10 Best ESG Stocks To Buy Now

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

Percentage of holdings in the fund: 2.51%

Number of Hedge Fund Holders: 219

Meta Platforms, Inc. (NASDAQ:META) ranks among the top five on our list of the best ESG stocks to buy now. The social media giant achieved net-zero emissions across its global operations in 2020 and is now focused on reaching net-zero emissions across its entire value chain by 2030. As part of this effort, Meta is actively engaging with its suppliers to decarbonize its supply chain, aiming for at least two-thirds of them to set Science-Based Targets initiative (SBTi)-aligned reduction goals by 2026.

On August 8, Loop Capital raised its price target for Meta Platforms Inc. (NASDAQ:META) from $550 to $575, while maintaining a Buy rating on the stock. This upgrade follows Meta’s strong financial performance, which showed impressive growth and outpaced other major advertising platforms, including Amazon Ads, for the second consecutive quarter.

Meta Platforms Inc. (NASDAQ:META) also exceeded analyst expectations with its latest quarterly results, suggesting that its significant investments in AI are likely to yield further benefits. Following the results, Citi expressed increased optimism about Meta’s prospects, citing gains in user engagement, monetization, and expanding margins. Citi subsequently raised its price target for Meta from $550 to $580.

Polen Capital, an investment management company, released its second-quarter 2024 investor letter and mentioned Meta Platforms, Inc. (NASDAQ:META). Here is what the fund said:

“In the second quarter, the top relative contributors to the Portfolio’s performance were all names we do not hold: Home Depot, Meta Platforms, Inc. (NASDAQ:META), and AbbVie. Meta Platforms delivered robust results in the period, with revenue growth accelerating in the first quarter. However, revenue comparisons for Meta will become more difficult from here, and its guidance for 2Q revenue fell below market expectations. After the company’s “year of efficiency,” where it cut costs in its core business, management is now indicating another ramp-up in GenAI and metaverse spending, spurring concerns about future profit margins. Metaverse spending, by our calculations, is now over $20 billion per year with little to no expected return on the foreseeable horizon.”