Prudential Financial Inc. Has $5.01 Million Holdings in Tencent Music Entertainment Group (NYSE:TME)

Prudential Financial Inc. trimmed its position in shares of Tencent Music Entertainment Group (NYSE:TME) by 18.2% during the fourth quarter, HoldingsChannel reports. The institutional investor owned 452,706 shares of the company’s stock after selling 100,473 shares during the period. Prudential Financial Inc.’s holdings in Tencent Music Entertainment Group were worth $5,012,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of the company. Vanguard Group Inc. boosted its position in shares of Tencent Music Entertainment Group by 1.1% during the 4th quarter. Vanguard Group Inc. now owns 29,588,812 shares of the company’s stock worth $335,833,000 after acquiring an additional 332,264 shares in the last quarter. Cantillon Capital Management LLC increased its stake in shares of 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 valued at $247,893,000 after purchasing an additional 3,384,230 shares during the last quarter. State Street Corp raised its holdings in shares of Tencent Music Entertainment Group by 1.3% during the 3rd quarter. State Street Corp now owns 12,821,488 shares of the company’s stock worth $154,499,000 after buying an additional 166,225 shares in the last quarter. Allspring Global Investments Holdings LLC lifted its position in shares of Tencent Music Entertainment Group by 8.7% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 6,496,359 shares of the company’s stock worth $73,539,000 after buying an additional 522,599 shares during the last quarter. Finally, FMR LLC boosted its stake in Tencent Music Entertainment Group by 98.8% in the third quarter. FMR LLC now owns 5,970,773 shares of the company’s stock valued at $71,948,000 after buying an additional 2,967,779 shares in the last quarter. 24.32% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages have commented on TME. Morgan Stanley reissued an “overweight” rating on shares of Tencent Music Entertainment Group in a research note on Tuesday, March 18th. Deutsche Bank Aktiengesellschaft raised shares of Tencent Music Entertainment Group from a “hold” rating to a “buy” rating in a research note on Wednesday, March 26th. Finally, Mizuho boosted their target price on shares of Tencent Music Entertainment Group from $16.00 to $17.00 and gave the stock an “outperform” rating in a research note on Wednesday, March 19th. Two research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $15.00.

Tencent Music Entertainment Group Trading Up 0.2 %

TME opened at $14.41 on Tuesday. The company has a debt-to-equity ratio of 0.09, a current ratio of 2.34 and a quick ratio of 2.34. Tencent Music Entertainment Group has a fifty-two week low of $9.41 and a fifty-two week high of $15.77. The company’s 50 day moving average price is $12.89 and its two-hundred day moving average price is $12.02. The firm has a market capitalization of $24.72 billion, a price-to-earnings ratio of 26.68, a PEG ratio of 0.77 and a beta of 0.70.

Tencent Music Entertainment Group Increases Dividend

The firm 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 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.