David Tepper Portfolio Holdings: 5 Long-Term Stocks

3. Meta Platforms, Inc. (NASDAQ:META)

Number of Hedge Fund Holders: 177

Appaloosa’s Holding Period: 6 Years

Meta Platforms, Inc. (NASDAQ:META) has been part of David Tepper’s Appaloosa Management since the last 6 years. In the third quarter of 2022, David Tepper held 875,000 shares of Meta Platforms, Inc. (NASDAQ:META) worth $118.72 million, representing 8.72% of the total 13F portfolio. 

On November 15, Meta Platforms, Inc. (NASDAQ:META) filed to exchange up to $2.75 billion of 3.500% senior notes due 2027. The filing also indicates an offering to exchange $3 billion of 3.850% senior notes due 2032, $2.75 billion of 4.450% senior notes due 2052, and $1.5 billion of 4.650% senior notes due 2062. Interest on the exchange notes will be paid bi-annually in arrears on February 15 and August 15 every year, starting on February 15, 2023.

Morgan Stanley analyst Brian Nowak on November 15 maintained an Equal Weight rating on Meta Platforms, Inc. (NASDAQ:META) but slashed the firm’s price target on the shares to $100 from $105, citing a weak ad market. 

According to Insider Monkey’s data, 177 hedge funds were long Meta Platforms, Inc. (NASDAQ:META) at the end of Q3 2022, compared to 185 funds in the prior quarter. Ken Fisher’s Fisher Asset Management is a prominent stakeholder of the company, with 11.8 million shares worth $1.60 billion.

ClearBridge Investments made the following comment about Meta Platforms, Inc. (NASDAQ:META) in its Q3 2022 investor letter:

“We initiated a new position in Meta Platforms, Inc. (NASDAQ:META), in the communication services sector, which operates the Facebook and Instagram social media platforms and is a leading digital advertising provider. We have been carefully watching the company over the last few quarters and believe headwinds from lower monetizing in Facebook and Instagram Reels and pressures from consumer privacy measures are poised to lessen. We believe the company has begun to fully acclimate to this new environment, will achieve greater effectiveness in Reels monetization and find ways to adapt to new privacy standards which will rebound advertising efficiency. Combined with a greater focus on cost control, we believe these initiatives will help contribute to further margin expansion and leave the company well-positioned moving forward.”