Tencent Music Entertainment Group (NYSE:TME) Shares Sold by Westpac Banking Corp

Westpac Banking Corp lowered its stake in shares of Tencent Music Entertainment Group (NYSE:TME) by 4.6% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 443,453 shares of the company’s stock after selling 21,155 shares during the quarter. Westpac Banking Corp’s holdings in Tencent Music Entertainment Group were worth $5,033,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also modified their holdings of the company. Geode Capital Management LLC increased its holdings in Tencent Music Entertainment Group by 3.7% during the 4th quarter. Geode Capital Management LLC now owns 4,463,596 shares of the company’s stock worth $50,323,000 after purchasing an additional 160,078 shares during the period. Diametric Capital LP purchased a new stake in shares of Tencent Music Entertainment Group during the fourth quarter worth approximately $162,000. B. Metzler seel. Sohn & Co. AG raised its holdings in Tencent Music Entertainment Group by 15.8% in the fourth quarter. B. Metzler seel. Sohn & Co. AG now owns 218,197 shares of the company’s stock valued at $2,477,000 after acquiring an additional 29,821 shares in the last quarter. Mawer Investment Management Ltd. lifted its stake in Tencent Music Entertainment Group by 152.2% in the fourth quarter. Mawer Investment Management Ltd. now owns 11,467,410 shares of the company’s stock worth $130,155,000 after acquiring an additional 6,919,574 shares during the last quarter. Finally, Schroder Investment Management Group lifted its stake in Tencent Music Entertainment Group by 6.7% in the fourth quarter. Schroder Investment Management Group now owns 63,064,552 shares of the company’s stock worth $715,783,000 after acquiring an additional 3,987,116 shares during the last quarter. 24.32% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on TME. Deutsche Bank Aktiengesellschaft upgraded shares of Tencent Music Entertainment Group from a “hold” rating to a “buy” rating in a report on Wednesday, March 26th. Morgan Stanley restated an “overweight” rating on shares of Tencent Music Entertainment Group in a research note on Tuesday, March 18th. Finally, Mizuho upped their price objective 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. Two research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat, Tencent Music Entertainment Group currently has a consensus rating of “Moderate Buy” and an average price target of $15.00.

Tencent Music Entertainment Group Stock Up 0.1 %

TME opened at $14.47 on Thursday. Tencent Music Entertainment Group has a one year low of $9.41 and a one year high of $15.77. The company has a debt-to-equity ratio of 0.09, a quick ratio of 2.34 and a current ratio of 2.34. The stock has a market capitalization of $24.83 billion, a P/E ratio of 26.80, a price-to-earnings-growth ratio of 0.77 and a beta of 0.70. The business’s 50-day simple moving average is $13.02 and its 200-day simple moving average is $12.07.

Tencent Music Entertainment Group Increases Dividend

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