Pinebridge Investments L.P. cut its stake in Tencent Music Entertainment Group (NYSE:TME - Free Report) by 28.5% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 1,504,928 shares of the company's stock after selling 598,755 shares during the quarter. Pinebridge Investments L.P. owned approximately 0.09% of Tencent Music Entertainment Group worth $17,081,000 at the end of the most recent reporting period.
Other large investors also recently bought and sold shares of the company. Wilmington Savings Fund Society FSB acquired a new position in Tencent Music Entertainment Group in the third quarter valued at approximately $64,000. SBI Securities Co. Ltd. acquired a new position in shares of Tencent Music Entertainment Group during the 4th quarter worth approximately $110,000. Oppenheimer Asset Management Inc. acquired a new position in Tencent Music Entertainment Group in the 4th quarter valued at $114,000. PNC Financial Services Group Inc. lifted its holdings in 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 valued at $126,000 after purchasing an additional 1,094 shares in the last quarter. Finally, MML Investors Services LLC purchased a new position in Tencent Music Entertainment Group in the 3rd quarter valued at $170,000. 24.32% of the stock is owned by institutional investors and hedge funds.
Analyst Upgrades and Downgrades
A number of research analysts have weighed in on the company. Deutsche Bank Aktiengesellschaft upgraded Tencent Music Entertainment Group from a "hold" rating to a "buy" rating in a report on Wednesday, March 26th. Nomura Securities upgraded Tencent Music Entertainment Group to a "strong-buy" rating in a report on Tuesday, April 8th. Morgan Stanley restated an "overweight" rating on shares of Tencent Music Entertainment Group in a report on Tuesday, March 18th. Finally, Mizuho raised their target price on 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. 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 company. According to MarketBeat.com, Tencent Music Entertainment Group has a consensus rating of "Moderate Buy" and a consensus price target of $15.00.
Read Our Latest Research Report on TME
Tencent Music Entertainment Group Trading Up 0.0 %
Shares of TME traded up $0.01 during midday trading on Tuesday, reaching $13.45. The company had a trading volume of 1,592,536 shares, compared to its average volume of 8,276,522. The firm has a 50 day simple moving average of $13.17 and a 200-day simple moving average of $12.20. The company has a quick ratio of 2.34, a current ratio of 2.34 and a debt-to-equity ratio of 0.09. The stock has a market cap of $23.07 billion, a PE ratio of 24.90, a price-to-earnings-growth ratio of 0.77 and a beta of 0.50. Tencent Music Entertainment Group has a 1-year low of $9.41 and a 1-year high of $15.77.
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 is an increase 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 payout ratio is currently 28.81%.
About Tencent Music Entertainment Group
(
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.
Further Reading
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