Absoluto Partners Boosts Stake in Meta Platforms to $4.47 Million
Absoluto Partners Gestao de Recursos Ltda has increased its stake in Meta Platforms, Inc. by an impressive 63.6% during the second quarter of 2023. According to its latest Form 13F filing with the Securities and Exchange Commission, the institutional investor now owns 6,050 shares of Meta Platforms, reflecting a significant addition of 2,351 shares during this period.
Meta Platforms accounts for 2.7% of Absoluto’s overall investment portfolio, making it the firm’s eighth largest holding with a value of approximately $4.47 million. This increase comes as several other large investors have also adjusted their positions in Meta, indicating a growing confidence in the social media giant.
Investor Movements Highlight Growing Confidence in Meta
In addition to Absoluto Partners, other institutional investors have been actively buying and selling shares of Meta Platforms. For instance, Bare Financial Services Inc acquired a new position worth about $30,000 in the second quarter. Similarly, Evergreen Private Wealth LLC increased its stake by 237.5%, now owning 54 shares valued at $40,000 after purchasing more shares during the last quarter.
Briaud Financial Planning Inc and Knuff & Co LLC also entered new positions in Meta, valued at approximately $42,000 and $44,000, respectively. Meanwhile, WFA Asset Management Corp raised its holdings by 42.6%, now owning 67 shares worth around $49,000. Notably, institutional investors collectively own 79.91% of Meta’s stock, underscoring a robust institutional interest in the company.
On October 29, 2023, Meta reported its quarterly earnings, revealing an earnings per share (EPS) of $7.25, surpassing analysts’ expectations of $6.74 by $0.51. The company generated revenue of $51.24 billion, significantly exceeding the consensus estimate of $49.34 billion and marking a 26.2% increase year-over-year.
Market Performance and Analyst Recommendations
Following the earnings report, Meta’s stock opened at $644.23 on Friday, reflecting a 1.3% decrease. The company boasts a market capitalization of $1.62 trillion and has a price-to-earnings (P/E) ratio of 28.46. Analysts have varied opinions on the stock; BNP Paribas Exane initiated coverage with an “outperform” rating and a price target of $800.00.
Conversely, Morgan Stanley lowered its price objective from $820.00 to $750.00, maintaining an “overweight” rating. Other firms, including Barclays and Truist Financial, have also adjusted their price targets, with Barclays reducing its target from $810.00 to $770.00.
With four analysts rating Meta with a “Strong Buy,” thirty-nine assigning a “Buy,” and seven a “Hold,” the stock currently holds an average rating of “Moderate Buy” with a target price of $819.46.
In addition to its impressive earnings, Meta has recently declared a quarterly dividend of $0.525 per share, scheduled to be paid on December 23, 2023. Investors on record as of December 15 will receive this dividend, representing an annualized yield of 0.3%.
Notably, the company’s insiders have been active in the market as well. On November 15, Javier Olivan, Chief Operating Officer, sold 2,610 shares at an average price of $609.46, totaling approximately $1.59 million. Following this transaction, Olivan retained 9,784 shares valued at nearly $5.96 million. Similarly, Aaron Anderson, Chief Accounting Officer, sold 726 shares for about $429,501.60.
With a strong performance in the market and a solid backing from institutional investors, Meta Platforms continues to be a focal point for analysts and investors alike, reflecting a promising outlook for the tech giant.
