O Shaughnessy Asset Management LLC Sells 6,248 Shares of Tencent Music Entertainment Group (NYSE:TME)

O Shaughnessy Asset Management LLC cut its stake in Tencent Music Entertainment Group (NYSE:TME) by 6.0% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 97,044 shares of the company’s stock after selling 6,248 shares during the quarter. O Shaughnessy Asset Management LLC’s holdings in Tencent Music Entertainment Group were worth $1,101,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently bought and sold shares of the company. Wilmington Savings Fund Society FSB bought a new stake in shares of Tencent Music Entertainment Group in the 3rd quarter worth about $64,000. SBI Securities Co. Ltd. purchased a new stake in Tencent Music Entertainment Group in the 4th quarter worth about $110,000. Oppenheimer Asset Management Inc. bought a new stake in Tencent Music Entertainment Group in the fourth quarter worth about $114,000. PNC Financial Services Group Inc. boosted its position in shares of 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 valued at $126,000 after buying an additional 1,094 shares during the period. Finally, MML Investors Services LLC purchased a new position in shares of Tencent Music Entertainment Group during the third quarter valued at approximately $170,000. 24.32% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

TME has been the subject of a number of research analyst reports. Morgan Stanley reissued an “overweight” rating on shares of Tencent Music Entertainment Group in a research note on Tuesday, March 18th. Mizuho lifted their target price on 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, 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. Two investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $15.00.

Tencent Music Entertainment Group Price Performance

TME opened at $12.94 on Monday. The company has a market capitalization of $22.20 billion, a price-to-earnings ratio of 23.95, a PEG ratio of 0.77 and a beta of 0.50. The company has a current ratio of 2.34, a quick ratio of 2.34 and a debt-to-equity ratio of 0.09. Tencent Music Entertainment Group has a 12-month low of $9.41 and a 12-month high of $15.77. The business’s fifty day simple moving average is $13.12 and its 200-day simple moving average is $12.15.

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 $0.18 dividend. The ex-dividend date of this dividend is Thursday, April 3rd. This represents a dividend yield of 0.9%. 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 currently 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.