Scotiabank Begins Coverage of Meta Platforms with Cautious Outlook
An Overview of Fund Sentiment Toward Meta
On October 11, 2024, Scotiabank announced its coverage of Meta Platforms (WSE:META), assigning a Sector Perform rating. This rating suggests a neutral view on the stock’s potential compared to the broader market.
Currently, there are 6,002 funds and institutions reporting positions in Meta Platforms. This figure represents an increase of 105 entities or 1.78% within the last quarter. The average portfolio weight for all funds invested in META is now at 1.73%, marking an increase of 3.85%. Furthermore, institutional ownership of the stock rose by 3.45% in the past three months, bringing the total to 1,933,250K shares.
Activity Among Major Shareholders
Among major shareholders, Vanguard Total Stock Market Index Fund Investor Shares, known as VTSMX, holds 69,230K shares, which equates to 3.17% ownership. This indicates a slight increase by 0.11% from its last report, where it held 69,157K shares. Over the last quarter, VTSMX grew its allocation to META by 1.08%.
In addition, Vanguard 500 Index Fund Investor Shares (VFINX) owns 56,245K shares, representing 2.57% of the company. This is a growth of 1.43% from its previous position of 55,443K shares, although it has slightly decreased its portfolio allocation in META by 0.28% in the recent quarter.
JPMorgan Chase has increased its stake in Meta, now holding 52,228K shares, which corresponds to 2.39% ownership. Previously, the firm owned 50,183K shares, a change of 3.92%, with a notable portfolio allocation increase of 4.95% last quarter.
Geode Capital Management has also stepped up its investment, currently holding 47,462K shares or 2.17% ownership. This marks a 2.21% increase from its previous ownership of 46,413K shares, with a portfolio allocation growth of 0.73% over the last three months.
On the other hand, Price T Rowe Associates holds 41,709K shares for 1.91% ownership, down from 43,118K shares, reflecting a decrease of 3.38%. The firm reduced its position in META by 1.94% during the past quarter.
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This story originally appeared on Fintel.
The views and opinions expressed herein are those of the author and do not necessarily reflect those of Nasdaq, Inc.
