Voloridge Investment Management LLC Lowers Stake in Tencent Music Entertainment Group (NYSE:TME)

Voloridge Investment Management LLC lessened its stake in shares of Tencent Music Entertainment Group (NYSE:TME - Free Report) by 99.3% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 25,780 shares of the company's stock after selling 3,628,224 shares during the quarter. Voloridge Investment Management LLC's holdings in Tencent Music Entertainment Group were worth $293,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. JPMorgan Chase & Co. increased its holdings in Tencent Music Entertainment Group by 558.2% in the 4th quarter. JPMorgan Chase & Co. now owns 11,773,523 shares of the company's stock valued at $133,629,000 after purchasing an additional 9,984,690 shares during the last quarter. Artisan Partners Limited Partnership acquired a new position in Tencent Music Entertainment Group during the fourth quarter worth $113,031,000. Norges Bank purchased a new position in shares of Tencent Music Entertainment Group during the fourth quarter worth $99,539,000. Mawer Investment Management Ltd. grew its stake in shares of Tencent Music Entertainment Group by 152.2% in the fourth quarter. Mawer Investment Management Ltd. now owns 11,467,410 shares of the company's stock valued at $130,155,000 after buying an additional 6,919,574 shares in the last quarter. Finally, Schroder Investment Management Group grew its stake in shares of Tencent Music Entertainment Group by 6.7% in the fourth quarter. Schroder Investment Management Group now owns 63,064,552 shares of the company's stock valued at $715,783,000 after buying an additional 3,987,116 shares in the last quarter. 24.32% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the company. Nomura Securities upgraded Tencent Music Entertainment Group to a "strong-buy" rating in a report on Tuesday, April 8th. Morgan Stanley reissued an "overweight" rating on shares of Tencent Music Entertainment Group in a research report on Tuesday, May 13th. Sanford C. Bernstein restated an "outperform" rating on shares of Tencent Music Entertainment Group in a report on Wednesday, May 14th. Mizuho upped their target price on shares of Tencent Music Entertainment Group from $16.00 to $17.00 and gave the stock an "outperform" rating in a research note on Wednesday, March 19th. Finally, Deutsche Bank Aktiengesellschaft raised shares of Tencent Music Entertainment Group from a "hold" rating to a "buy" rating in a research report 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 has an average rating of "Moderate Buy" and a consensus price target of $15.00.

Tencent Music Entertainment Group Stock Down 3.8%

NYSE:TME traded down $0.66 during mid-day trading on Friday, hitting $16.83. The stock had a trading volume of 14,014,768 shares, compared to its average volume of 8,234,274. Tencent Music Entertainment Group has a twelve month low of $9.41 and a twelve month high of $18.06. The stock has a 50-day simple moving average of $14.37 and a two-hundred day simple moving average of $12.87. 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 market capitalization of $28.88 billion, a PE ratio of 31.17, a PEG ratio of 0.77 and a beta of 0.46.

Tencent Music Entertainment Group Increases Dividend

The firm also recently declared an annual dividend, which was paid on Thursday, April 24th. Shareholders of record on Thursday, April 3rd were paid a $0.18 dividend. The ex-dividend date of this dividend was Thursday, April 3rd. This is a boost from Tencent Music Entertainment Group's previous annual dividend of $0.12. This represents a yield of 0.9%. Tencent Music Entertainment Group's dividend payout ratio (DPR) is currently 20.24%.

Tencent Music Entertainment Group 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.