Man Group plc Sells 997,952 Shares of Tencent Music Entertainment Group (NYSE:TME)

Man Group plc cut its holdings in shares of Tencent Music Entertainment Group (NYSE:TME) by 84.3% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 185,222 shares of the company’s stock after selling 997,952 shares during the quarter. Man Group plc’s holdings in Tencent Music Entertainment Group were worth $2,102,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. SBI Securities Co. Ltd. acquired a new position in shares of Tencent Music Entertainment Group during the 4th quarter worth about $110,000. Oppenheimer Asset Management Inc. acquired a new position in shares of Tencent Music Entertainment Group during the 4th quarter worth about $114,000. PNC Financial Services Group Inc. increased its stake in shares of Tencent Music Entertainment Group by 10.9% during the 4th quarter. PNC Financial Services Group Inc. now owns 11,138 shares of the company’s stock worth $126,000 after purchasing an additional 1,094 shares during the last quarter. Unigestion Holding SA acquired a new position in shares of Tencent Music Entertainment Group during the 4th quarter worth about $161,000. Finally, Diametric Capital LP acquired a new position in shares of Tencent Music Entertainment Group during the 4th quarter worth about $162,000. 24.32% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

TME has been the topic of several recent analyst reports. Mizuho boosted their price objective 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. Sanford C. Bernstein reiterated an “outperform” rating on shares of Tencent Music Entertainment Group in a research note on Wednesday, May 14th. Deutsche Bank Aktiengesellschaft upgraded shares of Tencent Music Entertainment Group from a “hold” rating to a “buy” rating in a research note 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. Finally, Morgan Stanley reiterated an “overweight” rating on shares of Tencent Music Entertainment Group in a research note on Tuesday, May 13th. Two analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Tencent Music Entertainment Group currently has a consensus rating of “Moderate Buy” and a consensus target price of $15.00.

Tencent Music Entertainment Group Stock Down 0.1%

Shares of TME opened at $16.97 on Friday. Tencent Music Entertainment Group has a 52 week low of $9.41 and a 52 week high of $17.30. The firm has a market cap of $29.12 billion, a P/E ratio of 31.43, a price-to-earnings-growth ratio of 0.77 and a beta of 0.46. The firm’s 50-day simple moving average is $14.00 and its 200 day simple moving average is $12.62. 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 firm also recently announced an annual dividend, which was paid on Thursday, April 24th. Shareholders of record on Thursday, April 3rd were given a dividend of $0.18 per share. This represents a dividend yield of 0.9%. The ex-dividend date of this dividend was 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 dividend payout ratio is presently 20.24%.

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.