Ameriprise Financial Inc. Reduces Stock Position in Tencent Music Entertainment Group (NYSE:TME)

Ameriprise Financial Inc. trimmed its position in Tencent Music Entertainment Group (NYSE:TME - Free Report) by 2.9% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,926,940 shares of the company's stock after selling 85,989 shares during the period. Ameriprise Financial Inc. owned approximately 0.17% of Tencent Music Entertainment Group worth $33,221,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Schroder Investment Management Group increased its holdings in 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 worth $715,783,000 after purchasing an additional 3,987,116 shares in the last quarter. Vanguard Group Inc. increased its holdings in Tencent Music Entertainment Group by 1.1% during the 4th quarter. Vanguard Group Inc. now owns 29,588,812 shares of the company's stock worth $335,833,000 after purchasing an additional 332,264 shares in the last quarter. Cantillon Capital Management LLC increased its holdings in Tencent Music Entertainment Group by 18.3% during the 4th quarter. Cantillon Capital Management LLC now owns 21,840,815 shares of the company's stock worth $247,893,000 after purchasing an additional 3,384,230 shares in the last quarter. Krane Funds Advisors LLC increased its holdings in Tencent Music Entertainment Group by 21.8% during the 4th quarter. Krane Funds Advisors LLC now owns 19,855,951 shares of the company's stock worth $225,365,000 after purchasing an additional 3,560,452 shares in the last quarter. Finally, JPMorgan Chase & Co. increased its holdings in Tencent Music Entertainment Group by 558.2% during 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. 24.32% of the stock is owned by institutional investors.

Tencent Music Entertainment Group Stock Performance

Tencent Music Entertainment Group stock traded up $0.29 during trading on Friday, hitting $16.65. The stock had a trading volume of 6,365,952 shares, compared to its average volume of 8,252,589. Tencent Music Entertainment Group has a 1 year low of $9.41 and a 1 year high of $17.05. The company has a quick ratio of 2.34, a current ratio of 2.34 and a debt-to-equity ratio of 0.09. The stock's 50 day moving average is $13.65 and its two-hundred day moving average is $12.48. The stock has a market cap of $28.58 billion, a price-to-earnings ratio of 30.84, a price-to-earnings-growth ratio of 0.77 and a beta of 0.46.

Tencent Music Entertainment Group Increases Dividend

The company also recently disclosed an annual dividend, which was paid on Thursday, April 24th. Investors of record on Thursday, April 3rd were paid a $0.18 dividend. 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 yield of 0.9%. Tencent Music Entertainment Group's dividend payout ratio is presently 28.81%.

Wall Street Analyst Weigh In

A number of brokerages have commented on TME. Nomura Securities raised Tencent Music Entertainment Group to a "strong-buy" rating in a report on Tuesday, April 8th. Sanford C. Bernstein reissued an "outperform" rating on shares of Tencent Music Entertainment Group in a report on Wednesday. Deutsche Bank Aktiengesellschaft raised Tencent Music Entertainment Group from a "hold" rating to a "buy" rating in a report on Wednesday, March 26th. Morgan Stanley restated an "overweight" rating on shares of Tencent Music Entertainment Group in a research note on Tuesday, May 13th. Finally, Mizuho boosted their target price on Tencent Music Entertainment Group from $16.00 to $17.00 and gave the stock an "outperform" rating in a research note on Wednesday, March 19th. Two investment 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 stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $15.00.

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.