Eagle Rock Investment Company LLC Lowers Stake in Meta Platforms, Inc. (NASDAQ:META)

Eagle Rock Investment Company LLC trimmed its holdings in shares of Meta Platforms, Inc. (NASDAQ:META) by 15.2% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 28,796 shares of the social networking company’s stock after selling 5,178 shares during the quarter. Meta Platforms makes up about 2.6% of Eagle Rock Investment Company LLC’s investment portfolio, making the stock its 9th largest holding. Eagle Rock Investment Company LLC’s holdings in Meta Platforms were worth $13,983,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Constitution Capital LLC bought a new position in shares of Meta Platforms in the first quarter worth about $578,000. CIC Wealth LLC increased its holdings in Meta Platforms by 54.8% in the 1st quarter. CIC Wealth LLC now owns 3,472 shares of the social networking company’s stock worth $1,686,000 after acquiring an additional 1,229 shares in the last quarter. Chemistry Wealth Management LLC raised its stake in Meta Platforms by 1.2% during the 1st quarter. Chemistry Wealth Management LLC now owns 19,906 shares of the social networking company’s stock worth $9,666,000 after acquiring an additional 236 shares during the period. CFM Wealth Partners LLC lifted its holdings in Meta Platforms by 6.4% during the first quarter. CFM Wealth Partners LLC now owns 18,089 shares of the social networking company’s stock valued at $8,784,000 after purchasing an additional 1,095 shares in the last quarter. Finally, Rezny Wealth Management Inc. bought a new position in shares of Meta Platforms in the first quarter worth approximately $1,260,000. 79.91% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on META. The Goldman Sachs Group lowered their target price on shares of Meta Platforms from $555.00 to $500.00 and set a “buy” rating on the stock in a research note on Thursday, April 25th. Truist Financial lowered their price objective on Meta Platforms from $550.00 to $535.00 and set a “buy” rating on the stock in a research report on Thursday, April 25th. TD Cowen cut their target price on Meta Platforms from $590.00 to $530.00 and set a “buy” rating for the company in a research report on Thursday, April 25th. JPMorgan Chase & Co. lowered their price target on Meta Platforms from $535.00 to $480.00 and set an “overweight” rating on the stock in a report on Thursday, April 25th. Finally, UBS Group cut their price objective on shares of Meta Platforms from $610.00 to $575.00 and set a “buy” rating for the company in a report on Thursday, April 25th. Two analysts have rated the stock with a sell rating, three 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, the stock has a consensus rating of “Moderate Buy” and an average price target of $510.05.

Insider Activity at Meta Platforms

In other Meta Platforms news, insider Jennifer Newstead sold 585 shares of the business’s stock in a transaction dated Tuesday, April 9th. The stock was sold at an average price of $522.00, for a total transaction of $305,370.00. Following the sale, the insider now owns 38,398 shares in the company, valued at approximately $20,043,756. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other Meta Platforms news, CTO Andrew Bosworth sold 5,058 shares of the company’s stock in a transaction on Wednesday, May 15th. The shares were sold at an average price of $471.85, for a total value of $2,386,617.30. Following the sale, the chief technology officer now directly owns 15,412 shares of the company’s stock, valued at $7,272,152.20. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Jennifer Newstead sold 585 shares of the stock in a transaction dated Tuesday, April 9th. The stock was sold at an average price of $522.00, for a total value of $305,370.00. Following the sale, the insider now directly owns 38,398 shares in the company, valued at $20,043,756. The disclosure for this sale can be found here. Insiders have sold a total of 233,512 shares of company stock valued at $113,597,536 in the last ninety days. Company insiders own 13.71% of the company’s stock.

Meta Platforms Trading Up 1.3 %

META opened at $519.56 on Friday. The firm has a market cap of $1.32 trillion, a price-to-earnings ratio of 29.84, a PEG ratio of 1.33 and a beta of 1.21. The stock has a fifty day moving average price of $479.53 and a 200-day moving average price of $452.69. Meta Platforms, Inc. has a 12 month low of $274.38 and a 12 month high of $531.49. The company has a current ratio of 2.68, a quick ratio of 2.68 and a debt-to-equity ratio of 0.12.

Meta Platforms (NASDAQ:META) last issued its quarterly earnings data on Wednesday, April 24th. The social networking company reported $4.71 EPS for the quarter, beating the consensus estimate of $4.32 by $0.39. The firm had revenue of $36.46 billion during the quarter, compared to analyst estimates of $36.28 billion. Meta Platforms had a return on equity of 32.03% and a net margin of 32.06%. As a group, equities research analysts anticipate that Meta Platforms, Inc. will post 20.16 earnings per share for the current fiscal year.

Meta Platforms Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, June 26th. Stockholders of record on Friday, June 14th were paid a dividend of $0.50 per share. The ex-dividend date was Friday, June 14th. This represents a $2.00 annualized dividend and a dividend yield of 0.38%. Meta Platforms’s payout ratio is currently 11.49%.

About Meta Platforms

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.