William Blair Investment Management LLC purchased a new stake in Tencent Music Entertainment Group (NYSE:TME - Free Report) during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 1,902,836 shares of the company's stock, valued at approximately $21,597,000. William Blair Investment Management LLC owned approximately 0.11% of Tencent Music Entertainment Group as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other institutional investors have also recently bought and sold shares of the stock. Cantillon Capital Management LLC lifted its stake in Tencent Music Entertainment Group by 18.3% in the fourth quarter. Cantillon Capital Management LLC now owns 21,840,815 shares of the company's stock valued at $247,893,000 after buying an additional 3,384,230 shares in the last quarter. State Street Corp raised its holdings in shares of Tencent Music Entertainment Group by 1.3% in the third quarter. State Street Corp now owns 12,821,488 shares of the company's stock valued at $154,499,000 after purchasing an additional 166,225 shares during the last quarter. Allspring Global Investments Holdings LLC raised its holdings in shares of Tencent Music Entertainment Group by 8.7% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 6,496,359 shares of the company's stock valued at $73,539,000 after purchasing an additional 522,599 shares during the last quarter. FMR LLC raised its holdings in shares of Tencent Music Entertainment Group by 98.8% in the third quarter. FMR LLC now owns 5,970,773 shares of the company's stock valued at $71,948,000 after purchasing an additional 2,967,779 shares during the last quarter. Finally, Principal Financial Group Inc. raised its holdings in shares of Tencent Music Entertainment Group by 4.0% in the third quarter. Principal Financial Group Inc. now owns 5,478,297 shares of the company's stock valued at $66,013,000 after purchasing an additional 211,873 shares during the last quarter. Institutional investors own 24.32% of the company's stock.
Analyst Ratings Changes
A number of analysts have recently issued reports on the stock. 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 report on Wednesday. Morgan Stanley upgraded shares of Tencent Music Entertainment Group from an "equal weight" rating to an "overweight" rating and set a $13.00 price objective on the stock in a report on Tuesday, January 21st. Two investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $15.00.
Check Out Our Latest Stock Report on Tencent Music Entertainment Group
Tencent Music Entertainment Group Stock Down 2.0 %
TME traded down $0.29 during trading on Friday, reaching $14.00. 5,403,604 shares of the stock were exchanged, compared to its average volume of 8,103,395. The stock has a market cap of $24.02 billion, a P/E ratio of 25.92, a price-to-earnings-growth ratio of 0.77 and a beta of 0.70. Tencent Music Entertainment Group has a twelve month low of $9.41 and a twelve month high of $15.77. The stock's 50 day moving average price is $12.43 and its two-hundred day moving average price is $11.81. The company has a debt-to-equity ratio of 0.09, a quick ratio of 2.34 and a current ratio of 2.34.
Tencent Music Entertainment Group Increases Dividend
The business also recently disclosed an annual dividend, which will be paid on Thursday, April 24th. Shareholders of record on Thursday, April 3rd will be issued a $0.18 dividend. This is an increase from Tencent Music Entertainment Group's previous annual dividend of $0.12. This represents a dividend yield of 0.9%. The ex-dividend date is Thursday, April 3rd. Tencent Music Entertainment Group's payout ratio is currently 22.03%.
About Tencent Music Entertainment Group
(
Free Report)
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.
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