Sava Infond d.o.o. acquired a new stake in Tencent Music Entertainment Group (NYSE:TME - Free Report) during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm acquired 47,920 shares of the company's stock, valued at approximately $544,000.
A number of other institutional investors have also made changes to their positions in the business. Vanguard Group Inc. grew its stake in Tencent Music Entertainment Group by 1.1% in the fourth quarter. Vanguard Group Inc. now owns 29,588,812 shares of the company's stock valued at $335,833,000 after purchasing an additional 332,264 shares in the last quarter. 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 acquiring an additional 3,384,230 shares during the last quarter. State Street Corp grew its position in shares of Tencent Music Entertainment Group by 1.3% in the 3rd quarter. State Street Corp now owns 12,821,488 shares of the company's stock valued at $154,499,000 after acquiring an additional 166,225 shares during the period. JPMorgan Chase & Co. increased its stake in shares of Tencent Music Entertainment Group by 558.2% during the 4th quarter. JPMorgan Chase & Co. now owns 11,773,523 shares of the company's stock worth $133,629,000 after purchasing an additional 9,984,690 shares during the last quarter. Finally, Artisan Partners Limited Partnership bought a new stake in shares of Tencent Music Entertainment Group in the 4th quarter valued at about $113,031,000. Institutional investors own 24.32% of the company's stock.
Wall Street Analyst Weigh In
A number of equities analysts recently commented on TME shares. Morgan Stanley reiterated an "overweight" rating on shares of Tencent Music Entertainment Group in a report 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 note on Wednesday, March 19th. Finally, Deutsche Bank Aktiengesellschaft upgraded Tencent Music Entertainment Group from a "hold" rating to a "buy" rating in a research note on Wednesday, March 26th. Two investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $15.00.
Read Our Latest Stock Report on Tencent Music Entertainment Group
Tencent Music Entertainment Group Stock Performance
TME traded up $0.09 during trading on Tuesday, hitting $14.50. The stock had a trading volume of 1,581,871 shares, compared to its average volume of 8,136,505. The company has a debt-to-equity ratio of 0.09, a current ratio of 2.34 and a quick ratio of 2.34. The firm has a market cap of $24.87 billion, a price-to-earnings ratio of 26.84, a P/E/G ratio of 0.77 and a beta of 0.70. The company has a 50 day moving average price of $12.89 and a 200-day moving average price of $12.02. Tencent Music Entertainment Group has a one year low of $9.41 and a one year high of $15.77.
Tencent Music Entertainment Group Increases Dividend
The firm also recently announced an annual dividend, which will be paid on Thursday, April 24th. Shareholders of record on Thursday, April 3rd will be given a dividend of $0.18 per share. This represents a dividend yield of 0.9%. The ex-dividend date is Thursday, April 3rd. This is a positive change from Tencent Music Entertainment Group's previous annual dividend of $0.12. Tencent Music Entertainment Group's dividend payout ratio is presently 28.81%.
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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