Manning & Napier Advisors LLC Sells 104,448 Shares of Meta Platforms, Inc. (NASDAQ:META)

Manning & Napier Advisors LLC cut its stake in shares of Meta Platforms, Inc. (NASDAQ:METAFree Report) by 15.5% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 571,028 shares of the social networking company’s stock after selling 104,448 shares during the quarter. Meta Platforms makes up approximately 4.1% of Manning & Napier Advisors LLC’s portfolio, making the stock its biggest position. Manning & Napier Advisors LLC’s holdings in Meta Platforms were worth $329,118,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Valley Financial Group Inc. raised its holdings in Meta Platforms by 2.4% during the fourth quarter. Valley Financial Group Inc. now owns 588 shares of the social networking company’s stock worth $344,000 after buying an additional 14 shares during the last quarter. Lantern Wealth Advisors LLC raised its holdings in shares of Meta Platforms by 0.5% in the 4th quarter. Lantern Wealth Advisors LLC now owns 2,976 shares of the social networking company’s stock worth $1,743,000 after acquiring an additional 14 shares during the last quarter. Meredith Wealth Planning raised its holdings in shares of Meta Platforms by 0.8% in the 4th quarter. Meredith Wealth Planning now owns 1,873 shares of the social networking company’s stock worth $1,097,000 after acquiring an additional 15 shares during the last quarter. Maiden Cove Capital LLC raised its holdings in shares of Meta Platforms by 3.2% in the 4th quarter. Maiden Cove Capital LLC now owns 481 shares of the social networking company’s stock worth $282,000 after acquiring an additional 15 shares during the last quarter. Finally, Riverwater Partners LLC raised its holdings in shares of Meta Platforms by 2.7% in the 4th quarter. Riverwater Partners LLC now owns 572 shares of the social networking company’s stock worth $335,000 after acquiring an additional 15 shares during the last quarter. 79.91% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, COO Javier Olivan sold 608 shares of the business’s stock in a transaction that occurred on Monday, March 31st. The shares were sold at an average price of $563.03, for a total transaction of $342,322.24. Following the completion of the transaction, the chief operating officer now owns 6,230 shares of the company’s stock, valued at approximately $3,507,676.90. The trade was a 8.89% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Robert M. Kimmitt sold 465 shares of the business’s stock in a transaction that occurred on Monday, June 16th. The shares were sold at an average price of $699.27, for a total transaction of $325,160.55. Following the transaction, the director now directly owns 9,807 shares of the company’s stock, valued at approximately $6,857,740.89. This represents a 4.53% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 110,002 shares of company stock worth $73,353,340. 13.61% of the stock is owned by corporate insiders.

Meta Platforms Price Performance

META opened at $698.53 on Tuesday. The company has a market capitalization of $1.76 trillion, a price-to-earnings ratio of 27.24, a PEG ratio of 1.68 and a beta of 1.26. The company has a quick ratio of 2.66, a current ratio of 2.66 and a debt-to-equity ratio of 0.16. The firm has a 50-day moving average price of $621.44 and a 200-day moving average price of $623.76. Meta Platforms, Inc. has a twelve month low of $442.65 and a twelve month high of $740.91.

Meta Platforms (NASDAQ:METAGet Free Report) last released its quarterly earnings data on Wednesday, April 30th. The social networking company reported $6.43 earnings per share for the quarter, beating analysts’ consensus estimates of $5.33 by $1.10. Meta Platforms had a net margin of 39.11% and a return on equity of 38.69%. The business had revenue of $42.31 billion during the quarter, compared to analyst estimates of $41.45 billion. During the same period in the previous year, the business earned $4.71 EPS. Meta Platforms’s revenue was up 16.1% compared to the same quarter last year. Equities analysts expect that Meta Platforms, Inc. will post 26.7 EPS for the current year.

Meta Platforms Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, June 26th. Stockholders of record on Monday, June 16th will be given a $0.525 dividend. This represents a $2.10 annualized dividend and a dividend yield of 0.30%. The ex-dividend date of this dividend is Monday, June 16th. Meta Platforms’s dividend payout ratio (DPR) is presently 8.19%.

Wall Street Analysts Forecast Growth

META has been the subject of several analyst reports. Royal Bank Of Canada reissued an “outperform” rating and issued a $740.00 price objective on shares of Meta Platforms in a research note on Thursday, May 1st. Piper Sandler increased their price target on Meta Platforms from $610.00 to $650.00 and gave the company an “overweight” rating in a research report on Thursday, May 1st. Jefferies Financial Group lowered their price target on Meta Platforms from $725.00 to $600.00 and set a “buy” rating for the company in a research report on Monday, April 7th. Needham & Company LLC reiterated an “underperform” rating on shares of Meta Platforms in a report on Thursday, May 1st. Finally, Bank of America increased their target price on shares of Meta Platforms from $690.00 to $765.00 and gave the company a “buy” rating in a report on Thursday, June 12th. One research analyst has rated the stock with a sell rating, four have given a hold rating, thirty-seven have assigned a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, Meta Platforms has an average rating of “Moderate Buy” and a consensus target price of $710.00.

Check Out Our Latest Analysis on META

Meta Platforms Profile

(Free Report)

Meta Platforms, Inc engages in the development of products that enable people to connect and share with friends and family through mobile devices, personal computers, virtual reality headsets, and wearables worldwide. It operates in two segments, Family of Apps and Reality Labs. The Family of Apps segment offers Facebook, which enables people to share, discuss, discover, and connect with interests; Instagram, a community for sharing photos, videos, and private messages, as well as feed, stories, reels, video, live, and shops; Messenger, a messaging application for people to connect with friends, family, communities, and businesses across platforms and devices through text, audio, and video calls; and WhatsApp, a messaging application that is used by people and businesses to communicate and transact privately.

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Institutional Ownership by Quarter for Meta Platforms (NASDAQ:META)

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