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Top investors buy Meta shares after q1 profit – Report

Meta begins final round of layoffs

Prominent hedge funds, Arrowstreet Capital LLC, D1 Capital Partners, and Coatue Management LLC were among the investors that purchased Meta’s shares in the first quarter of the year.

Meta, which fell the most among the mega-cap FANG stocks in 2022, rose over 70% in the first quarter after surprising Wall Street with better-than-expected profitability and sharper cost-cutting, while also announcing a $40 billion share buyback.

The company’s stock is currently up over 100% year to date.

Arrowstreet Capital increased its holding in the company by nearly 5 million shares during the quarter, bringing its total position to slightly more than 7 million shares, while Coatue more than doubled its position by purchasing 4.2 million shares.

Meanwhile, Winslow Capital Management established a new stake in the company by purchasing around 927,000 shares, and D1 Capital Partners purchased slightly more than 1 million shares.

T Rowe Price Group and Nuveen Asset Management were the top mutual fund purchases, each purchasing slightly more than 6 million shares of the company.

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