Tencent Music Entertainment Group (NYSE:TME) Shares Sold by Pinnacle Wealth Planning Services Inc.

Pinnacle Wealth Planning Services Inc. cut its stake in shares of Tencent Music Entertainment Group (NYSE:TME) by 44.5% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 11,530 shares of the company’s stock after selling 9,256 shares during the quarter. Pinnacle Wealth Planning Services Inc.’s holdings in Tencent Music Entertainment Group were worth $131,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. SBI Securities Co. Ltd. purchased a new stake in Tencent Music Entertainment Group during the fourth quarter valued at about $110,000. Oppenheimer Asset Management Inc. purchased a new stake in shares of Tencent Music Entertainment Group in the 4th quarter valued at approximately $114,000. PNC Financial Services Group Inc. boosted its stake 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 worth $126,000 after purchasing an additional 1,094 shares during the period. Unigestion Holding SA acquired a new position in Tencent Music Entertainment Group in the 4th quarter worth approximately $161,000. Finally, Diametric Capital LP purchased a new position in Tencent Music Entertainment Group during the 4th quarter worth approximately $162,000. 24.32% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the company. Morgan Stanley restated an “overweight” rating on shares of Tencent Music Entertainment Group in a report on Tuesday, May 13th. Mizuho boosted 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. Sanford C. Bernstein reiterated an “outperform” rating on shares of Tencent Music Entertainment Group in a research note on Wednesday, May 14th. Deutsche Bank Aktiengesellschaft raised shares of Tencent Music Entertainment Group from a “hold” rating to a “buy” rating in a research note on Wednesday, March 26th. Finally, Nomura Securities raised shares of Tencent Music Entertainment Group to a “strong-buy” rating in a research note on Tuesday, April 8th. Two research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Tencent Music Entertainment Group has a consensus rating of “Moderate Buy” and a consensus target price of $15.00.

Tencent Music Entertainment Group Price Performance

NYSE TME opened at $17.89 on Wednesday. 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 capitalization of $30.70 billion, a PE ratio of 33.13, a price-to-earnings-growth ratio of 0.77 and a beta of 0.46. Tencent Music Entertainment Group has a 12-month low of $9.41 and a 12-month high of $18.06. The company has a 50 day moving average price of $14.18 and a two-hundred day moving average price of $12.75.

Tencent Music Entertainment Group Increases Dividend

The firm also recently disclosed an annual dividend, which was paid on Thursday, April 24th. Investors of record on Thursday, April 3rd were paid a $0.18 dividend. This represents a dividend yield of 0.9%. The ex-dividend date of this dividend 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 presently 20.24%.

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.