Tencent Music Entertainment Group (NYSE:TME) Shares Sold by California Public Employees Retirement System

California Public Employees Retirement System lessened its holdings in Tencent Music Entertainment Group (NYSE:TME) by 7.6% in the 4th quarter, Holdings Channel.com reports. The firm owned 1,066,079 shares of the company’s stock after selling 88,269 shares during the quarter. California Public Employees Retirement System’s holdings in Tencent Music Entertainment Group were worth $12,100,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Schroder Investment Management Group grew its holdings 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 valued at $715,783,000 after purchasing an additional 3,987,116 shares during the period. Vanguard Group Inc. grew its stake in Tencent Music Entertainment Group by 1.1% in the 4th quarter. Vanguard Group Inc. now owns 29,588,812 shares of the company’s stock valued at $335,833,000 after acquiring an additional 332,264 shares during the period. Cantillon Capital Management LLC increased its holdings in Tencent Music Entertainment Group by 18.3% in the 4th quarter. Cantillon Capital Management LLC now owns 21,840,815 shares of the company’s stock worth $247,893,000 after acquiring an additional 3,384,230 shares in the last quarter. State Street Corp raised its position in Tencent Music Entertainment Group by 1.3% during the third quarter. State Street Corp now owns 12,821,488 shares of the company’s stock worth $154,499,000 after acquiring an additional 166,225 shares during the period. Finally, JPMorgan Chase & Co. lifted its holdings in Tencent Music Entertainment Group by 558.2% during the fourth quarter. JPMorgan Chase & Co. now owns 11,773,523 shares of the company’s stock valued at $133,629,000 after purchasing an additional 9,984,690 shares in the last quarter. Institutional investors and hedge funds own 24.32% of the company’s stock.

Analyst Upgrades and Downgrades

TME has been the subject of several research analyst reports. Mizuho upped their price target on shares of 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. Morgan Stanley reissued an “overweight” rating on shares of Tencent Music Entertainment Group in a report on Tuesday, March 18th. 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 equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $15.00.

Tencent Music Entertainment Group Stock Performance

Shares of Tencent Music Entertainment Group stock opened at $12.94 on Friday. The business’s 50 day moving average price is $13.12 and its 200 day moving average price is $12.13. The company has a market cap of $22.20 billion, a price-to-earnings ratio of 23.95, a PEG ratio of 0.77 and a beta of 0.50. 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 has a one year low of $9.41 and a one year high of $15.77.

Tencent Music Entertainment Group Increases Dividend

The business also recently declared an annual dividend, which will be paid on Thursday, April 24th. Stockholders of record on Thursday, April 3rd will be issued a dividend of $0.18 per share. This represents a dividend yield of 0.9%. The ex-dividend date is 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 currently 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.