Tencent Music Entertainment Group (NYSE:TME) Shares Sold by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company lessened its position in shares of Tencent Music Entertainment Group (NYSE:TME - Free Report) by 39.4% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 3,609,948 shares of the company's stock after selling 2,347,766 shares during the period. The Manufacturers Life Insurance Company owned about 0.21% of Tencent Music Entertainment Group worth $40,973,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Wilmington Savings Fund Society FSB purchased a new position in Tencent Music Entertainment Group in the third quarter valued at $64,000. SBI Securities Co. Ltd. purchased a new stake in Tencent Music Entertainment Group during the fourth quarter worth approximately $110,000. Oppenheimer Asset Management Inc. purchased a new position in Tencent Music Entertainment Group in the fourth quarter valued at approximately $114,000. PNC Financial Services Group Inc. raised its holdings in Tencent Music Entertainment Group by 10.9% during the fourth 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 in the last quarter. Finally, Unigestion Holding SA purchased a new stake in shares of Tencent Music Entertainment Group during the 4th quarter worth approximately $161,000. 24.32% of the stock is owned by hedge funds and other institutional investors.

Tencent Music Entertainment Group Price Performance

Shares of Tencent Music Entertainment Group stock traded up $0.35 during trading on Tuesday, hitting $14.55. 1,966,899 shares of the company were exchanged, compared to its average volume of 8,221,370. 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 firm has a 50 day moving average price of $13.23 and a 200 day moving average price of $12.26. The stock has a market capitalization of $24.96 billion, a price-to-earnings ratio of 26.95, a P/E/G ratio of 0.77 and a beta of 0.46. Tencent Music Entertainment Group has a fifty-two week low of $9.41 and a fifty-two week high of $15.77.

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 issued a $0.18 dividend. The ex-dividend date of this dividend was Thursday, April 3rd. This is an increase from Tencent Music Entertainment Group's previous annual dividend of $0.12. This represents a yield of 0.9%. Tencent Music Entertainment Group's payout ratio is 28.81%.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on TME shares. Nomura Securities raised shares of Tencent Music Entertainment Group to a "strong-buy" rating in a research report on Tuesday, April 8th. Morgan Stanley reiterated an "overweight" rating on shares of Tencent Music Entertainment Group in a research note on Tuesday, March 18th. Deutsche Bank Aktiengesellschaft raised Tencent Music Entertainment Group from a "hold" rating to a "buy" rating in a report on Wednesday, March 26th. Finally, Mizuho raised their price objective on shares of 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. Two equities 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, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $15.00.

Tencent Music Entertainment Group Company 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.