L.M. Kohn & Company has significantly reduced its holdings in Meta Platforms, Inc. (NASDAQ:META) by an astonishing 84.3% during the third quarter of 2023. According to a recent filing with the Securities and Exchange Commission (SEC), the firm now owns only 434 shares of the social networking giant after selling 2,330 shares throughout the quarter. As of the latest SEC report, L.M. Kohn’s stake in Meta was valued at approximately $319,000.
This reduction follows a trend observed among several institutional investors, who have either increased or decreased their investments in Meta. For instance, Brighton Jones LLC raised its stake by 1.7% in the fourth quarter, bringing its total to 34,551 shares worth about $20.23 million after acquiring an additional 570 shares. Similarly, Revolve Wealth Partners LLC increased its holdings by 10.2%, owning 9,456 shares valued at $5.54 million after purchasing 875 shares.
Other notable increases include Headwater Capital Co Ltd, which boosted its investment by an impressive 294.7%, amassing 150,000 shares worth around $86.45 million. Dymon Asia Capital Singapore PTE. LTD. and Capital & Planning LLC also entered new positions in the second quarter, valued at approximately $213,000 and $322,000, respectively. Collectively, institutional investors hold 79.91% of Meta’s stock.
While L.M. Kohn’s actions reflect a cautious approach, the overall market sentiment towards Meta’s stock remains dynamic. Shares of META opened at $661.46 on Monday, showcasing its resilience amid fluctuations. The company exhibits strong financial metrics, with a quick ratio of 2.60, a current ratio of 2.60, and a debt-to-equity ratio of 0.27. Over the past year, META’s stock has experienced a high of $796.25 and a low of $479.80, indicating substantial volatility.
On January 28, 2024, Meta Platforms published its latest earnings report, revealing a remarkable $8.88 earnings per share (EPS) for the quarter, surpassing the consensus estimate 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 stood at $59.89 billion, exceeding analyst expectations of $58.33 billion. This marks a 23.8% increase in revenue compared to the same quarter last year.
In addition to its financial accomplishments, Meta Platforms recently announced a quarterly dividend of $0.525 per share, which was paid on December 23, 2023. Shareholders on record as of December 15, 2023 received this dividend, translating to an annualized payout of $2.10 and a yield of 0.3%. The company’s current payout ratio is 8.94%.
Recent insider trading activity has also caught market attention. Director Robert M. Kimmitt sold 580 shares at an average price of $618.28, totaling approximately $358,602.40. Following this transaction, Kimmitt holds 5,587 shares, valued at around $3.45 million, reflecting a 9.40% decrease in his position. Similarly, insider Jennifer Newstead sold 519 shares at an average of $658.69, amounting to a total of $341,860.11.
Analysts continue to monitor Meta’s performance closely, with a range of evaluations expressed recently. Citizens JMP reaffirmed an “outperform” rating, raising its price target to $900.00. Other analysts have provided various price targets, with Arete Research setting a target of $718.00, while Raymond James Financial adjusted its target from $825.00 to $800.00. Overall, Meta Platforms has garnered a consensus rating of “Moderate Buy” with an average price target of $847.40.
The market sentiment surrounding Meta remains complex, influenced by various factors including institutional investment patterns and broader economic conditions. As the company continues to adapt to changing market dynamics, its performance will be closely watched in the coming quarters.
