Dorsey & Whitney Trust CO LLC has expanded its investment in Meta Platforms, Inc., raising its stake by 16.6% during the second quarter of 2023. According to a recent disclosure with the Securities and Exchange Commission, the trust now holds 21,183 shares of the social media giant, having acquired an additional 3,009 shares during this period. This increase brings the total value of Dorsey & Whitney’s holdings in Meta to approximately $15.64 million, making it the 24th largest position in their portfolio.
The trust is not alone in its bullish stance on Meta. Several institutional investors have recently adjusted their positions in the company. For instance, Kingstone Capital Partners Texas LLC significantly increased its stake by an astounding 608,429.2%, now owning 59,775,823 shares valued at around $44.12 billion. Similarly, Geode Capital Management LLC raised its holdings by 1.3% to 51,575,209 shares, worth approximately $37.90 billion.
Invesco Ltd. and Goldman Sachs Group Inc. have also bolstered their positions in Meta, with Invesco increasing its stake by 2.3% and Goldman Sachs growing its holdings by 8.8%. UBS Asset Management has raised its stake by 4.5% in the same timeframe. Overall, institutional investors and hedge funds now hold 79.91% of Meta’s stock.
Analysts Issue Mixed Ratings
Recent evaluations from various research firms indicate a range of opinions on Meta’s stock. Pivotal Research raised its price target from $830.00 to $930.00, maintaining a “buy” rating. Scotiabank also increased its target to $685.00 while giving it a “sector perform” rating. Conversely, KeyCorp lowered its target from $905.00 to $875.00, designating an “overweight” rating.
Analysts remain optimistic overall, with four giving a “Strong Buy” rating, thirty-eight issuing a “Buy” rating, and eight assigning a “Hold” rating. According to MarketBeat, the consensus rating for Meta is currently a “Moderate Buy,” with an average target price of $823.93.
Recent Insider Activity
In addition to institutional activity, insider trades have also marked the recent landscape. On November 17, 2023, Director Robert M. Kimmitt sold 600 shares at an average price of $609.35, totaling $365,610.00. Following this transaction, he retained 7,347 shares valued at approximately $4.48 million. Similarly, Chief Technology Officer Andrew Bosworth sold 11,690 shares for about $6.94 million, reducing his ownership significantly.
In the past three months, insiders have sold a total of 41,959 shares valued at around $26.76 million. Currently, corporate insiders own 13.61% of the stock.
Meta Platforms Stock Performance and Financial Outlook
On October 29, 2023, Meta Platforms reported robust financial results, posting earnings of $7.25 per share, surpassing analysts’ expectations of $6.74 by $0.51. The company achieved a net margin of 30.89% and a return on equity of 39.35%. With revenues reaching $51.24 billion for the quarter, this represents a 26.2% increase year-over-year.
Meta has set its guidance for the fourth quarter of 2025 at an estimated earnings per share of $26.7. The company also recently declared a quarterly dividend of $0.525, paid on September 29, 2023, with a dividend yield of 0.3%.
With a current market capitalization of $1.60 trillion, Meta Platforms continues to demonstrate significant growth potential within the technology sector. The company operates primarily through its Family of Apps and Reality Labs segments, which include popular platforms such as Facebook, Instagram, Messenger, and WhatsApp.
