5 Companies That Are Buying Back Their Stock

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

Q3 2022 Buybacks (Million): $7,365

Number of Hedge Fund Holders: 177

Although the social media leader is spending a lot of capital on building the metaverse, Meta Platforms, Inc. (NASDAQ:META) is also buying back a lot of stock. In the third quarter, Meta Platforms, Inc. (NASDAQ:META) ranked #3 among all S&P 500 components with stock buybacks of $7.37 billion in the time frame.

ClearBridge Investments commented on Meta Platforms, Inc. (NASDAQ:META) in a 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.