Shell Asset Management Co. Sells 7,194 Shares of Tencent Music Entertainment Group (NYSE:TME)

Shell Asset Management Co. reduced its position in shares of Tencent Music Entertainment Group (NYSE:TME) by 21.3% during the 4th quarter, HoldingsChannel.com reports. The fund owned 26,542 shares of the company’s stock after selling 7,194 shares during the quarter. Shell Asset Management Co.’s holdings in Tencent Music Entertainment Group were worth $301,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. PNC Financial Services Group Inc. raised its position in Tencent Music Entertainment Group by 10.9% during the fourth quarter. PNC Financial Services Group Inc. now owns 11,138 shares of the company’s stock worth $126,000 after acquiring an additional 1,094 shares in the last quarter. BNP Paribas increased its holdings in shares of Tencent Music Entertainment Group by 2.0% in the fourth quarter. BNP Paribas now owns 58,066 shares of the company’s stock valued at $659,000 after purchasing an additional 1,131 shares during the last quarter. Corient Private Wealth LLC increased its holdings in shares of Tencent Music Entertainment Group by 4.2% in the fourth quarter. Corient Private Wealth LLC now owns 33,708 shares of the company’s stock valued at $383,000 after purchasing an additional 1,370 shares during the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd increased its holdings in shares of Tencent Music Entertainment Group by 3.9% in the fourth quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 51,636 shares of the company’s stock valued at $586,000 after purchasing an additional 1,923 shares during the last quarter. Finally, Quadrant Capital Group LLC increased its holdings in shares of Tencent Music Entertainment Group by 5.7% in the fourth quarter. Quadrant Capital Group LLC now owns 36,604 shares of the company’s stock valued at $415,000 after purchasing an additional 1,981 shares during the last quarter. 24.32% of the stock is owned by institutional investors.

Tencent Music Entertainment Group Trading Up 1.8%

TME stock opened at $16.65 on Monday. 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 company’s 50-day simple moving average is $13.65 and its 200 day simple moving average is $12.48. Tencent Music Entertainment Group has a 52 week low of $9.41 and a 52 week high of $17.05. The company has a market capitalization of $28.58 billion, a PE ratio of 30.84, a price-to-earnings-growth ratio of 0.77 and a beta of 0.46.

Tencent Music Entertainment Group Increases Dividend

The firm also recently declared an annual dividend, which was paid on Thursday, April 24th. Investors of record on Thursday, April 3rd were paid a $0.18 dividend. The ex-dividend date was Thursday, April 3rd. This is an increase from Tencent Music Entertainment Group’s previous annual dividend of $0.12. This represents a dividend yield of 0.9%. Tencent Music Entertainment Group’s dividend payout ratio is 20.24%.

Analyst Ratings Changes

Several equities analysts have commented on TME shares. Morgan Stanley reiterated an “overweight” rating on shares of Tencent Music Entertainment Group in a report on Tuesday, May 13th. 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 report on Wednesday, March 19th. Sanford C. Bernstein reiterated an “outperform” rating on shares of Tencent Music Entertainment Group in a report on Wednesday. Deutsche Bank Aktiengesellschaft upgraded shares of Tencent Music Entertainment Group from a “hold” rating to a “buy” rating in a report on Wednesday, March 26th. Finally, Nomura Securities upgraded shares of Tencent Music Entertainment Group to a “strong-buy” rating in a report on Tuesday, April 8th. Two research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently 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.