Scotiabank Begins Coverage on Meta Platforms with Cautious Optimism
On October 11, 2024, Scotiabank announced it is starting coverage of Meta Platforms (SNSE:METACL) with a Sector Perform rating, suggesting a stable outlook for the company moving forward.
Insights into Fund Activity
Currently, 6,002 funds and institutions hold positions in Meta Platforms, reflecting an increase of 91 owners or 1.54% since last quarter. The average portfolio weight across all funds invested in METACL is 1.73%, which has risen by 2.47%. Over the past three months, the total shares owned by institutions climbed by 3.45%, reaching over 1.93 billion shares.
Institutional Stakeholders and Their Movements
Vanguard Total Stock Market Index Fund Investor Shares (VTSMX) now holds 69,230K shares, which accounts for 3.17% of the company. This represents a minor increase of 0.11% from their previous ownership of 69,157K shares, while their portfolio allocation in METACL grew by 1.08% last quarter.
The Vanguard 500 Index Fund Investor Shares (VFINX) holds 56,245K shares, comprising 2.57% of Meta. They previously reported owning 55,443K shares, marking a 1.43% increase, although their portfolio allocation in METACL fell by 0.28% in the last quarter.
JPMorgan Chase has also increased its stake, now owning 52,228K shares for 2.39% ownership. Their previous tally was 50,183K shares, indicating a rise of 3.92%. The bank increased its portfolio allocation in METACL by 4.95% last quarter.
Geode Capital Management holds 47,462K shares, translating to 2.17% ownership, up from 46,413K shares, marking a 2.21% increase. Their allocation in METACL increased by 0.73% during the last quarter.
Price T Rowe Associates has reduced its holdings to 41,709K shares, down from 43,118K shares, resulting in a 1.91% ownership stake. This change reflects a decrease of 3.38%, with their portfolio allocation in METACL down by 1.94% last quarter.
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