Vaughan Nelson Investment Management L.P. lessened its position in shares of Tencent Music Entertainment Group (NYSE:TME - Free Report) by 58.0% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 32,828 shares of the company's stock after selling 45,255 shares during the quarter. Vaughan Nelson Investment Management L.P.'s holdings in Tencent Music Entertainment Group were worth $473,000 at the end of the most recent reporting period.
Several other institutional investors have also recently made changes to their positions in the company. Union Bancaire Privee UBP SA raised its position in shares of Tencent Music Entertainment Group by 448.0% during the 1st quarter. Union Bancaire Privee UBP SA now owns 184,390 shares of the company's stock valued at $2,526,000 after buying an additional 150,740 shares during the period. Handelsbanken Fonder AB raised its position in Tencent Music Entertainment Group by 7.3% in the first quarter. Handelsbanken Fonder AB now owns 207,082 shares of the company's stock valued at $2,984,000 after purchasing an additional 14,152 shares during the period. Myriad Asset Management US LP purchased a new stake in Tencent Music Entertainment Group in the first quarter valued at approximately $2,574,000. First Hawaiian Bank purchased a new stake in Tencent Music Entertainment Group in the first quarter valued at approximately $1,292,000. Finally, Toronto Dominion Bank purchased a new stake in Tencent Music Entertainment Group in the fourth quarter valued at approximately $286,000. Hedge funds and other institutional investors own 24.32% of the company's stock.
Tencent Music Entertainment Group Stock Down 2.0%
Tencent Music Entertainment Group stock opened at $18.45 on Monday. Tencent Music Entertainment Group has a twelve month low of $9.41 and a twelve month high of $19.40. The stock's fifty day simple moving average is $15.22 and its 200-day simple moving average is $13.37. 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 firm has a market capitalization of $31.67 billion, a P/E ratio of 34.17, a P/E/G ratio of 0.77 and a beta of 0.51.
Tencent Music Entertainment Group Increases Dividend
The business also recently disclosed 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 a positive change from Tencent Music Entertainment Group's previous annual dividend of $0.12. Tencent Music Entertainment Group's dividend payout ratio is currently 20.24%.
Analysts Set New Price Targets
A number of brokerages have issued reports on TME. Morgan Stanley reissued an "overweight" rating on shares of Tencent Music Entertainment Group in a research report on Tuesday, May 13th. Deutsche Bank Aktiengesellschaft raised Tencent Music Entertainment Group from a "hold" rating to a "buy" rating in a research report on Wednesday, March 26th. Sanford C. Bernstein reissued an "outperform" rating on shares of Tencent Music Entertainment Group in a research report on Wednesday, May 14th. Mizuho boosted their target price 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. Finally, Nomura Securities raised Tencent Music Entertainment Group to a "strong-buy" rating in a research report on Tuesday, April 8th. Two 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 stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $15.00.
Read Our Latest Analysis on TME
Tencent Music Entertainment Group Profile
(
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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