Price T Rowe Associates Inc. MD Decreases Holdings in Tencent Music Entertainment Group (NYSE:TME)

Price T Rowe Associates Inc. MD lessened its stake in shares of Tencent Music Entertainment Group (NYSE:TME - Free Report) by 31.7% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 592,499 shares of the company's stock after selling 275,582 shares during the period. Price T Rowe Associates Inc. MD's holdings in Tencent Music Entertainment Group were worth $6,726,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Wilmington Savings Fund Society FSB acquired a new position in shares of Tencent Music Entertainment Group during the third quarter valued at about $64,000. SBI Securities Co. Ltd. purchased a new position in Tencent Music Entertainment Group in the fourth quarter valued at approximately $110,000. Oppenheimer Asset Management Inc. purchased a new stake in Tencent Music Entertainment Group in the 4th quarter worth about $114,000. PNC Financial Services Group Inc. raised its position in shares of Tencent Music Entertainment Group by 10.9% in the fourth quarter. PNC Financial Services Group Inc. now owns 11,138 shares of the company's stock valued at $126,000 after purchasing an additional 1,094 shares during the period. Finally, Unigestion Holding SA bought a new position in shares of Tencent Music Entertainment Group in the fourth quarter worth $161,000. Institutional investors and hedge funds own 24.32% of the company's stock.

Tencent Music Entertainment Group Stock Down 1.2 %

NYSE TME traded down $0.17 during trading on Wednesday, reaching $14.24. 5,700,040 shares of the company's stock traded hands, compared to its average volume of 8,238,023. The firm has a market cap of $24.44 billion, a price-to-earnings ratio of 26.37, a price-to-earnings-growth ratio of 0.77 and a beta of 0.46. The company's 50 day simple moving average is $13.27 and its two-hundred day simple moving average is $12.27. The company has a debt-to-equity ratio of 0.09, a current ratio of 2.34 and a quick ratio of 2.34. Tencent Music Entertainment Group has a 12-month low of $9.41 and a 12-month high of $15.77.

Tencent Music Entertainment Group Increases Dividend

The firm also recently announced an annual dividend, which was paid on Thursday, April 24th. Investors of record on Thursday, April 3rd were given a dividend of $0.18 per share. This is a positive change from Tencent Music Entertainment Group's previous annual dividend of $0.12. This represents a yield of 0.9%. The ex-dividend date of this dividend was Thursday, April 3rd. Tencent Music Entertainment Group's dividend payout ratio is currently 28.81%.

Analyst Ratings Changes

A number of analysts have recently issued reports on the company. Mizuho lifted their price target 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. Nomura Securities raised Tencent Music Entertainment Group to a "strong-buy" rating in a research note on Tuesday, April 8th. Morgan Stanley restated an "overweight" rating on shares of Tencent Music Entertainment Group in a research note on Tuesday, March 18th. Finally, Deutsche Bank Aktiengesellschaft raised 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 given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $15.00.

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.