Scotiabank Rates Meta Platforms as a ‘Sector Perform’

Fund Sentiment Shows Growing Interest in META

Fintel reports that on October 11, 2024, Scotiabank began coverage of Meta Platforms (WBAG:META) with a Sector Perform rating.

Institutional Holdings Reveal Mixed Strategies

Currently, 6,002 funds or institutions hold positions in Meta Platforms, marking an increase of 91 owners, or 1.54%, compared to the previous quarter. The average portfolio weight of all funds invested in META is now 1.73%, up by 2.48%. Over the past three months, total shares owned by institutions rose by 3.45%, reaching 1,933,250K shares.

Several key shareholders have adjusted their stakes recently. VTSMX – Vanguard Total Stock Market Index Fund Investor Shares now owns 69,230K shares, representing 3.17% of the company. This is a slight increase from their previous holding of 69,157K shares, or an uptick of 0.11%. Vanguard also raised its allocation in META by 1.08% over the last quarter.

VFINX – Vanguard 500 Index Fund Investor Shares holds 56,245K shares, accounting for 2.57% ownership. This is an increase from 55,443K shares, reflecting a 1.43% rise. However, the firm did decrease its portfolio allocation in META by 0.28% during the same period.

JPMorgan Chase now possesses 52,228K shares, which is 2.39% of the company. They have increased their holdings from 50,183K shares, representing a 3.92% rise in ownership. As a result, their allocation in META rose by 4.95% over the last quarter.

Geode Capital Management also boosted its stake, now holding 47,462K shares, which is 2.17% ownership. This marks an increase from 46,413K shares, or a 2.21% rise, with a 0.73% increase in allocation over the last quarter.

Conversely, Price T Rowe Associates reduced its holdings to 41,709K shares, representing 1.91%. This is a decrease from 43,118K shares, reflecting a drop of 3.38%. They also decreased their portfolio allocation in META by 1.94% during the last quarter.

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This story originally appeared on Fintel.

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