Harvest Fund Management Co. Ltd reduced its position in shares of Tencent Music Entertainment Group (NYSE:TME - Free Report) by 28.9% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 272,404 shares of the company's stock after selling 110,752 shares during the quarter. Harvest Fund Management Co. Ltd's holdings in Tencent Music Entertainment Group were worth $3,089,000 as of its most recent SEC filing.
Other institutional investors have also recently modified their holdings of the company. Cantillon Capital Management LLC boosted its position in Tencent Music Entertainment Group by 18.3% during the fourth quarter. Cantillon Capital Management LLC now owns 21,840,815 shares of the company's stock worth $247,893,000 after purchasing an additional 3,384,230 shares in the last quarter. State Street Corp lifted its position in shares of Tencent Music Entertainment Group by 1.3% during the 3rd 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 in the last quarter. Allspring Global Investments Holdings LLC grew its stake in Tencent Music Entertainment Group by 8.7% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 6,496,359 shares of the company's stock valued at $73,539,000 after acquiring an additional 522,599 shares during the period. FMR LLC increased its holdings in Tencent Music Entertainment Group by 98.8% in the 3rd quarter. FMR LLC now owns 5,970,773 shares of the company's stock worth $71,948,000 after acquiring an additional 2,967,779 shares in the last quarter. Finally, Principal Financial Group Inc. raised its position in Tencent Music Entertainment Group by 4.0% during the third quarter. Principal Financial Group Inc. now owns 5,478,297 shares of the company's stock worth $66,013,000 after acquiring an additional 211,873 shares during the period. 24.32% of the stock is currently owned by institutional investors and hedge funds.
Tencent Music Entertainment Group Price Performance
Shares of NYSE TME traded down $0.29 during mid-day trading on Friday, reaching $14.00. The company's stock had a trading volume of 5,403,604 shares, compared to its average volume of 8,094,640. The stock has a market capitalization of $24.02 billion, a P/E ratio of 25.92, a P/E/G ratio of 0.77 and a beta of 0.70. Tencent Music Entertainment Group has a 1-year low of $9.41 and a 1-year high of $15.77. The stock has a 50-day moving average of $12.43 and a two-hundred day moving average of $11.82. The company has a debt-to-equity ratio of 0.09, a quick ratio of 2.34 and a current ratio of 2.34.
Tencent Music Entertainment Group Increases Dividend
The firm also recently announced an annual dividend, which will be paid on Thursday, April 24th. Shareholders of record on Thursday, April 3rd will be paid a $0.18 dividend. This represents a yield of 0.9%. 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. Tencent Music Entertainment Group's dividend payout ratio (DPR) is 22.03%.
Analyst Ratings Changes
TME has been the topic of several research analyst reports. Mizuho lifted their target price on shares of Tencent Music Entertainment Group from $16.00 to $17.00 and gave the company an "outperform" rating in a research report on Wednesday. Morgan Stanley raised shares of 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 research note on Tuesday, January 21st. Two analysts have rated the stock with a hold rating and six have assigned a buy rating to the company's stock. Based on data from MarketBeat, Tencent Music Entertainment Group has an average rating of "Moderate Buy" and a consensus target price of $15.00.
View Our Latest Stock Analysis on TME
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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