California Public Employees Retirement System reduced its position in shares of Tencent Music Entertainment Group (NYSE:TME - Free Report) by 7.6% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,066,079 shares of the company's stock after selling 88,269 shares during the period. California Public Employees Retirement System owned about 0.06% of Tencent Music Entertainment Group worth $12,100,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds also recently modified their holdings of the company. Thrivent Financial for Lutherans boosted its position in Tencent Music Entertainment Group by 31.7% during the third quarter. Thrivent Financial for Lutherans now owns 15,550 shares of the company's stock valued at $187,000 after purchasing an additional 3,746 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its position in Tencent Music Entertainment Group by 15.1% during the third quarter. Charles Schwab Investment Management Inc. now owns 877,343 shares of the company's stock valued at $10,572,000 after purchasing an additional 115,315 shares during the last quarter. FMR LLC boosted its position in Tencent Music Entertainment Group by 98.8% during the third quarter. FMR LLC now owns 5,970,773 shares of the company's stock valued at $71,948,000 after purchasing an additional 2,967,779 shares during the last quarter. State Street Corp lifted its position in shares of Tencent Music Entertainment Group by 1.3% in the third quarter. State Street Corp now owns 12,821,488 shares of the company's stock valued at $154,499,000 after buying an additional 166,225 shares during the last quarter. Finally, Dorsey Wright & Associates lifted its position in shares of Tencent Music Entertainment Group by 12.7% in the third quarter. Dorsey Wright & Associates now owns 225,275 shares of the company's stock valued at $2,715,000 after buying an additional 25,381 shares during the last quarter. 24.32% of the stock is owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth
A number of analysts have recently issued reports on TME shares. Deutsche Bank Aktiengesellschaft raised Tencent Music Entertainment Group from a "hold" rating to a "buy" rating in a research report on Wednesday, March 26th. Nomura Securities raised Tencent Music Entertainment Group to a "strong-buy" rating in a research report on Tuesday. Mizuho raised their price objective on Tencent Music Entertainment Group from $16.00 to $17.00 and gave the company an "outperform" rating in a research report on Wednesday, March 19th. Finally, Morgan Stanley reiterated an "overweight" rating on shares of Tencent Music Entertainment Group in a research note on Tuesday, March 18th. Two equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Tencent Music Entertainment Group presently has an average rating of "Moderate Buy" and an average price target of $15.00.
View Our Latest Stock Analysis on TME
Tencent Music Entertainment Group Price Performance
Shares of NYSE TME traded up $0.02 during mid-day trading on Thursday, hitting $12.66. 2,275,237 shares of the stock traded hands, compared to its average volume of 8,246,552. The company has a market cap of $21.72 billion, a PE ratio of 23.47, a price-to-earnings-growth ratio of 0.77 and a beta of 0.50. Tencent Music Entertainment Group has a twelve month low of $9.41 and a twelve month high of $15.77. The firm has a 50 day simple moving average of $13.17 and a two-hundred day simple moving average of $12.20. The company has a debt-to-equity ratio of 0.09, a current ratio of 2.34 and a quick ratio of 2.34.
Tencent Music Entertainment Group Increases Dividend
The business also recently announced an annual dividend, which will be paid on Thursday, April 24th. Shareholders of record on Thursday, April 3rd will be issued a dividend of $0.18 per share. The ex-dividend date is Thursday, April 3rd. This is an increase from Tencent Music Entertainment Group's previous annual dividend of $0.12. This represents a yield of 0.9%. Tencent Music Entertainment Group's payout ratio is presently 28.81%.
About Tencent Music Entertainment Group
(
Free Report)
Tencent Music Entertainment Group operates online music entertainment platforms to provide music streaming, online karaoke, and live streaming services in the People's Republic of China. It offers QQ Music, Kugou Music, and Kuwo Music that enable users to discover music in personalized ways; long-form audio content, including audiobooks, podcasts and talk shows, as well as music-oriented video content comprising music videos, live performances, and short videos; and WeSing, which enables users to sing along from its library of karaoke songs and share their performances in audio or video formats with friends.
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