Man Group plc Sells 997,952 Shares of Tencent Music Entertainment Group (NYSE:TME)

Man Group plc lowered its holdings in Tencent Music Entertainment Group (NYSE:TME - Free Report) by 84.3% in the 4th quarter, according to the company in its most recent filing with the SEC. The firm owned 185,222 shares of the company's stock after selling 997,952 shares during the quarter. Man Group plc's holdings in Tencent Music Entertainment Group were worth $2,102,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of the business. Ethic Inc. purchased a new stake in Tencent Music Entertainment Group in the 4th quarter worth approximately $192,000. FACT Capital LP lifted its holdings in Tencent Music Entertainment Group by 3.2% in the 4th quarter. FACT Capital LP now owns 547,482 shares of the company's stock worth $6,214,000 after buying an additional 17,017 shares during the period. Deutsche Bank AG lifted its holdings in Tencent Music Entertainment Group by 0.5% in the 4th quarter. Deutsche Bank AG now owns 3,964,894 shares of the company's stock worth $45,002,000 after buying an additional 18,130 shares during the period. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main lifted its stake in shares of Tencent Music Entertainment Group by 24.4% in the 4th quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 605,200 shares of the company's stock valued at $6,869,000 after purchasing an additional 118,600 shares during the period. Finally, CastleKnight Management LP purchased a new position in shares of Tencent Music Entertainment Group in the 4th quarter valued at approximately $2,651,000. Hedge funds and other institutional investors own 24.32% of the company's stock.

Analysts Set New Price Targets

A number of research analysts have recently commented on the company. Morgan Stanley restated an "overweight" rating on shares of Tencent Music Entertainment Group in a research note on Tuesday, May 13th. Deutsche Bank Aktiengesellschaft upgraded Tencent Music Entertainment Group from a "hold" rating to a "buy" rating in a research note on Wednesday, March 26th. Mizuho raised their target price on 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. Nomura Securities upgraded Tencent Music Entertainment Group to a "strong-buy" rating in a research note on Tuesday, April 8th. Finally, Sanford C. Bernstein restated an "outperform" rating on shares of Tencent Music Entertainment Group in a research note on Wednesday, May 14th. Two 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 stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $15.00.

Tencent Music Entertainment Group Stock Performance

NYSE:TME traded up $0.24 during mid-day trading on Tuesday, hitting $17.76. 6,063,844 shares of the company traded hands, compared to its average volume of 8,217,403. The stock's fifty day moving average price is $14.11 and its 200-day moving average price is $12.72. Tencent Music Entertainment Group has a one year low of $9.41 and a one year high of $18.06. 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 firm has a market cap of $30.47 billion, a price-to-earnings ratio of 32.88, a price-to-earnings-growth ratio of 0.77 and a beta of 0.46.

Tencent Music Entertainment Group Increases Dividend

The business also recently declared an annual dividend, which was paid on Thursday, April 24th. Shareholders of record on Thursday, April 3rd were issued a dividend of $0.18 per share. This represents a yield of 0.9%. The ex-dividend date of this dividend was Thursday, April 3rd. 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 20.24%.

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.