The New York State Common Retirement Fund has reduced its holdings in Meta Platforms, Inc. (NASDAQ: META) by 5.6% during the third quarter of 2023. According to its latest 13F filing with the Securities and Exchange Commission, the fund now owns 2,569,591 shares of the social networking giant after selling 152,639 shares in the recent quarter. This move positions Meta as the fifth largest investment in the fund’s portfolio, representing approximately 2.4% of its total assets.
As of the end of the most recent reporting period, the value of the New York State Common Retirement Fund’s holdings in Meta Platforms stood at around $1,887,056,000. The adjustments came as several other institutional investors also modified their stakes in the company. For instance, Bay Colony Advisory Group Inc., operating as Bay Colony Advisors, increased its position by 0.4% in the second quarter, owning 3,506 shares valued at approximately $2,587,000 after acquiring an additional 13 shares.
Additionally, Hemington Wealth Management and Vista Capital Partners Inc. made similar adjustments, increasing their holdings by 0.6% and 1.3% respectively. Trust Co of the South raised its position by 0.8% in the third quarter, while Sentinel Pension Advisors LLC grew its stake by 1.6%. Overall, institutional investors now hold nearly 79.91% of Meta Platforms’ stock.
Meta Platforms Stock Performance and Future Outlook
On Friday, Meta Platforms’ stock opened at $661.46, with a market capitalization of $1.67 trillion. The company’s price-to-earnings ratio is currently 28.15, with a price-to-earnings-growth ratio of 1.14 and a beta of 1.28. Over the past year, the stock has fluctuated between a low of $479.80 and a high of $796.25.
In its most recent quarterly earnings report, released on January 28, 2023, Meta Platforms reported earnings per share (EPS) of $8.88, exceeding analysts’ expectations of $8.16 by $0.72. The company’s revenue for the quarter amounted to $59.89 billion, up 23.8% year-over-year, compared to a consensus estimate of $58.33 billion.
Analysts predict that Meta Platforms will post an EPS of 26.7 for the current fiscal year. Following the earnings report, the firm announced a quarterly dividend of $0.525, paid on December 23, 2023. This equates to an annualized dividend of $2.10 with a yield of 0.3%.
Market Sentiment and Analyst Ratings
Meta Platforms has garnered attention from various analysts, with many adjusting their price targets. Arete Research set a target price of $718.00, while Piper Sandler raised their estimate from $840.00 to $880.00, assigning an “overweight” rating. Cantor Fitzgerald and Wells Fargo & Company also increased their targets, with Cantor’s new estimate at $860.00 and Wells Fargo’s at $849.00.
Currently, four analysts rate Meta Platforms as a “Strong Buy,” while forty recommend a “Buy,” and seven suggest a “Hold.” This consensus reflects a “Moderate Buy” rating with an average target price of $847.40.
Meta Platforms, headquartered in Menlo Park, California, has evolved significantly since its founding in 2004. Originally known as Facebook, Inc., the company rebranded as Meta in October 2021 to emphasize its focus on augmented and virtual reality technologies, in addition to its social media platforms such as Facebook, Instagram, WhatsApp, and Messenger.
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