MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. Sells 130,123 Shares of Tencent Music Entertainment Group (NYSE:TME)

MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lessened its holdings in Tencent Music Entertainment Group (NYSE:TME - Free Report) by 22.6% during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 444,637 shares of the company's stock after selling 130,123 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd.'s holdings in Tencent Music Entertainment Group were worth $5,047,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Oppenheimer Asset Management Inc. bought a new stake in shares of Tencent Music Entertainment Group during the 4th quarter valued at $114,000. Asset Management One Co. Ltd. increased its position in Tencent Music Entertainment Group by 2.2% in the fourth quarter. Asset Management One Co. Ltd. now owns 502,083 shares of the company's stock worth $5,884,000 after buying an additional 10,905 shares in the last quarter. Geode Capital Management LLC raised its stake in shares of Tencent Music Entertainment Group by 3.7% in the fourth quarter. Geode Capital Management LLC now owns 4,463,596 shares of the company's stock worth $50,323,000 after buying an additional 160,078 shares during the period. Vontobel Holding Ltd. purchased a new position in shares of Tencent Music Entertainment Group during the 4th quarter valued at about $375,000. Finally, PNC Financial Services Group Inc. grew 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 valued at $126,000 after acquiring an additional 1,094 shares during the period. 24.32% of the stock is owned by hedge funds and other institutional investors.

Tencent Music Entertainment Group Stock Up 1.8%

Shares of NYSE:TME opened at $16.65 on Monday. The company has a market cap of $28.58 billion, a price-to-earnings ratio of 30.84, a PEG ratio of 0.77 and a beta of 0.46. Tencent Music Entertainment Group has a 12 month low of $9.41 and a 12 month high of $17.05. The company has a current ratio of 2.34, a quick ratio of 2.34 and a debt-to-equity ratio of 0.09. The company has a 50-day moving average price of $13.65 and a 200 day moving average price of $12.48.

Tencent Music Entertainment Group Increases Dividend

The business also recently announced an annual dividend, which was paid on Thursday, April 24th. Stockholders of record on Thursday, April 3rd were given a dividend of $0.18 per share. The ex-dividend date of this dividend was Thursday, April 3rd. This represents a dividend yield of 0.9%. This is an increase from Tencent Music Entertainment Group's previous annual dividend of $0.12. Tencent Music Entertainment Group's payout ratio is currently 20.24%.

Analyst Ratings Changes

Several brokerages have weighed in on TME. Morgan Stanley reaffirmed an "overweight" rating on shares of Tencent Music Entertainment Group in a report 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 boosted their price objective on Tencent Music Entertainment Group from $16.00 to $17.00 and gave the company an "outperform" rating in a research report on Wednesday, March 19th. Nomura Securities upgraded Tencent Music Entertainment Group to a "strong-buy" rating in a research report on Tuesday, April 8th. Finally, Sanford C. Bernstein reissued an "outperform" rating on shares of Tencent Music Entertainment Group in a report on Wednesday. Two analysts have rated the stock with a hold rating, seven have issued 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 a consensus 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.

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