Tencent Music Entertainment Group (NYSE:TME) Shares Sold by Renaissance Technologies LLC

Renaissance Technologies LLC trimmed its position in Tencent Music Entertainment Group (NYSE:TME) by 10.5% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 7,991,190 shares of the company’s stock after selling 938,200 shares during the period. Renaissance Technologies LLC owned about 0.47% of Tencent Music Entertainment Group worth $90,700,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of TME. Krane Funds Advisors LLC lifted its stake in shares of Tencent Music Entertainment Group by 21.8% during the fourth quarter. Krane Funds Advisors LLC now owns 19,855,951 shares of the company’s stock valued at $225,365,000 after buying an additional 3,560,452 shares during the period. Cerity Partners LLC raised its holdings in Tencent Music Entertainment Group by 45.2% in the 4th quarter. Cerity Partners LLC now owns 50,074 shares of the company’s stock valued at $573,000 after acquiring an additional 15,589 shares during the last quarter. FMR LLC lifted its stake in shares of Tencent Music Entertainment Group by 64.7% during the 4th quarter. FMR LLC now owns 9,831,895 shares of the company’s stock worth $111,592,000 after purchasing an additional 3,861,122 shares during the period. Polymer Capital Management HK LTD boosted its holdings in shares of Tencent Music Entertainment Group by 324.0% during the fourth quarter. Polymer Capital Management HK LTD now owns 42,400 shares of the company’s stock worth $481,000 after purchasing an additional 32,400 shares during the last quarter. Finally, Unigestion Holding SA purchased a new stake in shares of Tencent Music Entertainment Group in the fourth quarter valued at $161,000. 24.32% of the stock is owned by institutional investors and hedge funds.

Tencent Music Entertainment Group Price Performance

TME opened at $11.96 on Wednesday. Tencent Music Entertainment Group has a 52-week low of $9.41 and a 52-week high of $15.77. The company has a 50 day moving average of $13.14 and a two-hundred day moving average of $12.18. The company has a market cap of $20.53 billion, a P/E ratio of 22.15, a P/E/G ratio of 0.77 and a beta of 0.50. The company has a quick ratio of 2.34, a current ratio of 2.34 and a debt-to-equity ratio of 0.09.

Tencent Music Entertainment Group Increases Dividend

The firm 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 dividend of $0.18 per share. This is a positive change from Tencent Music Entertainment Group’s previous annual dividend of $0.12. The ex-dividend date of this dividend is Thursday, April 3rd. This represents a dividend yield of 0.9%. Tencent Music Entertainment Group’s payout ratio is presently 28.81%.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on TME. Deutsche Bank Aktiengesellschaft raised Tencent Music Entertainment Group from a “hold” rating to a “buy” rating in a research note on Wednesday, March 26th. Mizuho raised 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 report on Wednesday, March 19th. Finally, Morgan Stanley reaffirmed an “overweight” rating on shares of Tencent Music Entertainment Group in a research report on Tuesday, March 18th. Two investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $15.00.

About Tencent Music Entertainment Group

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.