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

Price T Rowe Associates Inc. MD trimmed its holdings in shares of Tencent Music Entertainment Group (NYSE:TME) by 31.7% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 592,499 shares of the company’s stock after selling 275,582 shares during the quarter. Price T Rowe Associates Inc. MD’s holdings in Tencent Music Entertainment Group were worth $6,726,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. Wilmington Savings Fund Society FSB purchased a new position in shares of Tencent Music Entertainment Group during the third quarter worth about $64,000. SBI Securities Co. Ltd. bought a new stake in Tencent Music Entertainment Group during the fourth quarter valued at approximately $110,000. Oppenheimer Asset Management Inc. purchased a new position in Tencent Music Entertainment Group in the 4th quarter worth approximately $114,000. PNC Financial Services Group Inc. increased its holdings 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 buying an additional 1,094 shares during the last quarter. Finally, Unigestion Holding SA purchased a new stake in shares of Tencent Music Entertainment Group during the 4th quarter valued at $161,000. 24.32% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on TME shares. Deutsche Bank Aktiengesellschaft raised Tencent Music Entertainment Group from a “hold” rating to a “buy” rating in a research note on Wednesday, March 26th. Nomura Securities upgraded Tencent Music Entertainment Group to a “strong-buy” rating in a research report on Tuesday, April 8th. Mizuho boosted their target price on Tencent Music Entertainment Group from $16.00 to $17.00 and gave the stock an “outperform” rating in a research report on Wednesday, March 19th. Finally, Morgan Stanley reiterated an “overweight” rating on shares of Tencent Music Entertainment Group in a research report on Tuesday, March 18th. Two analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Tencent Music Entertainment Group presently has a consensus rating of “Moderate Buy” and an average target price of $15.00.

Tencent Music Entertainment Group Stock Performance

NYSE:TME opened at $14.31 on Friday. 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 has a fifty-two week low of $9.41 and a fifty-two week high of $15.77. The firm has a market cap of $24.56 billion, a PE ratio of 26.50, a price-to-earnings-growth ratio of 0.77 and a beta of 0.50. The business has a 50 day moving average price of $13.21 and a 200-day moving average price of $12.24.

Tencent Music Entertainment Group Increases Dividend

The company also recently declared an annual dividend, which was paid on Thursday, April 24th. Shareholders of record on Thursday, April 3rd were given a dividend of $0.18 per share. The ex-dividend date was Thursday, April 3rd. This represents a yield of 0.9%. This is a boost from Tencent Music Entertainment Group’s previous annual dividend of $0.12. Tencent Music Entertainment Group’s dividend payout ratio is presently 28.81%.

About Tencent Music Entertainment Group

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.