Tencent Music Entertainment Group (NYSE:TME) Shares Sold by Polen Capital Management LLC

Polen Capital Management LLC cut its holdings in shares of Tencent Music Entertainment Group (NYSE:TME - Free Report) by 31.2% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,059,587 shares of the company's stock after selling 480,351 shares during the quarter. Polen Capital Management LLC owned approximately 0.06% of Tencent Music Entertainment Group worth $12,026,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Bank of Montreal Can increased its holdings in Tencent Music Entertainment Group by 86.0% during the 3rd quarter. Bank of Montreal Can now owns 181,991 shares of the company's stock worth $2,235,000 after purchasing an additional 84,161 shares during the last quarter. BNP Paribas Financial Markets increased its holdings in Tencent Music Entertainment Group by 33.6% during the 3rd quarter. BNP Paribas Financial Markets now owns 1,911,048 shares of the company's stock worth $23,028,000 after purchasing an additional 480,504 shares during the last quarter. Nordea Investment Management AB increased its holdings in Tencent Music Entertainment Group by 9.5% during the 4th quarter. Nordea Investment Management AB now owns 1,464,366 shares of the company's stock worth $16,738,000 after purchasing an additional 127,561 shares during the last quarter. Oppenheimer Asset Management Inc. purchased a new stake in Tencent Music Entertainment Group during the 4th quarter worth approximately $114,000. Finally, Principal Financial Group Inc. increased its holdings in Tencent Music Entertainment Group by 4.0% during the 3rd quarter. Principal Financial Group Inc. now owns 5,478,297 shares of the company's stock worth $66,013,000 after purchasing an additional 211,873 shares during the last quarter. 24.32% of the stock is currently owned by hedge funds and other institutional investors.

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Wall Street Analysts Forecast Growth

Several research firms have issued reports on TME. Mizuho lifted their price objective on Tencent Music Entertainment Group from $16.00 to $17.00 and gave the stock an "outperform" rating in a report on Wednesday. Morgan Stanley upgraded Tencent Music Entertainment Group from an "equal weight" rating to an "overweight" rating and set a $13.00 price target for the company in a report on Tuesday, January 21st. Three equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $14.16.

Tencent Music Entertainment Group Stock Performance

NYSE:TME traded down $0.47 during midday trading on Thursday, reaching $14.25. 8,617,138 shares of the company traded hands, compared to its average volume of 8,154,915. Tencent Music Entertainment Group has a twelve month low of $9.41 and a twelve month high of $15.77. The firm has a market capitalization of $24.45 billion, a price-to-earnings ratio of 26.38, a price-to-earnings-growth ratio of 0.77 and a beta of 0.70. The company has a debt-to-equity ratio of 0.09, a current ratio of 2.34 and a quick ratio of 2.34. The company has a fifty day moving average price of $12.29 and a 200 day moving average price of $11.77.

Tencent Music Entertainment Group Increases Dividend

The business also recently disclosed an annual dividend, which will be paid on Thursday, April 24th. Investors of record on Thursday, April 3rd will be given a dividend of $0.18 per share. The ex-dividend date of this dividend is Thursday, April 3rd. This represents a yield of 0.9%. This is a positive change from Tencent Music Entertainment Group's previous annual dividend of $0.12. Tencent Music Entertainment Group's payout ratio is currently 22.03%.

Tencent Music Entertainment Group 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.