Valley National Advisers Inc. has reduced its stake in Meta Platforms, Inc. by 10.7%, selling 982 shares during the third quarter of 2023. According to the latest filing with the Securities and Exchange Commission, the firm now holds 8,163 shares of the social networking giant, which represents roughly 0.9% of its investment portfolio, making it the 22nd largest holding in its asset mix. As of the most recent filing, the value of Valley National’s holdings in Meta is approximately $5,993,000.
Other institutional investors have also adjusted their positions in Meta. Brighton Jones LLC increased its holdings by 1.7% during the fourth quarter, now owning 34,551 shares, valued at $20,230,000 after acquiring an additional 570 shares. Similarly, Revolve Wealth Partners LLC raised its stake by 10.2%, bringing its total to 9,456 shares worth $5,537,000 following an additional purchase of 875 shares.
Headwater Capital Co Ltd made a significant increase of 294.7% in its Meta stake during the first quarter, now possessing 150,000 shares valued at $86,454,000 after acquiring 112,000 shares. Copperleaf Capital LLC also raised its holdings by 4.0%, now owning 4,581 shares worth $2,640,000. Institutional investors and hedge funds collectively own 79.91% of Meta’s stock.
Meta Platforms’ Market Performance
Meta’s stock opened at $660.09 on Friday. The company reports a debt-to-equity ratio of 0.15, a current ratio of 1.98, and a quick ratio of 1.98. Over the last year, the stock has reached a low of $479.80 and a high of $796.25. Meta Platforms, Inc. currently boasts a market capitalization of $1.66 trillion, with a price-to-earnings (P/E) ratio of 29.16 and a P/E growth (P/E/G) ratio of 1.36.
Recently, the company declared a quarterly dividend of $0.525 per share, which was paid on December 23, 2023. This dividend, representing an annualized total of $2.10, yields 0.3% and has a payout ratio of 9.28%.
Analyst Insights on Meta Platforms
Several brokerages have revised their outlooks on Meta. Morgan Stanley lowered its target price from $820.00 to $750.00 while maintaining an “overweight” rating. Wells Fargo & Company also adjusted its price target from $837.00 to $802.00 and reiterated an “overweight” rating. Citigroup has restated a “buy” rating, while Oppenheimer downgraded the stock from “outperform” to “market perform.” Notably, Erste Group Bank shifted its position from a “buy” rating to “hold.”
Currently, the stock has received ratings from analysts, with four rating it as a Strong Buy, thirty-nine as a Buy, and seven as a Hold. According to MarketBeat, Meta has a consensus rating of “Moderate Buy” along with a consensus price target of $820.22.
In insider trading news, Jennifer Newstead, an insider, sold 519 shares on December 30, 2023, at an average price of $658.69, totaling approximately $341,860.11. Following this transaction, Newstead holds 28,658 shares, valued at $18,876,738.02, reflecting a 1.78% decrease in her position. Meanwhile, Director Robert M. Kimmitt sold 580 shares on December 15, 2023, for a total of $374,680.00, reducing his ownership by 8.60%.
Over the last three months, insiders have sold a total of 42,074 shares worth approximately $26,269,739, with insiders holding 13.61% of the company’s stock.
Meta Platforms, Inc., formerly known as Facebook, Inc., operates a range of social networking services and immersive computing platforms. Established in 2004 and based in Menlo Park, California, Meta has rebranded to reflect its focus on augmented and virtual reality technologies in addition to its social media services.
