Connor Clark & Lunn Investment Management Ltd. cut its stake in Tencent Music Entertainment Group (NYSE:TME - Free Report) by 49.7% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 917,902 shares of the company's stock after selling 905,820 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned 0.05% of Tencent Music Entertainment Group worth $10,418,000 as of its most recent filing with the Securities & Exchange Commission.
Several other hedge funds have also recently made changes to their positions in the stock. Crossmark Global Holdings Inc. increased its holdings in Tencent Music Entertainment Group by 30.7% during the third quarter. Crossmark Global Holdings Inc. now owns 38,460 shares of the company's stock valued at $464,000 after buying an additional 9,036 shares during the last quarter. KBC Group NV lifted its holdings in Tencent Music Entertainment Group by 889.3% during the third quarter. KBC Group NV now owns 329,713 shares of the company's stock valued at $3,973,000 after purchasing an additional 296,385 shares in the last quarter. Vaughan Nelson Investment Management L.P. increased its stake in shares of Tencent Music Entertainment Group by 38.3% in the third quarter. Vaughan Nelson Investment Management L.P. now owns 78,083 shares of the company's stock worth $941,000 after purchasing an additional 21,620 shares in the last quarter. WIM INVESTMENT MANAGEMENT Ltd bought a new stake in shares of Tencent Music Entertainment Group during the 3rd quarter valued at $4,630,000. Finally, Thrivent Financial for Lutherans lifted its stake in shares of Tencent Music Entertainment Group by 31.7% during the 3rd quarter. Thrivent Financial for Lutherans now owns 15,550 shares of the company's stock valued at $187,000 after buying an additional 3,746 shares in the last quarter. 24.32% of the stock is owned by hedge funds and other institutional investors.
Tencent Music Entertainment Group Trading Down 2.5 %
TME traded down $0.38 during trading hours on Wednesday, reaching $14.71. 13,440,939 shares of the company's stock traded hands, compared to its average volume of 8,210,841. The firm has a 50-day moving average price of $12.22 and a 200 day moving average price of $11.75. The firm has a market capitalization of $25.24 billion, a PE ratio of 27.23, a PEG ratio of 0.77 and a beta of 0.70. The company has a quick ratio of 2.34, a current ratio of 2.34 and a debt-to-equity ratio of 0.09. Tencent Music Entertainment Group has a 52-week low of $9.41 and a 52-week high of $15.77.
Tencent Music Entertainment Group Increases Dividend
The business also recently disclosed an annual dividend, which will be paid on Thursday, April 24th. Investors of record on Thursday, April 3rd will be issued a dividend of $0.18 per share. This is a positive change from Tencent Music Entertainment Group's previous annual dividend of $0.12. The ex-dividend date is Thursday, April 3rd. This represents a yield of 0.9%. Tencent Music Entertainment Group's dividend payout ratio (DPR) is presently 24.07%.
Analyst Ratings Changes
A number of research analysts recently commented on the company. Morgan Stanley raised Tencent Music Entertainment Group from an "equal weight" rating to an "overweight" rating and set a $13.00 price target on the stock in a report on Tuesday, January 21st. 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. Three research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $14.16.
Check Out Our Latest Analysis on Tencent Music Entertainment Group
Tencent Music Entertainment Group Profile
(
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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