Tencent Music Entertainment Group (NYSE:TME) Shares Sold by Franklin Resources Inc.

Franklin Resources Inc. lowered its position in Tencent Music Entertainment Group (NYSE:TME) by 41.3% during the 4th quarter, Holdings Channel.com reports. The firm owned 339,049 shares of the company’s stock after selling 238,064 shares during the quarter. Franklin Resources Inc.’s holdings in Tencent Music Entertainment Group were worth $3,848,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently made changes to their positions in TME. State Street Corp increased its position in Tencent Music Entertainment Group by 1.3% in the 3rd quarter. State Street Corp now owns 12,821,488 shares of the company’s stock valued at $154,499,000 after acquiring an additional 166,225 shares during the period. MML Investors Services LLC bought a new position in shares of Tencent Music Entertainment Group in the third quarter worth $170,000. Barclays PLC increased its holdings in shares of Tencent Music Entertainment Group by 5.8% during the third quarter. Barclays PLC now owns 762,650 shares of the company’s stock valued at $9,189,000 after purchasing an additional 41,990 shares during the period. Geode Capital Management LLC raised its stake in shares of Tencent Music Entertainment Group by 2.2% during the third quarter. Geode Capital Management LLC now owns 4,303,518 shares of the company’s stock valued at $51,405,000 after purchasing an additional 93,719 shares in the last quarter. Finally, Wilmington Savings Fund Society FSB bought a new stake in shares of Tencent Music Entertainment Group during the third quarter valued at about $64,000. Institutional investors own 24.32% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages recently issued reports on TME. Mizuho increased 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. Morgan Stanley reiterated an “overweight” rating on shares of Tencent Music Entertainment Group in a report on Tuesday, March 18th. Nomura Securities raised Tencent Music Entertainment Group to a “strong-buy” rating in a report on Tuesday. Finally, Deutsche Bank Aktiengesellschaft raised Tencent Music Entertainment Group from a “hold” rating to a “buy” rating in a research note on Wednesday, March 26th. Two 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. According to MarketBeat, Tencent Music Entertainment Group presently has a consensus rating of “Moderate Buy” and an average price target of $15.00.

Tencent Music Entertainment Group Trading Down 2.2 %

Tencent Music Entertainment Group stock opened at $12.22 on Friday. The firm has a market cap of $20.96 billion, a price-to-earnings ratio of 22.62, a price-to-earnings-growth ratio of 0.77 and a beta of 0.50. Tencent Music Entertainment Group has a 1 year low of $9.41 and a 1 year high of $15.77. The firm’s 50 day moving average price is $13.18 and its two-hundred day moving average price is $12.21. 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 Increases Dividend

The business 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. This represents a dividend yield of 0.9%. This is a boost from Tencent Music Entertainment Group’s previous annual dividend of $0.12. The ex-dividend date of this dividend is Thursday, April 3rd. Tencent Music Entertainment Group’s payout ratio 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.