Pinebridge Investments L.P. Lowers Stock Holdings in Tencent Music Entertainment Group (NYSE:TME)

Pinebridge Investments L.P. reduced its stake in shares of Tencent Music Entertainment Group (NYSE:TME - Free Report) by 28.5% during the 4th quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 1,504,928 shares of the company's stock after selling 598,755 shares during the period. Pinebridge Investments L.P. owned approximately 0.09% of Tencent Music Entertainment Group worth $17,081,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in TME. Wilmington Savings Fund Society FSB purchased a new stake in Tencent Music Entertainment Group during the third quarter worth about $64,000. SBI Securities Co. Ltd. acquired a new stake in shares of Tencent Music Entertainment Group during the 4th quarter valued at approximately $110,000. Oppenheimer Asset Management Inc. purchased a new stake in shares of Tencent Music Entertainment Group during the 4th quarter worth approximately $114,000. PNC Financial Services Group Inc. boosted its stake in shares of 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 worth $126,000 after acquiring an additional 1,094 shares in the last quarter. Finally, Unigestion Holding SA acquired a new stake in shares of Tencent Music Entertainment Group in the 4th quarter worth approximately $161,000. 24.32% of the stock is owned by institutional investors and hedge funds.

Tencent Music Entertainment Group Price Performance

Shares of TME traded up $0.05 during trading hours on Friday, reaching $13.35. 4,009,834 shares of the company traded hands, compared to its average volume of 8,327,168. The stock has a market capitalization of $22.91 billion, a PE ratio of 24.72, a price-to-earnings-growth ratio of 0.77 and a beta of 0.50. The stock has a fifty day simple moving average of $13.17 and a 200 day simple moving average of $12.20. Tencent Music Entertainment Group has a fifty-two week low of $9.41 and a fifty-two week high of $15.77. The company has a quick ratio of 2.34, a current ratio of 2.34 and a debt-to-equity ratio of 0.09.

Tencent Music Entertainment Group Increases Dividend

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

Wall Street Analyst Weigh In

Several brokerages recently issued reports on TME. Nomura Securities raised Tencent Music Entertainment Group to a "strong-buy" rating in a report on Tuesday, April 8th. Morgan Stanley reaffirmed an "overweight" rating on shares of Tencent Music Entertainment Group in a research note on Tuesday, March 18th. 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 research note on Wednesday, March 19th. Finally, Deutsche Bank Aktiengesellschaft upgraded shares of Tencent Music Entertainment Group from a "hold" rating to a "buy" rating in a report on Wednesday, March 26th. Two analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target 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.