.00 to $880.00, maintaining an “overweight” rating. Similarly, Cantor Fitzgerald reissued an “overweight” rating with a target price of $860.00, up from $750.00.
Wells Fargo & Company raised its price target from $754.00 to $849.00, while Morgan Stanley boosted its target from $750.00 to $825.00. Overall, four investment analysts have rated Meta with a Strong Buy, while forty have given a Buy rating, and seven have assigned a Hold rating. According to data from MarketBeat, Meta Platforms holds a consensus rating of “Moderate Buy” with an average target price of $847.40.
Meta Platforms, Inc., formerly known as Facebook, Inc., is a global technology leader based in Menlo Park, California. Founded in 2004, the company operates a range of social networking services, including Facebook, Instagram, and WhatsApp. The rebranding to Meta in October 2021 signifies its commitment to expanding into augmented and virtual reality technologies, alongside its existing social media platforms. As Meta continues to navigate the evolving technological landscape, investor interest remains high, reflecting confidence in its future growth potential.
