King Wealth Management Group Has $9.72 Million Stock Position in Meta Platforms, Inc. (NASDAQ:META)

King Wealth Management Group raised its holdings in Meta Platforms, Inc. (NASDAQ:META - Free Report) by 15.6% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 16,984 shares of the social networking company's stock after purchasing an additional 2,293 shares during the quarter. Meta Platforms accounts for 1.5% of King Wealth Management Group's holdings, making the stock its 19th largest holding. King Wealth Management Group's holdings in Meta Platforms were worth $9,722,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. CIBC Asset Management Inc increased its stake in Meta Platforms by 5.5% in the 3rd quarter. CIBC Asset Management Inc now owns 628,272 shares of the social networking company's stock worth $359,648,000 after purchasing an additional 32,732 shares in the last quarter. Oak Harbor Wealth Partners LLC lifted its stake in shares of Meta Platforms by 1.8% in the 3rd quarter. Oak Harbor Wealth Partners LLC now owns 1,944 shares of the social networking company's stock valued at $1,113,000 after acquiring an additional 34 shares during the last quarter. OneDigital Investment Advisors LLC increased its position in Meta Platforms by 0.4% in the third quarter. OneDigital Investment Advisors LLC now owns 43,343 shares of the social networking company's stock worth $24,811,000 after buying an additional 188 shares during the last quarter. Sargent Investment Group LLC raised its stake in Meta Platforms by 7.4% in the 3rd quarter. Sargent Investment Group LLC now owns 2,013 shares of the social networking company's stock valued at $1,152,000 after acquiring an additional 139 shares during the period. Finally, ING Groep NV boosted its holdings in Meta Platforms by 21.1% in the 3rd quarter. ING Groep NV now owns 1,068,424 shares of the social networking company's stock valued at $611,609,000 after purchasing an additional 186,219 shares during the period. Hedge funds and other institutional investors own 79.91% of the company's stock.

Insider Buying and Selling

In related news, CEO Mark Zuckerberg sold 84 shares of the company's stock in a transaction that occurred on Monday, October 14th. The shares were sold at an average price of $600.00, for a total transaction of $50,400.00. Following the completion of the transaction, the chief executive officer now directly owns 518,424 shares in the company, valued at $311,054,400. This represents a 0.02 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Javier Olivan sold 413 shares of the firm's stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $536.92, for a total transaction of $221,747.96. Following the completion of the sale, the chief operating officer now owns 14,424 shares in the company, valued at $7,744,534.08. This represents a 2.78 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 141,498 shares of company stock worth $75,732,154 in the last ninety days. 13.71% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the stock. Benchmark restated a "hold" rating on shares of Meta Platforms in a report on Thursday, July 25th. Loop Capital raised their price objective on Meta Platforms from $550.00 to $575.00 and gave the company a "buy" rating in a report on Tuesday, August 6th. Pivotal Research upped their target price on shares of Meta Platforms from $780.00 to $800.00 and gave the stock a "buy" rating in a report on Thursday, October 31st. Evercore ISI raised their price target on shares of Meta Platforms from $550.00 to $600.00 and gave the stock an "outperform" rating in a research note on Thursday, August 1st. Finally, Rosenblatt Securities reaffirmed a "buy" rating and set a $811.00 price objective on shares of Meta Platforms in a research note on Thursday, October 31st. Two analysts have rated the stock with a sell rating, four have assigned a hold rating, thirty-five have given a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, Meta Platforms currently has an average rating of "Moderate Buy" and an average target price of $634.10.

Meta Platforms Price Performance

Shares of NASDAQ:META traded up $0.32 during trading on Monday, reaching $554.40. 14,322,590 shares of the company traded hands, compared to its average volume of 15,061,420. The company has a quick ratio of 2.73, a current ratio of 2.73 and a debt-to-equity ratio of 0.18. Meta Platforms, Inc. has a 52 week low of $313.66 and a 52 week high of $602.95. The firm has a market capitalization of $1.40 trillion, a PE ratio of 26.26, a PEG ratio of 1.23 and a beta of 1.22. The company's 50 day moving average is $568.11 and its two-hundred day moving average is $521.17.

Meta Platforms (NASDAQ:META - Get Free Report) last released its earnings results on Wednesday, October 30th. The social networking company reported $6.03 EPS for the quarter, beating the consensus estimate of $5.19 by $0.84. The firm had revenue of $40.59 billion for the quarter, compared to analyst estimates of $40.21 billion. Meta Platforms had a net margin of 35.55% and a return on equity of 35.60%. As a group, sell-side analysts predict that Meta Platforms, Inc. will post 22.53 earnings per share for the current year.

Meta Platforms Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 26th. Stockholders of record on Monday, September 16th were issued a dividend of $0.50 per share. The ex-dividend date was Monday, September 16th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 0.36%. Meta Platforms's dividend payout ratio (DPR) is currently 9.42%.

Meta Platforms Company 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.