Tower Research Capital LLC TRC lessened its holdings in Tencent Music Entertainment Group (NYSE:TME - Free Report) by 93.3% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 10,751 shares of the company's stock after selling 148,930 shares during the quarter. Tower Research Capital LLC TRC's holdings in Tencent Music Entertainment Group were worth $122,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently modified their holdings of the business. Wilmington Savings Fund Society FSB bought a new stake in Tencent Music Entertainment Group during the 3rd quarter worth $64,000. SBI Securities Co. Ltd. bought a new stake in shares of Tencent Music Entertainment Group during the fourth quarter worth about $110,000. Oppenheimer Asset Management Inc. acquired a new position in shares of 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% in the 4th quarter. PNC Financial Services Group Inc. now owns 11,138 shares of the company's stock valued at $126,000 after buying an additional 1,094 shares during the last quarter. Finally, Unigestion Holding SA acquired a new stake in Tencent Music Entertainment Group during the 4th quarter worth approximately $161,000. Institutional investors own 24.32% of the company's stock.
Wall Street Analyst Weigh In
TME has been the topic of a number of recent research reports. Mizuho lifted their price target 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. Deutsche Bank Aktiengesellschaft raised Tencent Music Entertainment Group from a "hold" rating to a "buy" rating in a research report on Wednesday, March 26th. Nomura Securities raised Tencent Music Entertainment Group to a "strong-buy" rating in a research note on Tuesday, April 8th. Finally, Morgan Stanley reaffirmed an "overweight" rating on shares of Tencent Music Entertainment Group in a research note on Tuesday, March 18th. Two research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $15.00.
View Our Latest Stock Analysis on Tencent Music Entertainment Group
Tencent Music Entertainment Group Stock Down 0.9 %
Tencent Music Entertainment Group stock traded down $0.13 during mid-day trading on Friday, reaching $14.08. The stock had a trading volume of 5,841,019 shares, compared to its average volume of 8,225,706. The firm has a market capitalization of $24.16 billion, a PE ratio of 26.07, a price-to-earnings-growth 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. The stock's 50-day simple moving average is $13.38 and its 200-day simple moving average is $12.32. The company has a debt-to-equity ratio of 0.09, a quick ratio of 2.34 and a current ratio of 2.34.
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 paid a dividend of $0.18 per share. This represents a yield of 0.9%. The ex-dividend date was Thursday, April 3rd. This is a positive change from Tencent Music Entertainment Group's previous annual dividend of $0.12. Tencent Music Entertainment Group's payout ratio is 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.
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