Ramirez Asset Management Inc. Takes Position in Tencent Music Entertainment Group (NYSE:TME)

Ramirez Asset Management Inc. bought a new position in shares of Tencent Music Entertainment Group (NYSE:TME - Free Report) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 108,978 shares of the company's stock, valued at approximately $1,237,000.

Several other institutional investors have also modified their holdings of the company. Pictet Asset Management Holding SA lifted its holdings in Tencent Music Entertainment Group by 0.7% during the 4th quarter. Pictet Asset Management Holding SA now owns 795,398 shares of the company's stock worth $9,028,000 after buying an additional 5,233 shares during the last quarter. Norges Bank purchased a new stake in Tencent Music Entertainment Group during the fourth quarter worth approximately $99,539,000. Sava Infond d.o.o. purchased a new stake in Tencent Music Entertainment Group during the fourth quarter worth approximately $544,000. JPMorgan Chase & Co. increased its stake in Tencent Music Entertainment Group by 558.2% in the fourth quarter. JPMorgan Chase & Co. now owns 11,773,523 shares of the company's stock valued at $133,629,000 after purchasing an additional 9,984,690 shares during the last quarter. Finally, Artisan Partners Limited Partnership purchased a new stake in shares of Tencent Music Entertainment Group during the 4th quarter worth approximately $113,031,000. 24.32% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on TME shares. Mizuho boosted their price target 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. Deutsche Bank Aktiengesellschaft raised Tencent Music Entertainment Group from a "hold" rating to a "buy" rating in a report on Wednesday, March 26th. Finally, Morgan Stanley restated an "overweight" rating on shares of Tencent Music Entertainment Group in a research note on Tuesday, March 18th. Two research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $15.00.

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Tencent Music Entertainment Group Stock Performance

Shares of NYSE TME traded up $0.11 during midday trading on Tuesday, reaching $14.52. 2,122,113 shares of the company were exchanged, compared to its average volume of 8,138,353. The stock has a market cap of $24.91 billion, a P/E ratio of 26.86, a PEG ratio of 0.77 and a beta of 0.70. Tencent Music Entertainment Group has a 1 year low of $9.41 and a 1 year high of $15.77. The stock has a fifty day simple moving average of $12.89 and a 200 day simple moving average of $12.02. 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 Increases Dividend

The business also recently declared 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. The ex-dividend date of this dividend is 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 (DPR) is currently 28.81%.

Tencent Music Entertainment Group 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.