Arrowstreet, Coatue Management among big hedge funds buying Meta in first quarter
Reuters
Published May 15, 2023 05:27PM ET
By David Randall
NEW YORK (Reuters) - Prominent hedge funds including Arrowstreet Capital LLC, D1 Capital Partners and Coatue Management LLC were among the investors that bought shares of Meta Platforms Inc (NASDAQ:META) in the first quarter of the year, amid an eye-popping rebound in the Facebook-parent ’s stock.
Meta Platforms, which suffered the worst decline among the mega-cap FANG stocks in 2022, jumped about 70% during the first quarter after stunning Wall Street with better than expected earnings and steeper cost-cutting, while at the same time announcing a $40 billion share buyback. Shares of the company are now up nearly 100% for the year to date.
Arrowstreet Capital added about 5 million shares during the quarter, brining its total position to slightly more than 7 million shares, while Coatue more than doubled its position in the company by buying 4.2 million shares. Winslow Capital Management, meanwhile, initiated a new position in the firm by buying about 927,000 shares, and D1 Capital Partners bought slightly more than 1 million shares.
T Rowe Price Group Inc (NASDAQ:TROW) and Nuveen Asset Management were the largest buyers among mutual fund companies, with each firming adding slightly more than 6 million shares of the company.
Norges Bank, the central bank of Norway, was the largest seller among all firms, unloading more than 35 million shares during the quarter. Two Sigma Investments sold its entire stake of about 569,000 shares, while Glenview Capital Management, run by billionaire Larry Robbins, sold its entire stake of about 526,000 shares, according to filings.
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.