Sandbox Financial Partners LLC has significantly increased its stake in Meta Platforms, Inc. (NASDAQ: META), boosting its ownership by 18.8% during the third quarter of 2023. According to HoldingsChannel, the firm now owns a total of 6,301 shares in the social networking giant after acquiring an additional 999 shares. This investment now accounts for approximately 1.3% of Sandbox Financial Partners’ portfolio, making Meta its 18th largest position, valued at around $4.63 million as reported in the latest SEC filing.
Several other institutional investors have also recently altered their positions in Meta Platforms. Infusive Asset Management Inc. increased its holdings by 10.7% in the first quarter, bringing its total to 23,620 shares valued at $13.61 million. Spirepoint Private Client LLC and Diversify Advisory Services LLC made smaller yet significant increases, raising their stakes by 2.7% and 10.4%, respectively. Spirepoint now holds 4,080 shares valued at $3.01 million, while Diversify owns 55,431 shares worth approximately $43.79 million.
Meanwhile, CW Advisors LLC made a notable jump, increasing its stake by 27.8% to reach 176,762 shares valued at $130.47 million. Sequoia Financial Advisors LLC also enhanced its holdings by 11.0%, now possessing 210,526 shares worth about $155.39 million. Collectively, institutional investors and hedge funds own 79.91% of Meta Platforms’ stock.
Recent Analyst Ratings and Market Performance
Meta Platforms has been the focus of various analyst reports and ratings as of late. On October 30, 2023, Oppenheimer downgraded the stock from “outperform” to “market perform,” while Jefferies Financial Group lowered their price target from $950.00 to $910.00, maintaining a “buy” rating. Other analysts, including those from Sanford C. Bernstein and Bank of America, also adjusted their price targets, now set at $870.00 and $810.00 respectively.
Despite these downgrades, the consensus among analysts remains cautiously optimistic, with four analysts rating the stock as a Strong Buy, thirty-nine as a Buy, and seven assigning a Hold rating. The current consensus rating for Meta Platforms is classified as “Moderate Buy,” with a target price averaging $820.22.
As of October 30, 2023, shares of META opened at $660.09. 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 exhibited a fifty-two-week range, with a low of $479.80 and a high of $796.25.
Financial Results and Dividend Announcement
Meta Platforms recently disclosed its quarterly earnings, reporting earnings per share (EPS) of $7.25, surpassing analysts’ expectations of $6.74 by $0.51. The company generated revenue of $51.24 billion during the quarter, significantly exceeding the forecasted $49.34 billion. This represents a 26.2% increase in revenue compared to the same quarter of the previous year.
In addition to its strong financial performance, Meta Platforms announced a quarterly dividend of $0.525, which was paid to stockholders of record on December 15, 2023. This dividend represents an annualized yield of 0.3% and a payout ratio of 9.28%.
Meta Platforms, Inc., formerly known as Facebook, Inc., is a global technology company headquartered in Menlo Park, California. Founded in 2004, it is recognized for its suite of social networking services, including Facebook, Instagram, WhatsApp, and Messenger. The company rebranded as Meta in October 2021 to emphasize its commitment to augmented and virtual reality technologies alongside its existing social media platforms.
For those interested in tracking further developments regarding Meta Platforms and its stakeholders, additional information can be found through various financial news platforms and investment research services.
