Flputnam Investment Management Boosts Meta Platforms Holdings by 73.6%
Flputnam Investment Management Co. has significantly increased its stake in Meta Platforms, Inc. (NASDAQ: META), raising its holdings by an impressive 73.6% during the third quarter of 2023. According to Holdings Channel, the firm now owns 88,880 shares of the social media giant after acquiring an additional 37,679 shares in that period. This investment positions Meta as approximately 1.0% of Flputnam’s overall portfolio, ranking as its 18th largest holding with a value of around $65.27 million at the end of the quarter.
Several other hedge funds have also made significant adjustments to their positions in Meta. Notably, Kingstone Capital Partners Texas LLC expanded its stake in Meta Platforms by a staggering 608,429.2% during the second quarter, resulting in ownership of 59,775,823 shares valued at approximately $44.12 billion. Additionally, Norges Bank entered the fray with a new position worth $23.16 billion during the same period, while Laurel Wealth Advisors LLC increased its stake by 73,443.1%, now holding 8,417,003 shares valued at $6.21 billion.
State Street Corp and Vanguard Group Inc. also bolstered their holdings, with State Street acquiring an additional 1,650,435 shares and Vanguard increasing its stake by 1,532,568 shares, bringing their total to 192,591,101 shares valued at about $142.15 billion. Collectively, hedge funds and institutional investors control approximately 79.91% of Meta’s stock.
Wall Street Analysts Adjust Predictions
Recent assessments from Wall Street analysts indicate a mixed outlook for Meta’s stock. Morgan Stanley has reduced its target price from $820.00 to $750.00 while maintaining an “overweight” rating. Jefferies Financial Group has similarly lowered its price target from $950.00 to $910.00, assigning a “buy” rating. On the other hand, Raymond James Financial reaffirmed a “strong-buy” rating but adjusted its price target down to $825.00 from $900.00.
Zacks Research has downgraded Meta from a “strong-buy” to a “hold” rating, while Barclays set its target price at $770.00, down from $810.00. Currently, four analysts have rated Meta as a “strong buy,” while thirty-nine have given it a “buy” rating, and seven analysts consider it a “hold.” The consensus rating stands at “Moderate Buy,” with a target price averaging $820.22 according to MarketBeat.com.
Recent Insider Transactions and Stock Performance
In recent insider trading activities, Jennifer Newstead, an insider at Meta, sold 519 shares on December 23, 2023, at an average price of $659.38, totaling approximately $342,218.22. Following this transaction, she retained 29,177 shares, valued at about $19.24 million. Similarly, COO Javier Olivan sold 517 shares on December 22, 2023, for approximately $341,793.87, resulting in a 3.91% reduction in his ownership.
Overall, insiders have sold 42,074 shares valued at $26.36 million in the last quarter, while insiders currently own approximately 13.61% of Meta’s stock.
Meta Platforms opened at $664.94 on Wednesday, with robust financial indicators including a current ratio of 1.98, a quick ratio of 1.98, and a debt-to-equity ratio of 0.15. The company boasts a market capitalization of around $1.68 trillion and has shown a year-on-year revenue increase of 26.2% for the most recent quarter, reporting earnings of $7.25 per share, surpassing analysts’ expectations.
The company has also declared a quarterly dividend of $0.525 per share, paid on December 23, 2023, representing an annualized dividend of $2.10 and a yield of 0.3%. The dividend payout ratio is currently at 9.28%.
Founded in 2004 and headquartered in Menlo Park, California, Meta Platforms, Inc. is a leading global technology company known for its social networking services, including Facebook, Instagram, WhatsApp, and Messenger. The firm underwent a rebranding in October 2021 to reflect its strategic focus on augmented and virtual reality technologies alongside its social media platforms.
As the landscape of technology and social media continues to evolve, investors and analysts alike will be watching Meta’s performance closely, particularly the impact of these significant investments and strategic adjustments by hedge funds.
