Public Employees Retirement System of Ohio cut its holdings in Tencent Music Entertainment Group (NYSE:TME - Free Report) by 3.7% in the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 2,374,173 shares of the company's stock after selling 91,077 shares during the period. Public Employees Retirement System of Ohio owned about 0.14% of Tencent Music Entertainment Group worth $26,947,000 as of its most recent filing with the SEC.
Several other hedge funds and other institutional investors have also modified their holdings of the business. PNC Financial Services Group Inc. boosted its holdings in shares of Tencent Music Entertainment Group by 10.9% in the 4th quarter. PNC Financial Services Group Inc. now owns 11,138 shares of the company's stock valued at $126,000 after buying an additional 1,094 shares during the period. BNP Paribas boosted its holdings in shares of Tencent Music Entertainment Group by 2.0% in the 4th quarter. BNP Paribas now owns 58,066 shares of the company's stock valued at $659,000 after buying an additional 1,131 shares during the period. Corient Private Wealth LLC boosted its holdings in shares of Tencent Music Entertainment Group by 4.2% in the 4th quarter. Corient Private Wealth LLC now owns 33,708 shares of the company's stock valued at $383,000 after buying an additional 1,370 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd boosted its holdings in shares of Tencent Music Entertainment Group by 3.9% in the 4th quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 51,636 shares of the company's stock valued at $586,000 after buying an additional 1,923 shares during the period. Finally, Quadrant Capital Group LLC boosted its holdings in shares of Tencent Music Entertainment Group by 5.7% in the 4th quarter. Quadrant Capital Group LLC now owns 36,604 shares of the company's stock valued at $415,000 after buying an additional 1,981 shares during the period. 24.32% of the stock is owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth
A number of research analysts have issued reports on the stock. Nomura Securities raised shares of Tencent Music Entertainment Group to a "strong-buy" rating in a research note on Tuesday, April 8th. Mizuho boosted their target price on shares of 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. Sanford C. Bernstein reaffirmed an "outperform" rating on shares of Tencent Music Entertainment Group in a research note on Wednesday, May 14th. Morgan Stanley reaffirmed an "overweight" rating on shares of Tencent Music Entertainment Group in a research note on Tuesday, May 13th. Finally, Deutsche Bank Aktiengesellschaft raised shares of Tencent Music Entertainment Group from a "hold" rating to a "buy" rating in a research note on Wednesday, March 26th. Two research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $15.00.
Read Our Latest Research Report on TME
Tencent Music Entertainment Group Price Performance
Shares of NYSE TME traded down $0.01 during midday trading on Wednesday, reaching $17.90. The company's stock had a trading volume of 4,811,133 shares, compared to its average volume of 8,217,875. 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 $14.18 and a 200 day moving average price of $12.75. Tencent Music Entertainment Group has a one year low of $9.41 and a one year high of $18.06. The company has a market cap of $30.72 billion, a price-to-earnings ratio of 33.15, 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 declared an annual dividend, which was paid on Thursday, April 24th. Stockholders of record on Thursday, April 3rd were issued 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 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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