Hsbc Holdings PLC Lowers Holdings in Tencent Music Entertainment Group (NYSE:TME)

Hsbc Holdings PLC lowered its holdings in shares of Tencent Music Entertainment Group (NYSE:TME - Free Report) by 39.2% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,035,388 shares of the company's stock after selling 1,957,555 shares during the period. Hsbc Holdings PLC owned approximately 0.18% of Tencent Music Entertainment Group worth $34,453,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Wilmington Savings Fund Society FSB purchased a new stake in shares of Tencent Music Entertainment Group in the 3rd quarter worth approximately $64,000. SBI Securities Co. Ltd. purchased a new stake in shares of Tencent Music Entertainment Group in the fourth quarter worth $110,000. Oppenheimer Asset Management Inc. bought a new position in shares of Tencent Music Entertainment Group during the fourth quarter valued at $114,000. PNC Financial Services Group Inc. raised its position 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 worth $126,000 after purchasing an additional 1,094 shares during the last quarter. Finally, Unigestion Holding SA bought a new position in Tencent Music Entertainment Group in the 4th quarter worth about $161,000. Hedge funds and other institutional investors own 24.32% of the company's stock.

Tencent Music Entertainment Group Stock Performance

NYSE:TME traded down $0.27 during mid-day trading on Wednesday, hitting $13.28. 1,453,024 shares of the company traded hands, compared to its average volume of 8,178,809. The stock's fifty day moving average price is $13.19 and its 200-day moving average price is $12.21. The company has a quick ratio of 2.34, a current ratio of 2.34 and a debt-to-equity ratio of 0.09. Tencent Music Entertainment Group has a one year low of $9.41 and a one year high of $15.77. The firm has a market cap of $22.79 billion, a price-to-earnings ratio of 24.59, a price-to-earnings-growth ratio of 0.77 and a beta of 0.50.

Tencent Music Entertainment Group Increases Dividend

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

Wall Street Analyst Weigh In

TME has been the subject of several recent analyst reports. Morgan Stanley reaffirmed an "overweight" rating on shares of Tencent Music Entertainment Group in a report on Tuesday, March 18th. Mizuho upped their price objective 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. Deutsche Bank Aktiengesellschaft raised Tencent Music Entertainment Group from a "hold" rating to a "buy" rating in a report on Wednesday, March 26th. 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 issued a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price 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.