Tencent Music Entertainment Group (NYSE:TME) Shares Sold by Corebridge Financial Inc.

Corebridge Financial Inc. decreased its position in shares of Tencent Music Entertainment Group (NYSE:TME) by 11.2% during the 4th quarter, according to its most recent disclosure with the SEC. The firm owned 8,441 shares of the company’s stock after selling 1,060 shares during the period. Corebridge Financial Inc.’s holdings in Tencent Music Entertainment Group were worth $96,000 as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. Wilmington Savings Fund Society FSB acquired a new stake in Tencent Music Entertainment Group during the 3rd quarter worth approximately $64,000. SBI Securities Co. Ltd. bought a new stake in shares of Tencent Music Entertainment Group in the 4th quarter worth about $110,000. Oppenheimer Asset Management Inc. bought a new position in Tencent Music Entertainment Group during the 4th quarter worth approximately $114,000. PNC Financial Services Group Inc. increased its stake 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 valued at $126,000 after purchasing an additional 1,094 shares during the last quarter. Finally, MML Investors Services LLC bought a new position in Tencent Music Entertainment Group in the third quarter worth about $170,000. 24.32% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on TME. Mizuho lifted 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 report on Wednesday, March 19th. Morgan Stanley reaffirmed an “overweight” rating on shares of Tencent Music Entertainment Group in a research report on Tuesday, March 18th. Nomura Securities upgraded Tencent Music Entertainment Group to a “strong-buy” rating in a report on Tuesday, April 8th. Finally, Deutsche Bank Aktiengesellschaft upgraded 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, seven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Tencent Music Entertainment Group presently has an average rating of “Moderate Buy” and an average target price of $15.00.

Tencent Music Entertainment Group Price Performance

NYSE TME opened at $12.81 on Wednesday. The company has a fifty day simple moving average of $13.22 and a 200 day simple moving average of $12.22. The company has a market cap of $21.97 billion, a P/E ratio of 23.71, a P/E/G 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 1 year low of $9.41 and a 1 year high of $15.77.

Tencent Music Entertainment Group Increases Dividend

The business also recently declared an annual dividend, which will be paid on Thursday, April 24th. Shareholders of record on Thursday, April 3rd will be given a $0.18 dividend. This represents a yield of 0.9%. 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. Tencent Music Entertainment Group’s dividend payout ratio (DPR) is currently 28.81%.

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.