Private Management Group Inc. significantly increased its investment in Meta Platforms, Inc. by acquiring an additional 922 shares during the second quarter of 2023, boosting its holdings by an impressive 83.4%. According to a report from Holdings Channel, this expansion brings the firm’s total ownership to 2,028 shares, valued at approximately $1,497,000 as of its latest filing with the Securities and Exchange Commission (SEC).
Several other institutional investors have also adjusted their positions in Meta Platforms, reflecting growing confidence in the social networking giant. For instance, Evergreen Private Wealth LLC raised its stake by 237.5%, now holding 54 shares worth $40,000 after acquiring 38 additional shares. Similarly, Briaud Financial Planning Inc. established a new stake valued at $42,000, while WFA Asset Management Corp. increased its holdings by 42.6%, now owning 67 shares worth $49,000.
Maseco LLP and eCIO Inc. also made new investments during the second quarter, valued at approximately $54,000 and $58,000, respectively. Notably, institutional investors collectively own 79.91% of Meta’s stock, indicating robust institutional interest.
Insider Trading Activity
In related news, there has been significant insider trading activity at Meta Platforms. On November 24, Javier Olivan, the Chief Operating Officer, sold 517 shares at an average price of $598.54, totaling about $309,445.18. Following this transaction, Olivan retained 14,785 shares valued at approximately $8,849,413.90, marking a 3.38% decrease in his ownership.
Similarly, Robert M. Kimmitt, a company director, sold 600 shares on November 17 at an average price of $609.35, for a total of $365,610.00. Kimmitt now owns 7,347 shares valued at around $4,476,894.45, reflecting a 7.55% decrease in his stake. Over the past three months, insiders have sold a total of 40,923 shares, valued at $26,007,416. Corporate insiders hold approximately 13.61% of the company’s stock.
Meta Platforms’ Financial Performance
Meta Platforms continues to attract attention with its stock performance. On Tuesday, shares opened at $640.87. The company has a debt-to-equity ratio of 0.15 and a current ratio of 1.98. The stock has a fifty-day moving average of $680.90 and a two-hundred-day moving average of $706.54. Over the past year, Meta’s stock has fluctuated, with a fifty-two week low of $479.80 and a high of $796.25. The company boasts a market capitalization of $1.62 trillion and a price-to-earnings ratio of 28.31.
In its recent earnings report on October 29, Meta Platforms exceeded expectations, posting earnings per share (EPS) of $7.25, surpassing the consensus estimate of $6.74 by $0.51. The company’s revenue reached $51.24 billion, significantly above the estimated $49.34 billion. This marks a 26.2% increase in revenue compared to the same quarter the previous year.
Additionally, Meta Platforms has announced a quarterly dividend of $0.525, which was paid on September 29 to shareholders of record by September 22. This dividend represents an annualized payout of $2.10 and yields 0.3%.
Meta Platforms, Inc. is globally recognized for developing products that facilitate connections and sharing among users. The company operates through two main segments: the Family of Apps and Reality Labs, providing platforms such as Facebook, Instagram, Messenger, and WhatsApp.
The ongoing activity around Meta Platforms underscores the company’s robust performance and the strategic interest from institutional investors, reflecting a positive outlook amid evolving market dynamics.
