L.M. Kohn & Company significantly reduced its holdings in Meta Platforms, Inc. (NASDAQ: META) by a staggering 84.3% during the third quarter of 2023. According to the firm’s latest filing with the Securities and Exchange Commission, L.M. Kohn now owns 434 shares of the social media giant after selling 2,330 shares during the quarter. As of the most recent report, these shares are valued at approximately $319,000.
In a broader context, other institutional investors have also made adjustments to their stakes in Meta Platforms. Brighton Jones LLC increased its investment by 1.7% in the fourth quarter, now holding 34,551 shares valued at $20.23 million following an acquisition of 570 shares. Similarly, Revolve Wealth Partners LLC raised its stake by 10.2%, owning 9,456 shares worth $5.54 million after purchasing another 875 shares.
Headwater Capital Co Ltd made a notable move by increasing its holdings by 294.7% in the first quarter, now owning 150,000 shares valued at $86.45 million. Dymon Asia Capital Singapore PTE. LTD. and Capital & Planning LLC also entered new positions during the second quarter, worth $213,000 and $322,000, respectively. Together, institutional investors and hedge funds control 79.91% of Meta Platforms’ stock.
Meta Platforms’ Financial Performance
On January 28, 2024, Meta Platforms reported its quarterly earnings, revealing earnings per share of $8.88, surpassing analysts’ expectations of $8.16 by $0.72. The company achieved a net margin of 30.08% and a return on equity of 38.61%. Revenue for the quarter reached $59.89 billion, exceeding predictions of $58.33 billion and marking a 23.8% increase compared to the same period last year.
The company’s stock opened at $661.46 on Monday, with a market capitalization of $1.67 trillion. Meta Platforms maintains a quick ratio of 2.60 and a debt-to-equity ratio of 0.27. The stock has fluctuated between a 52-week low of $479.80 and a 52-week high of $796.25.
Dividends and Insider Transactions
Recently, Meta Platforms announced a quarterly dividend of $0.525 per share, distributed to shareholders on December 23, 2023, with an annualized yield of 0.3%. The company’s payout ratio stands at 8.94%.
In insider trading news, Director Robert M. Kimmitt sold 580 shares on January 15, 2024, at an average price of $618.28, totaling $358,602.40. After this transaction, Kimmitt holds 5,587 shares valued at approximately $3.45 million. Additionally, insider Jennifer Newstead sold 519 shares on December 30, 2023, for $341,860.11, resulting in a 1.78% reduction in her ownership.
Over the past ninety days, insiders have sold a cumulative 38,561 shares worth $23.67 million, and currently, corporate insiders own 13.61% of the stock.
Analysts continue to monitor Meta Platforms closely, with firms like Citizens JMP reaffirming an “outperform” rating and increasing their price target to $900.00. Other analysts have set varying target prices, with the consensus rating reflecting a “Moderate Buy” and an average target of $847.40.
As Meta Platforms navigates the evolving landscape of technology and social media, its financial health and stock performance will remain a focal point for investors and analysts alike.
