CANADA LIFE ASSURANCE Co Cuts Stock Position in Tencent Music Entertainment Group (NYSE:TME)

CANADA LIFE ASSURANCE Co lowered its position in shares of Tencent Music Entertainment Group (NYSE:TME - Free Report) by 32.7% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 528,769 shares of the company's stock after selling 256,800 shares during the quarter. CANADA LIFE ASSURANCE Co's holdings in Tencent Music Entertainment Group were worth $5,996,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of the stock. MML Investors Services LLC bought a new stake in shares of Tencent Music Entertainment Group during the third quarter worth about $170,000. Barclays PLC increased its holdings in Tencent Music Entertainment Group by 5.8% in the 3rd quarter. Barclays PLC now owns 762,650 shares of the company's stock worth $9,189,000 after acquiring an additional 41,990 shares during the last quarter. Wilmington Savings Fund Society FSB purchased a new position in shares of Tencent Music Entertainment Group in the third quarter worth about $64,000. Tidal Investments LLC lifted its position in shares of Tencent Music Entertainment Group by 28.9% during the third quarter. Tidal Investments LLC now owns 116,068 shares of the company's stock worth $1,399,000 after acquiring an additional 26,004 shares in the last quarter. Finally, Franklin Resources Inc. grew its holdings in Tencent Music Entertainment Group by 20.9% during the 3rd quarter. Franklin Resources Inc. now owns 577,113 shares of the company's stock valued at $7,329,000 after buying an additional 99,799 shares in the last quarter. Institutional investors and hedge funds own 24.32% of the company's stock.

Tencent Music Entertainment Group Trading Up 0.4 %

Shares of NYSE TME traded up $0.05 during midday trading on Friday, hitting $13.35. The company's stock had a trading volume of 4,009,834 shares, compared to its average volume of 8,327,168. The business's 50 day moving average is $13.17 and its two-hundred day moving average is $12.20. The firm has a market cap of $22.91 billion, a P/E ratio of 24.72, a price-to-earnings-growth ratio of 0.77 and a beta of 0.50. The company has a current ratio of 2.34, a quick ratio of 2.34 and a debt-to-equity ratio of 0.09. Tencent Music Entertainment Group has a 12-month low of $9.41 and a 12-month high of $15.77.

Tencent Music Entertainment Group Increases Dividend

The company also recently declared an annual dividend, which was paid on Thursday, April 24th. Stockholders of record on Thursday, April 3rd were given a dividend of $0.18 per share. This is an increase from Tencent Music Entertainment Group's previous annual dividend of $0.12. The ex-dividend date was Thursday, April 3rd. This represents a dividend yield of 0.9%. Tencent Music Entertainment Group's dividend payout ratio is presently 28.81%.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on TME shares. Deutsche Bank Aktiengesellschaft raised shares of Tencent Music Entertainment Group from a "hold" rating to a "buy" rating in a report on Wednesday, March 26th. Morgan Stanley reissued an "overweight" rating on shares of Tencent Music Entertainment Group in a research report on Tuesday, March 18th. Nomura Securities raised Tencent Music Entertainment Group to a "strong-buy" rating in a research note on Tuesday, April 8th. Finally, Mizuho raised 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, seven have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $15.00.

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.