King Wealth Management Group Sells 585 Shares of Meta Platforms, Inc. (NASDAQ:META)

Key Points

• King Wealth Management Group reduced its stake in Meta Platforms, Inc. by 2.6%, selling 585 shares, and now holds 21,603 shares valued at approximately $12.45 million.
• Meta Platforms' stock price fell by 1.7%, trading at $763.46, with a market capitalization of $1.92 trillion and a P/E ratio of 27.64.
• The company recently reported quarterly earnings of $7.14 per share, exceeding analysts' expectations, and announced a quarterly dividend of $0.525 per share, reflecting a 0.3% yield.

King Wealth Management Group lessened its holdings in shares of Meta Platforms, Inc. (NASDAQ:META - Free Report) by 2.6% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 21,603 shares of the social networking company's stock after selling 585 shares during the quarter. Meta Platforms makes up 1.9% of King Wealth Management Group's portfolio, making the stock its 13th biggest position. King Wealth Management Group's holdings in Meta Platforms were worth $12,451,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in META. Brighton Jones LLC raised its holdings in Meta Platforms by 1.7% in the fourth quarter. Brighton Jones LLC now owns 34,551 shares of the social networking company's stock worth $20,230,000 after purchasing an additional 570 shares in the last quarter. Revolve Wealth Partners LLC raised its holdings in Meta Platforms by 10.2% in the fourth quarter. Revolve Wealth Partners LLC now owns 9,456 shares of the social networking company's stock worth $5,537,000 after purchasing an additional 875 shares in the last quarter. Bank Pictet & Cie Europe AG raised its holdings in Meta Platforms by 3.5% in the fourth quarter. Bank Pictet & Cie Europe AG now owns 221,459 shares of the social networking company's stock worth $129,666,000 after purchasing an additional 7,587 shares in the last quarter. Highview Capital Management LLC DE raised its holdings in Meta Platforms by 3.7% in the fourth quarter. Highview Capital Management LLC DE now owns 6,189 shares of the social networking company's stock worth $3,624,000 after purchasing an additional 218 shares in the last quarter. Finally, Raymond James Financial Inc. bought a new position in Meta Platforms in the fourth quarter worth $2,243,603,000. Institutional investors own 79.91% of the company's stock.

Meta Platforms Trading Down 1.7%

NASDAQ META traded down $12.91 during trading on Tuesday, hitting $763.46. The stock had a trading volume of 11,612,061 shares, compared to its average volume of 13,355,778. Meta Platforms, Inc. has a one year low of $478.65 and a one year high of $784.75. The stock has a 50 day simple moving average of $704.66 and a 200 day simple moving average of $647.27. The stock has a market capitalization of $1.92 trillion, a price-to-earnings ratio of 27.64, a P/E/G ratio of 1.59 and a beta of 1.27. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.97 and a current ratio of 1.97.

Meta Platforms (NASDAQ:META - Get Free Report) last issued its quarterly earnings results on Wednesday, July 30th. The social networking company reported $7.14 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $5.75 by $1.39. Meta Platforms had a return on equity of 39.33% and a net margin of 39.99%. The firm had revenue of $47.52 billion during the quarter, compared to analyst estimates of $44.55 billion. During the same period last year, the company earned $5.16 EPS. Meta Platforms's quarterly revenue was up 21.6% compared to the same quarter last year. Sell-side analysts predict that Meta Platforms, Inc. will post 26.7 earnings per share for the current year.

Meta Platforms Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, June 26th. Investors of record on Monday, June 16th were issued a dividend of $0.525 per share. The ex-dividend date was Monday, June 16th. This represents a $2.10 dividend on an annualized basis and a yield of 0.3%. Meta Platforms's payout ratio is presently 7.60%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on META shares. TD Cowen increased their target price on Meta Platforms from $800.00 to $875.00 and gave the stock a "buy" rating in a research note on Thursday, July 31st. Piper Sandler increased their price objective on Meta Platforms from $808.00 to $880.00 and gave the company an "overweight" rating in a research report on Thursday, July 31st. Cantor Fitzgerald increased their price objective on Meta Platforms from $828.00 to $920.00 and gave the company an "overweight" rating in a research report on Thursday, July 31st. Needham & Company LLC raised Meta Platforms from an "underperform" rating to a "hold" rating in a research report on Thursday, July 3rd. Finally, Scotiabank increased their price objective on Meta Platforms from $675.00 to $685.00 and gave the company a "sector perform" rating in a research report on Thursday, July 31st. Four equities research analysts have rated the stock with a hold rating, thirty-nine have issued a buy rating and three have assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, Meta Platforms currently has a consensus rating of "Moderate Buy" and a consensus target price of $822.41.

Insiders Place Their Bets

In related news, CTO Andrew Bosworth sold 22,449 shares of the business's stock in a transaction 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 completion of the transaction, the chief technology officer owned 1,183 shares in the company, valued at $753,393.55. The trade was a 94.99% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Mark Zuckerberg sold 15,847 shares of the business's stock in a transaction on Friday, August 1st. The shares were sold at an average price of $753.43, for a total value of $11,939,605.21. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 167,298 shares of company stock valued at $116,742,790. 13.61% of the stock is 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.