Envestnet Portfolio Solutions Inc. Reduces Holdings in Meta Platforms, Inc. (NASDAQ:META)

Envestnet Portfolio Solutions Inc. trimmed its holdings in shares of Meta Platforms, Inc. (NASDAQ:META - Free Report) by 13.1% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 133,553 shares of the social networking company's stock after selling 20,189 shares during the quarter. Envestnet Portfolio Solutions Inc.'s holdings in Meta Platforms were worth $76,974,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. Rolek Wealth Management LLC purchased a new stake in Meta Platforms during the first quarter worth about $474,000. Sterling Investment Counsel LLC grew its position in shares of Meta Platforms by 84.8% during the 1st quarter. Sterling Investment Counsel LLC now owns 5,850 shares of the social networking company's stock valued at $3,372,000 after acquiring an additional 2,685 shares during the period. Hamilton Capital Partners LLC increased its stake in shares of Meta Platforms by 35.7% during the 1st quarter. Hamilton Capital Partners LLC now owns 23,287 shares of the social networking company's stock worth $13,422,000 after purchasing an additional 6,131 shares during the last quarter. Boston Trust Walden Corp raised its holdings in shares of Meta Platforms by 47.0% in the 1st quarter. Boston Trust Walden Corp now owns 94,123 shares of the social networking company's stock worth $54,249,000 after purchasing an additional 30,083 shares during the period. Finally, Global X Japan Co. Ltd. raised its holdings in shares of Meta Platforms by 10.2% in the 1st quarter. Global X Japan Co. Ltd. now owns 62,648 shares of the social networking company's stock worth $36,108,000 after purchasing an additional 5,802 shares during the period. 79.91% of the stock is currently owned by institutional investors.

Meta Platforms Price Performance

Shares of NASDAQ:META traded down $13.42 during trading on Friday, reaching $682.35. The company had a trading volume of 22,498,010 shares, compared to its average volume of 14,512,174. The company has a fifty day moving average of $618.10 and a two-hundred day moving average of $623.14. The company has a current ratio of 2.66, a quick ratio of 2.66 and a debt-to-equity ratio of 0.16. The stock has a market capitalization of $1.72 trillion, a P/E ratio of 26.61, a price-to-earnings-growth ratio of 1.68 and a beta of 1.26. Meta Platforms, Inc. has a 12 month low of $442.65 and a 12 month high of $740.91.

Meta Platforms (NASDAQ:META - Get Free Report) last released its earnings results on Wednesday, April 30th. The social networking company reported $6.43 EPS for the quarter, beating analysts' consensus estimates of $5.33 by $1.10. Meta Platforms had a return on equity of 38.69% and a net margin of 39.11%. The business had revenue of $42.31 billion for the quarter, compared to analysts' expectations of $41.45 billion. During the same quarter in the prior year, the firm earned $4.71 earnings per share. The firm's revenue was up 16.1% on a year-over-year basis. Equities research analysts forecast that Meta Platforms, Inc. will post 26.7 earnings per share for the current year.

Meta Platforms Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, June 26th. Stockholders of record on Monday, June 16th will be given a dividend of $0.525 per share. The ex-dividend date of this dividend is Monday, June 16th. This represents a $2.10 annualized dividend and a dividend yield of 0.31%. Meta Platforms's dividend payout ratio (DPR) is presently 8.19%.

Insider Activity at Meta Platforms

In other Meta Platforms news, CEO Mark Zuckerberg sold 1,462 shares of the stock in a transaction that occurred on Friday, June 6th. The shares were sold at an average price of $701.13, for a total transaction of $1,025,052.06. Following the transaction, the chief executive officer now directly owns 139,538 shares in the company, valued at $97,834,277.94. This trade represents a 1.04% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CTO Andrew Bosworth sold 22,449 shares of Meta Platforms stock in a transaction that occurred on Friday, May 16th. The stock was sold at an average price of $636.85, for a total transaction of $14,296,645.65. Following the transaction, the chief technology officer now directly owns 1,183 shares in the company, valued at $753,393.55. This trade represents a 94.99% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 111,031 shares of company stock valued at $73,954,565. Corporate insiders own 13.61% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have weighed in on the company. Susquehanna reduced their price objective on Meta Platforms from $800.00 to $700.00 and set a "positive" rating for the company in a report on Thursday, May 1st. Jefferies Financial Group cut their price target on Meta Platforms from $725.00 to $600.00 and set a "buy" rating for the company in a research note on Monday, April 7th. Raymond James Financial lowered their price objective on Meta Platforms from $800.00 to $750.00 and set a "strong-buy" rating on the stock in a research note on Thursday, May 1st. JPMorgan Chase & Co. upped their price objective on shares of Meta Platforms from $675.00 to $735.00 and gave the company an "overweight" rating in a report on Wednesday, June 4th. Finally, Moffett Nathanson lifted their target price on shares of Meta Platforms from $525.00 to $605.00 and gave the stock a "buy" rating in a research note on Thursday, May 1st. One equities research analyst has rated the stock with a sell rating, four have given a hold rating, thirty-seven have issued a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $710.00.

Meta Platforms Profile

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.