Dorsey & Whitney Trust CO LLC has increased its investment in Meta Platforms, Inc. (NASDAQ: META) by 16.6% during the second quarter of 2023, as revealed in its latest filing with the Securities and Exchange Commission. The firm now holds 21,183 shares of the social media giant, having acquired an additional 3,009 shares over this period. As of the most recent disclosure, this investment is valued at approximately $15.64 million, making Meta Platforms the 24th largest holding in Dorsey & Whitney’s portfolio, accounting for 0.8% of its total assets.
The surge in Dorsey & Whitney’s stake reflects a broader trend among institutional investors. Other notable firms have also adjusted their positions in Meta Platforms. For instance, Kingstone Capital Partners Texas LLC saw its stake grow dramatically by 608,429.2% during the same quarter. This firm now owns 59,775,823 shares, valued at around $44.12 billion, following the acquisition of nearly 59.77 million shares. Similarly, Geode Capital Management LLC increased its holdings by 1.3% to 51,575,209 shares, valued at approximately $37.90 billion.
Invesco Ltd. and Goldman Sachs Group Inc. have also expanded their stakes in Meta Platforms, with Invesco increasing its position by 2.3% and Goldman Sachs raising its stake by 8.8%. UBS Asset Management also reported a 4.5% increase in its holdings. Collectively, institutional investors and hedge funds own nearly 79.91% of Meta’s stock.
Analyst Ratings and Stock Performance
The stock has drawn significant interest from analysts, leading to numerous upgrades. On July 31, 2023, Pivotal Research raised its price target for Meta shares from $830.00 to $930.00, maintaining a “buy” rating. Scotiabank also increased its target from $675.00 to $685.00 and assigned a “sector perform” rating. Other firms such as KeyCorp and UBS Group also adjusted their price targets for the stock, indicating a growing confidence in Meta’s performance.
Currently, the consensus rating for Meta Platforms is classified as a “Moderate Buy,” with a target price of $823.93 according to MarketBeat. As of October 29, 2023, Meta shares opened at $633.61, having experienced a 12-month range with a low of $479.80 and a high of $796.25. The company boasts a market capitalization of $1.60 trillion and a P/E ratio of 27.99.
Insider Transactions and Company Updates
In addition to institutional trading, insider transactions have also been noteworthy. On November 17, 2023, Director Robert M. Kimmitt sold 600 shares at an average price of $609.35, totaling approximately $365,610. Following this sale, Kimmitt’s remaining shares are valued at around $4.48 million.
Moreover, Chief Technology Officer Andrew Bosworth sold 11,690 shares on November 18, for a total value of about $6.94 million. This transaction represents an 82.88% decrease in his ownership of Meta stock. Insider trading activity shows that 13.61% of the company’s shares are currently owned by corporate insiders.
Meta Platforms recently reported its quarterly earnings on October 29, indicating robust financial health. The company posted earnings per share of $7.25, surpassing the consensus estimate of $6.74 by $0.51. Revenue reached $51.24 billion, significantly exceeding expectations of $49.34 billion and marking a 26.2% increase from the previous year.
Additionally, Meta Platforms declared a quarterly dividend of $0.525 per share, which was paid on September 29, 2023. This dividend, representing an annualized rate of $2.10 and a yield of 0.3%, showcases the company’s commitment to returning value to its shareholders.
Meta Platforms continues to innovate and expand its offerings, enhancing its position in the tech industry. As the company operates through its Family of Apps and Reality Labs segments, it remains a key player in connecting people across various platforms and devices globally.
