King Wealth Management Group Boosts Position in Meta Platforms, Inc. (NASDAQ:META)

King Wealth Management Group grew its holdings in shares of Meta Platforms, Inc. (NASDAQ:META) by 15.6% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 16,984 shares of the social networking company’s stock after acquiring an additional 2,293 shares during the quarter. Meta Platforms comprises 1.5% of King Wealth Management Group’s investment portfolio, making the stock its 19th largest position. King Wealth Management Group’s holdings in Meta Platforms were worth $9,722,000 as of its most recent SEC filing.

A number of other large investors have also recently modified their holdings of META. Central Valley Advisors LLC lifted its stake in shares of Meta Platforms by 0.3% in the 3rd quarter. Central Valley Advisors LLC now owns 5,714 shares of the social networking company’s stock valued at $3,271,000 after purchasing an additional 18 shares during the last quarter. Cherrydale Wealth Management LLC lifted its stake in shares of Meta Platforms by 0.5% in the 3rd quarter. Cherrydale Wealth Management LLC now owns 3,841 shares of the social networking company’s stock valued at $2,199,000 after purchasing an additional 18 shares during the last quarter. Alliance Wealth Advisors LLC lifted its stake in shares of Meta Platforms by 0.7% in the 3rd quarter. Alliance Wealth Advisors LLC now owns 2,787 shares of the social networking company’s stock valued at $1,595,000 after purchasing an additional 18 shares during the last quarter. Kozak & Associates Inc. lifted its stake in shares of Meta Platforms by 1.0% in the 3rd quarter. Kozak & Associates Inc. now owns 1,906 shares of the social networking company’s stock valued at $1,099,000 after purchasing an additional 18 shares during the last quarter. Finally, Capital Advisors Ltd. LLC lifted its stake in shares of Meta Platforms by 0.5% in the 3rd quarter. Capital Advisors Ltd. LLC now owns 3,560 shares of the social networking company’s stock valued at $2,038,000 after purchasing an additional 18 shares during the last quarter. Institutional investors own 79.91% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on META. Oppenheimer raised their price objective on Meta Platforms from $525.00 to $615.00 and gave the company an “outperform” rating in a research note on Thursday, August 1st. BMO Capital Markets raised their price target on Meta Platforms from $525.00 to $530.00 and gave the stock a “market perform” rating in a research note on Thursday, October 31st. Benchmark reissued a “hold” rating on shares of Meta Platforms in a research note on Thursday, July 25th. Cantor Fitzgerald reissued an “overweight” rating and set a $670.00 price target on shares of Meta Platforms in a research note on Wednesday, October 16th. Finally, Needham & Company LLC reissued an “underperform” rating 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 issued a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $634.10.

Meta Platforms Stock Performance

Shares of META opened at $554.08 on Monday. The stock has a 50-day moving average of $568.11 and a two-hundred day moving average of $521.17. Meta Platforms, Inc. has a one year low of $313.66 and a one year high of $602.95. The company has a debt-to-equity ratio of 0.18, a quick ratio of 2.73 and a current ratio of 2.73. The stock has a market cap of $1.40 trillion, a P/E ratio of 26.10, a P/E/G ratio of 1.23 and a beta of 1.22.

Meta Platforms (NASDAQ:META) last issued its quarterly earnings data on Wednesday, October 30th. The social networking company reported $6.03 earnings per share (EPS) for the quarter, beating the consensus estimate of $5.19 by $0.84. The business had revenue of $40.59 billion during the quarter, compared to analysts’ expectations of $40.21 billion. Meta Platforms had a return on equity of 35.60% and a net margin of 35.55%. As a group, research analysts predict that Meta Platforms, Inc. will post 22.53 EPS for the current year.

Meta Platforms Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 26th. Stockholders of record on Monday, September 16th were issued a $0.50 dividend. The ex-dividend date was Monday, September 16th. This represents a $2.00 annualized dividend and a dividend yield of 0.36%. Meta Platforms’s dividend payout ratio (DPR) is presently 9.42%.

Insider Activity

In other Meta Platforms news, CEO Mark Zuckerberg sold 16,702 shares of the stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $533.24, for a total transaction of $8,906,174.48. Following the transaction, the chief executive officer now owns 28,838 shares in the company, valued at approximately $15,377,575.12. This represents a 36.68 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Christopher K. Cox sold 20,000 shares of the stock in a transaction that occurred on Thursday, September 19th. The stock was sold at an average price of $557.52, for a total value of $11,150,400.00. Following the transaction, the insider now owns 338,662 shares in the company, valued at $188,810,838.24. This represents a 5.58 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 141,498 shares of company stock valued at $75,732,154 in the last quarter. 13.71% of the stock is currently owned by company insiders.

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.