Tencent Music Entertainment Group (NYSE:TME) Shares Sold by Vaughan Nelson Investment Management L.P.

Vaughan Nelson Investment Management L.P. lowered its position in shares of Tencent Music Entertainment Group (NYSE:TME) by 58.0% in the first quarter, HoldingsChannel.com reports. The firm owned 32,828 shares of the company’s stock after selling 45,255 shares during the quarter. Vaughan Nelson Investment Management L.P.’s holdings in Tencent Music Entertainment Group were worth $473,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Ethic Inc. acquired a new position in shares of Tencent Music Entertainment Group during the fourth quarter worth $192,000. Oppenheimer Asset Management Inc. acquired a new position in Tencent Music Entertainment Group in the fourth quarter valued at $114,000. Asset Management One Co. Ltd. boosted its stake in Tencent Music Entertainment Group by 2.2% in the fourth quarter. Asset Management One Co. Ltd. now owns 502,083 shares of the company’s stock valued at $5,884,000 after acquiring an additional 10,905 shares in the last quarter. Geode Capital Management LLC boosted its stake in Tencent Music Entertainment Group by 3.7% in the fourth quarter. Geode Capital Management LLC now owns 4,463,596 shares of the company’s stock valued at $50,323,000 after acquiring an additional 160,078 shares in the last quarter. Finally, Vontobel Holding Ltd. acquired a new position in Tencent Music Entertainment Group in the fourth quarter valued at $375,000. Institutional investors and hedge funds own 24.32% of the company’s stock.

Tencent Music Entertainment Group Price Performance

Shares of NYSE:TME opened at $18.45 on Monday. The company has a 50-day simple moving average of $15.22 and a 200-day simple moving average of $13.37. Tencent Music Entertainment Group has a one year low of $9.41 and a one year high of $19.40. The company has a debt-to-equity ratio of 0.09, a quick ratio of 2.34 and a current ratio of 2.34. The stock has a market capitalization of $31.67 billion, a price-to-earnings ratio of 34.17, a PEG ratio of 0.77 and a beta of 0.51.

Tencent Music Entertainment Group Increases Dividend

The firm also recently announced an annual dividend, which was paid on Thursday, April 24th. Stockholders of record on Thursday, April 3rd were 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 was Thursday, April 3rd. Tencent Music Entertainment Group’s dividend payout ratio is presently 20.24%.

Analyst Ratings Changes

Several equities analysts have issued reports on TME shares. Mizuho upped their price objective on shares of Tencent Music Entertainment Group from $16.00 to $17.00 and gave the company an “outperform” rating in a research note on Wednesday, March 19th. Morgan Stanley restated an “overweight” rating on shares of Tencent Music Entertainment Group in a research note on Tuesday, May 13th. Sanford C. Bernstein restated 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. Finally, Nomura Securities upgraded shares of Tencent Music Entertainment Group to a “strong-buy” rating in a research note on Tuesday, April 8th. Two research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average 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.