OLP CAPITAL MANAGEMENT Ltd Cuts Position in Tencent Music Entertainment Group (NYSE:TME)

OLP CAPITAL MANAGEMENT Ltd reduced its stake in Tencent Music Entertainment Group (NYSE:TME - Free Report) by 66.4% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,595,852 shares of the company's stock after selling 3,153,691 shares during the period. Tencent Music Entertainment Group accounts for 2.3% of OLP CAPITAL MANAGEMENT Ltd's portfolio, making the stock its 6th largest position. OLP CAPITAL MANAGEMENT Ltd owned approximately 0.09% of Tencent Music Entertainment Group worth $18,113,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also bought and sold shares of the company. JPMorgan Chase & Co. lifted its holdings in shares of Tencent Music Entertainment Group by 558.2% during the fourth 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 bought a new position in Tencent Music Entertainment Group during the 4th quarter valued at approximately $113,031,000. Norges Bank purchased a new position in Tencent Music Entertainment Group during the fourth quarter valued at $99,539,000. Mawer Investment Management Ltd. boosted its holdings in 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 worth $130,155,000 after acquiring an additional 6,919,574 shares in the last quarter. Finally, Schroder Investment Management Group boosted its holdings in 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 worth $715,783,000 after acquiring an additional 3,987,116 shares in the last quarter. 24.32% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the company. Morgan Stanley reaffirmed an "overweight" rating on shares of Tencent Music Entertainment Group in a research report on Tuesday, March 18th. Mizuho lifted 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 report on Wednesday, March 19th. Nomura Securities upgraded shares of Tencent Music Entertainment Group to a "strong-buy" rating in a research note on Tuesday, April 8th. 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 analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $15.00.

Tencent Music Entertainment Group Price Performance

Shares of TME opened at $14.32 on Tuesday. The company has a current ratio of 2.34, a quick ratio of 2.34 and a debt-to-equity ratio of 0.09. Tencent Music Entertainment Group has a 1-year low of $9.41 and a 1-year high of $15.77. The firm has a market cap of $24.57 billion, a PE ratio of 26.51, a P/E/G ratio of 0.77 and a beta of 0.46. The firm has a fifty day simple moving average of $13.39 and a two-hundred day simple moving average of $12.35.

Tencent Music Entertainment Group Increases Dividend

The company also recently announced an annual dividend, which was paid on Thursday, April 24th. Shareholders of record on Thursday, April 3rd were given a $0.18 dividend. This represents a yield of 0.9%. This is a boost from Tencent Music Entertainment Group's previous annual dividend of $0.12. The ex-dividend date was Thursday, April 3rd. Tencent Music Entertainment Group's dividend payout ratio (DPR) is presently 28.81%.

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.

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