Tencent Music Entertainment Group (NYSE:TME) Shares Sold by Prudential Financial Inc.

Prudential Financial Inc. trimmed its holdings in shares of Tencent Music Entertainment Group (NYSE:TME - Free Report) by 18.2% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 452,706 shares of the company's stock after selling 100,473 shares during the period. Prudential Financial Inc.'s holdings in Tencent Music Entertainment Group were worth $5,012,000 as of its most recent SEC filing.

Several other institutional investors have also recently modified their holdings of the stock. Vanguard Group Inc. increased its position in Tencent Music Entertainment Group by 1.1% during the fourth quarter. Vanguard Group Inc. now owns 29,588,812 shares of the company's stock worth $335,833,000 after buying an additional 332,264 shares in the last quarter. Cantillon Capital Management LLC increased its position in Tencent Music Entertainment Group by 18.3% during the 4th 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 increased its position in 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 worth $154,499,000 after purchasing an additional 166,225 shares in the last quarter. Allspring Global Investments Holdings LLC raised 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 purchasing an additional 522,599 shares during the last quarter. Finally, FMR LLC lifted 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 valued at $71,948,000 after purchasing an additional 2,967,779 shares in the last quarter. 24.32% of the stock is currently owned by institutional investors and hedge funds.

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Wall Street Analysts Forecast Growth

TME has been the subject of a number of analyst reports. Deutsche Bank Aktiengesellschaft raised shares of Tencent Music Entertainment Group from a "hold" rating to a "buy" rating in a research report on Wednesday, March 26th. Morgan Stanley reiterated an "overweight" rating on shares of Tencent Music Entertainment Group in a report on Tuesday, March 18th. Finally, Mizuho increased their price target on Tencent Music Entertainment Group from $16.00 to $17.00 and gave the stock an "outperform" rating in a research note on Wednesday, March 19th. Two investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company's stock. According to data from MarketBeat, Tencent Music Entertainment Group currently has an average rating of "Moderate Buy" and an average price target of $15.00.

Tencent Music Entertainment Group Trading Down 9.7 %

NYSE:TME traded down $1.39 during trading hours on Friday, reaching $12.94. 11,210,578 shares of the company were exchanged, compared to its average volume of 8,200,007. Tencent Music Entertainment Group has a 52-week low of $9.41 and a 52-week high of $15.77. The stock has a 50 day simple moving average of $13.12 and a 200 day simple moving average of $12.13. The firm has a market cap of $22.20 billion, a price-to-earnings ratio of 23.95, a PEG ratio of 0.77 and a beta of 0.50. 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 company also recently declared an annual dividend, which will be paid on Thursday, April 24th. Shareholders of record on Thursday, April 3rd will be given a dividend of $0.18 per share. This represents a yield of 0.9%. The ex-dividend date of this dividend is Thursday, April 3rd. This is an increase from Tencent Music Entertainment Group's previous annual dividend of $0.12. Tencent Music Entertainment Group's payout ratio is 28.81%.

Tencent Music Entertainment Group Company Profile

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.