Russell Investments Group Ltd. has reduced its stake in Meta Platforms, Inc. (NASDAQ:META) by 2.5% during the second quarter of 2023. According to a recent filing with the Securities and Exchange Commission (SEC), the firm now holds 2,622,431 shares after selling 67,706 shares during this period. This adjustment positions Meta Platforms as approximately 2.5% of Russell Investments’ overall portfolio, making it the firm’s fifth largest asset. As of the end of the quarter, these holdings were valued at around $1.93 billion.
Several other institutional investors have also adjusted their positions in Meta Platforms. For example, Brighton Jones LLC increased its ownership by 1.7% in the fourth quarter, now holding 34,551 shares valued at $20.23 million. Similarly, Revolve Wealth Partners LLC raised its holdings by 10.2%, owning 9,456 shares worth $5.54 million following the purchase of an additional 875 shares.
In the first quarter, Smart Money Group LLC enhanced its position by 20.4%, bringing its total to 2,052 shares valued at $1.18 million. Aspire Growth Partners LLC and Waddell & Associates LLC also made incremental increases of 7.3% and 5.0%, respectively, in their Meta holdings during the same period. Notably, institutional investors now account for approximately 79.91% of Meta’s total stock ownership.
Meta Platforms experienced a 3.4% increase in its stock price, opening at $661.53 on the last trading day. The company boasts a market capitalization of $1.67 trillion and a price-to-earnings (P/E) ratio of 29.22. Over the past year, Meta’s stock has fluctuated between a low of $479.80 and a high of $796.25. The most recent fifty-day moving average stands at $674.56, while the 200-day moving average is $705.81.
Dividend Announcement and Insider Activity
On the corporate front, Meta Platforms announced a quarterly dividend of $0.525 per share, set to be paid on December 23, 2023. Shareholders on record as of December 15, 2023 will receive this dividend, translating to an annualized payout of $2.10 and a yield of 0.3%. The company’s payout ratio currently sits at 9.28%.
In terms of insider trading, Javier Olivan, Chief Operating Officer, sold 2,610 shares on November 15, 2023, at an average price of $609.46, totaling approximately $1.59 million. This transaction has reduced Olivan’s holdings to 9,784 shares valued at around $5.96 million. Similarly, Andrew Bosworth, Chief Technology Officer, sold 11,690 shares on November 18, 2023, for a total of $6.94 million, leading to an 82.88% decrease in his ownership.
In the last quarter, insiders sold a total of 41,959 shares worth approximately $26.67 million, while company insiders currently hold 13.61% of Meta’s stock.
Analyst Ratings and Market Outlook
Recent analyses from various investment firms have provided differing perspectives on Meta’s stock. Wedbush reaffirmed an “outperform” rating with a price target of $920.00, while TD Cowen reduced its price target from $875.00 to $810.00, maintaining a “buy” rating. BNP Paribas Exane initiated coverage with an “outperform” rating and a target of $800.00, while Erste Group Bank downgraded its recommendation from “buy” to “hold.”
As it stands, the overall consensus reflects a strong interest in Meta, with four analysts rating it as a Strong Buy, thirty-nine assigning a Buy rating, and eight categorizing it as Hold. The average price target is currently set at $819.43, according to data from MarketBeat.com.
Meta Platforms, Inc. continues to develop innovative products aimed at enhancing connectivity and communication worldwide. Operating through two primary segments, Family of Apps and Reality Labs, the company encompasses popular platforms such as Facebook, Instagram, Messenger, and WhatsApp, which facilitate interactions among users across various devices.
With ongoing shifts in investment by major firms, as well as evolving market dynamics, Meta Platforms remains a focal point for investors and analysts alike.
