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

Westpac Banking Corp lowered its stake in Tencent Music Entertainment Group (NYSE:TME) by 4.6% during the fourth quarter, HoldingsChannel reports. 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.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of TME. Wilmington Savings Fund Society FSB acquired a new stake in shares of Tencent Music Entertainment Group in the third quarter valued at about $64,000. SBI Securities Co. Ltd. acquired a new position in shares of Tencent Music Entertainment Group in the fourth quarter worth $110,000. Oppenheimer Asset Management Inc. purchased a new stake in shares of Tencent Music Entertainment Group in the fourth quarter valued at $114,000. PNC Financial Services Group Inc. boosted its stake in shares of 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 valued at $126,000 after acquiring an additional 1,094 shares during the last quarter. Finally, Diametric Capital LP purchased a new stake in Tencent Music Entertainment Group during the 4th quarter worth about $162,000. 24.32% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

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

Tencent Music Entertainment Group Stock Up 0.1 %

Shares of TME opened at $14.47 on Thursday. The firm has a market cap of $24.83 billion, a PE ratio of 26.80, a price-to-earnings-growth ratio of 0.77 and a beta of 0.70. 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 company’s fifty day moving average is $13.02 and its two-hundred day moving average is $12.07. 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 company also recently announced an annual dividend, which will be paid on Thursday, April 24th. Investors of record on Thursday, April 3rd will be issued a $0.18 dividend. The ex-dividend date of this dividend is 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 (DPR) is presently 28.81%.

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.