MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. decreased its position in shares of Tencent Music Entertainment Group (NYSE:TME - Free Report) by 22.6% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 444,637 shares of the company's stock after selling 130,123 shares during the quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd.'s holdings in Tencent Music Entertainment Group were worth $5,047,000 as of its most recent filing with the SEC.
Other hedge funds also recently made changes to their positions in the company. Ethic Inc. purchased a new position in shares of Tencent Music Entertainment Group during the fourth quarter worth about $192,000. Oppenheimer Asset Management Inc. purchased a new position in shares of Tencent Music Entertainment Group during the fourth quarter worth about $114,000. Asset Management One Co. Ltd. grew its holdings in shares of Tencent Music Entertainment Group by 2.2% during 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 during the last quarter. Geode Capital Management LLC grew its holdings in shares of Tencent Music Entertainment Group by 3.7% during 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 last quarter. Finally, Vontobel Holding Ltd. purchased a new position in shares of Tencent Music Entertainment Group during the fourth quarter worth about $375,000. Hedge funds and other institutional investors own 24.32% of the company's stock.
Wall Street Analysts Forecast Growth
A number of research firms recently issued reports on TME. Deutsche Bank Aktiengesellschaft raised Tencent Music Entertainment Group from a "hold" rating to a "buy" rating in a report on Wednesday, March 26th. Sanford C. Bernstein reissued an "outperform" rating on shares of Tencent Music Entertainment Group in a report on Wednesday, May 14th. Morgan Stanley reissued an "overweight" rating on shares of Tencent Music Entertainment Group in a report on Tuesday, May 13th. Mizuho raised their price target on Tencent Music Entertainment Group from $16.00 to $17.00 and gave the stock an "outperform" rating in a report on Wednesday, March 19th. Finally, Nomura Securities raised Tencent Music Entertainment Group to a "strong-buy" rating in a report on Tuesday, April 8th. Two research analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $15.00.
View Our Latest Stock Report on Tencent Music Entertainment Group
Tencent Music Entertainment Group Stock Performance
TME traded up $0.60 during trading on Friday, reaching $17.53. The company's stock had a trading volume of 8,579,433 shares, compared to its average volume of 8,224,984. Tencent Music Entertainment Group has a 52-week low of $9.41 and a 52-week high of $17.55. The company's fifty day moving average price is $14.05 and its 200-day moving average price is $12.67. The company has a market capitalization of $30.08 billion, a price-to-earnings ratio of 32.46, a price-to-earnings-growth ratio of 0.77 and a beta of 0.46. The company has a debt-to-equity ratio of 0.09, a quick ratio of 2.34 and a current ratio of 2.34.
Tencent Music Entertainment Group Increases Dividend
The company also recently disclosed an annual dividend, which was paid on Thursday, April 24th. Shareholders of record on Thursday, April 3rd were issued a $0.18 dividend. The ex-dividend date was 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 20.24%.
About Tencent Music Entertainment Group
(
Free Report)
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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