Combining wp_insert_post() and update_post_meta()

2020 Update:

In case you landed here looking for a refresher on how to update the post’s meta, as I did, see the following edit:

The post array argument in wp_insert_post() takes an inner array called meta_input, so you can create the post with proper meta in one database query.

$page_id = wp_insert_post(array(
    'post_title'    =>  'Team',
    'menu_order'    =>  '2',
    'post_content'  =>  '[team]',
    'post_type'     =>  'page',
    'post_parent'   =>  1,
    'post_status'   =>  'publish',
    'meta_input'    =>  array(
        'your_meta_key' => 'your meta value'
    ),
));

The same can be done for wp_update_post():

wp_update_post(array(
  'post_title' => 'About',
  'ID' => $page_id,
  'meta_input' =>  array(
    'your_meta_key' => 'your meta value'
  ),
));

Original Answer:

is this code enough for you?

/*
** wp_insert_post - http://codex.wordpress.org/Function_Reference/wp_insert_post
** function will create a new post and return a $interger shich is a ID of the new created post.
*/
$page_id = wp_insert_post(array(
    'post_title'    =>  'Team',
    'menu_order'    =>  '2',
    'post_content'  =>  '[team]',
    'post_type'     =>  'page',
    'post_parent'   =>  1,
    'post_status'   =>  'publish',
));

/*
**  wp_update_post - http://codex.wordpress.org/Function_Reference/wp_update_post
** function is simular (actually its almost alias) of wp_insert_post
** it will update a post 
** $arguments that passed to wp_update_post is a same as in wp_insert_post but require additional argument ID whish is id of the post
*/
wp_update_post(array('post_title' => 'About', 'ID' => $page_id));