Tower Research Capital LLC TRC Reduces Holdings in Tencent Music Entertainment Group (NYSE:TME)

Tower Research Capital LLC TRC trimmed its stake in shares of Tencent Music Entertainment Group (NYSE:TME) by 93.3% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund 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 filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also bought and sold shares of the stock. Nordea Investment Management AB grew its holdings in Tencent Music Entertainment Group by 9.5% in the fourth quarter. Nordea Investment Management AB now owns 1,464,366 shares of the company’s stock worth $16,738,000 after purchasing an additional 127,561 shares during the period. Oppenheimer Asset Management Inc. purchased a new stake in shares of Tencent Music Entertainment Group in the 4th quarter worth approximately $114,000. Principal Financial Group Inc. increased its position in Tencent Music Entertainment Group by 4.0% during the 3rd quarter. Principal Financial Group Inc. now owns 5,478,297 shares of the company’s stock valued at $66,013,000 after buying an additional 211,873 shares in the last quarter. Asset Management One Co. Ltd. boosted its holdings in Tencent Music Entertainment Group by 2.2% in the fourth quarter. Asset Management One Co. Ltd. now owns 502,083 shares of the company’s stock worth $5,884,000 after acquiring an additional 10,905 shares in the last quarter. Finally, Geode Capital Management LLC grew its stake in shares of Tencent Music Entertainment Group by 3.7% in the fourth quarter. Geode Capital Management LLC now owns 4,463,596 shares of the company’s stock worth $50,323,000 after acquiring an additional 160,078 shares during the last quarter. 24.32% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

TME has been the topic of several analyst reports. 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 upgraded shares of Tencent Music Entertainment Group to a “strong-buy” rating in a research note on Tuesday, April 8th. Mizuho boosted their target price 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. Finally, Morgan Stanley reiterated 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 assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Tencent Music Entertainment Group has a consensus rating of “Moderate Buy” and a consensus price target of $15.00.

Tencent Music Entertainment Group Stock Performance

TME opened at $14.22 on Friday. The company has a market cap of $24.39 billion, a P/E ratio of 26.32, a price-to-earnings-growth ratio of 0.77 and a beta of 0.46. 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 firm’s 50-day moving average price is $13.35 and its 200-day moving average price is $12.30. Tencent Music Entertainment Group has a 52-week low of $9.41 and a 52-week high of $15.77.

Tencent Music Entertainment Group Increases Dividend

The business also recently announced an annual dividend, which was paid on Thursday, April 24th. Investors of record on Thursday, April 3rd were issued a dividend of $0.18 per share. This represents a yield of 0.9%. This is a positive change from Tencent Music Entertainment Group’s previous annual dividend of $0.12. The ex-dividend date was Thursday, April 3rd. Tencent Music Entertainment Group’s dividend payout ratio (DPR) is 28.81%.

Tencent Music Entertainment Group 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.