Hsbc Holdings PLC Reduces Position in Tencent Music Entertainment Group (NYSE:TME)

Hsbc Holdings PLC lessened its holdings in Tencent Music Entertainment Group (NYSE:TME - Free Report) by 39.2% during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 3,035,388 shares of the company's stock after selling 1,957,555 shares during the period. Hsbc Holdings PLC owned about 0.18% of Tencent Music Entertainment Group worth $34,453,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in TME. JPMorgan Chase & Co. increased its stake in shares of Tencent Music Entertainment Group by 558.2% in the 4th quarter. JPMorgan Chase & Co. now owns 11,773,523 shares of the company's stock worth $133,629,000 after purchasing an additional 9,984,690 shares in the last quarter. Artisan Partners Limited Partnership bought a new stake in Tencent Music Entertainment Group during the 4th quarter worth approximately $113,031,000. Norges Bank purchased a new position in Tencent Music Entertainment Group during the fourth quarter valued at approximately $99,539,000. Mawer Investment Management Ltd. boosted its position in shares of Tencent Music Entertainment Group by 152.2% in the fourth quarter. Mawer Investment Management Ltd. now owns 11,467,410 shares of the company's stock worth $130,155,000 after purchasing an additional 6,919,574 shares during the period. Finally, Schroder Investment Management Group raised its position in shares of Tencent Music Entertainment Group by 6.7% during the 4th quarter. Schroder Investment Management Group now owns 63,064,552 shares of the company's stock valued at $715,783,000 after purchasing an additional 3,987,116 shares during the period. Hedge funds and other institutional investors own 24.32% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the company. Nomura Securities upgraded Tencent Music Entertainment Group to a "strong-buy" rating in a research note on Tuesday, April 8th. Deutsche Bank Aktiengesellschaft raised Tencent Music Entertainment Group from a "hold" rating to a "buy" rating in a report on Wednesday, March 26th. Mizuho increased their price objective on shares of Tencent Music Entertainment Group from $16.00 to $17.00 and gave the company an "outperform" rating in a report on Wednesday, March 19th. Finally, Morgan Stanley restated an "overweight" rating on shares of Tencent Music Entertainment Group in a research report on Tuesday, March 18th. Two research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $15.00.

Tencent Music Entertainment Group Price Performance

Shares of NYSE:TME traded up $0.13 on Tuesday, reaching $13.57. The company's stock had a trading volume of 3,151,761 shares, compared to its average volume of 8,282,628. The company has a 50-day simple moving average of $13.17 and a 200 day simple moving average of $12.20. Tencent Music Entertainment Group has a 52-week low of $9.41 and a 52-week high of $15.77. The company has a debt-to-equity ratio of 0.09, a quick ratio of 2.34 and a current ratio of 2.34. The company has a market cap of $23.29 billion, a P/E ratio of 25.13, a PEG ratio of 0.77 and a beta of 0.50.

Tencent Music Entertainment Group Increases Dividend

The business also recently disclosed an annual dividend, which was paid on Thursday, April 24th. Stockholders of record on Thursday, April 3rd were paid a $0.18 dividend. This represents a dividend 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 was Thursday, April 3rd. Tencent Music Entertainment Group's dividend payout ratio (DPR) is presently 28.81%.

About Tencent Music Entertainment Group

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.