Nomura Asset Management Co. Ltd. cut its position in shares of Tencent Music Entertainment Group (NYSE:TME - Free Report) by 58.9% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 982,928 shares of the company's stock after selling 1,411,407 shares during the quarter. Nomura Asset Management Co. Ltd. owned 0.06% of Tencent Music Entertainment Group worth $11,156,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently added to or reduced their stakes in the business. Wilmington Savings Fund Society FSB acquired a new stake in Tencent Music Entertainment Group in the third quarter worth $64,000. SBI Securities Co. Ltd. bought a new stake in Tencent Music Entertainment Group in the 4th quarter valued at about $110,000. Oppenheimer Asset Management Inc. bought a new stake in Tencent Music Entertainment Group in the 4th quarter valued at about $114,000. PNC Financial Services Group Inc. boosted its stake in Tencent Music Entertainment Group by 10.9% during the 4th quarter. PNC Financial Services Group Inc. now owns 11,138 shares of the company's stock valued at $126,000 after purchasing an additional 1,094 shares during the period. Finally, MML Investors Services LLC bought a new position in Tencent Music Entertainment Group in the 3rd quarter worth about $170,000. Institutional investors and hedge funds own 24.32% of the company's stock.
Analyst Upgrades and Downgrades
Several equities analysts have recently issued reports on the company. Morgan Stanley reiterated an "overweight" rating on shares of Tencent Music Entertainment Group in a research report on Tuesday, March 18th. Deutsche Bank Aktiengesellschaft raised Tencent Music Entertainment Group from a "hold" rating to a "buy" rating in a research note on Wednesday, March 26th. Finally, Mizuho upped their price objective on shares of Tencent Music Entertainment Group from $16.00 to $17.00 and gave the stock an "outperform" rating in a report on Wednesday, March 19th. Two analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $15.00.
Get Our Latest Stock Analysis on Tencent Music Entertainment Group
Tencent Music Entertainment Group Price Performance
NYSE:TME traded down $1.39 during mid-day trading on Friday, reaching $12.94. 11,210,578 shares of the stock were exchanged, compared to its average volume of 8,190,187. The company has a current ratio of 2.34, a quick ratio of 2.34 and a debt-to-equity ratio of 0.09. The business has a fifty day moving average price of $13.12 and a 200 day moving average price of $12.11. Tencent Music Entertainment Group has a 1-year low of $9.41 and a 1-year high of $15.77. The firm has a market capitalization of $22.20 billion, a PE ratio of 23.95, a PEG ratio of 0.77 and a beta of 0.50.
Tencent Music Entertainment Group Increases Dividend
The firm also recently announced 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 represents a yield of 0.9%. This is a boost 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 presently 28.81%.
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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