Tencent Music Entertainment Group (NYSE:TME) Shares Sold by Renaissance Technologies LLC

Renaissance Technologies LLC lessened its holdings in shares of Tencent Music Entertainment Group (NYSE:TME - Free Report) by 10.5% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 7,991,190 shares of the company's stock after selling 938,200 shares during the quarter. Renaissance Technologies LLC owned approximately 0.47% of Tencent Music Entertainment Group worth $90,700,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in the business. Nordea Investment Management AB lifted its position in Tencent Music Entertainment Group by 9.5% during the fourth quarter. Nordea Investment Management AB now owns 1,464,366 shares of the company's stock worth $16,738,000 after buying an additional 127,561 shares during the period. Oppenheimer Asset Management Inc. acquired a new position in Tencent Music Entertainment Group during the fourth quarter worth approximately $114,000. Principal Financial Group Inc. boosted its holdings in shares of Tencent Music Entertainment Group by 4.0% in the 3rd quarter. Principal Financial Group Inc. now owns 5,478,297 shares of the company's stock valued at $66,013,000 after purchasing an additional 211,873 shares during the last quarter. Asset Management One Co. Ltd. grew its stake in shares of Tencent Music Entertainment Group by 2.2% during the 4th quarter. Asset Management One Co. Ltd. now owns 502,083 shares of the company's stock valued at $5,884,000 after buying an additional 10,905 shares during the period. Finally, Vontobel Holding Ltd. acquired a new stake in shares of Tencent Music Entertainment Group during the 4th quarter worth $375,000. Institutional investors and hedge funds own 24.32% of the company's stock.

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Analyst Upgrades and Downgrades

TME has been the subject of several research analyst reports. Nomura Securities upgraded Tencent Music Entertainment Group to a "strong-buy" rating in a research note on Tuesday, April 8th. Mizuho raised their price target 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. Morgan Stanley reiterated an "overweight" rating on shares of Tencent Music Entertainment Group in a research note on Tuesday, March 18th. Finally, 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. Two research analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $15.00.

Tencent Music Entertainment Group Stock Up 3.8 %

Shares of NYSE:TME traded up $0.47 during trading on Monday, hitting $12.70. The company's stock had a trading volume of 2,189,979 shares, compared to its average volume of 8,495,884. The company has a market capitalization of $21.79 billion, a PE ratio of 23.52, a PEG ratio of 0.77 and a beta of 0.50. 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 debt-to-equity ratio of 0.09, a quick ratio of 2.34 and a current ratio of 2.34. The stock's 50-day moving average price is $13.18 and its two-hundred day moving average price is $12.21.

Tencent Music Entertainment Group Increases Dividend

The business also recently disclosed an annual dividend, which will be paid on Thursday, April 24th. Shareholders of record on Thursday, April 3rd will be issued a dividend of $0.18 per share. This is a positive change from Tencent Music Entertainment Group's previous annual dividend of $0.12. This represents a yield of 0.9%. The ex-dividend date of this dividend is Thursday, April 3rd. Tencent Music Entertainment Group's dividend payout ratio (DPR) is currently 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.