Raymond James Financial Inc. Makes New Investment in Tencent Music Entertainment Group (NYSE:TME)

Raymond James Financial Inc. purchased a new stake in shares of Tencent Music Entertainment Group (NYSE:TME - Free Report) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 64,445 shares of the company's stock, valued at approximately $731,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Nordea Investment Management AB grew its holdings in shares of Tencent Music Entertainment Group by 9.5% during the 4th quarter. Nordea Investment Management AB now owns 1,464,366 shares of the company's stock worth $16,738,000 after purchasing an additional 127,561 shares during the period. Oppenheimer Asset Management Inc. acquired a new position in Tencent Music Entertainment Group during the fourth quarter valued at approximately $114,000. Principal Financial Group Inc. grew its stake in Tencent Music Entertainment Group by 4.0% during the third quarter. Principal Financial Group Inc. now owns 5,478,297 shares of the company's stock worth $66,013,000 after buying an additional 211,873 shares during the period. FMR LLC grew its stake in Tencent Music Entertainment Group by 98.8% during the third quarter. FMR LLC now owns 5,970,773 shares of the company's stock worth $71,948,000 after buying an additional 2,967,779 shares during the period. Finally, Asset Management One Co. Ltd. increased its position in shares of Tencent Music Entertainment Group by 2.2% in the fourth quarter. Asset Management One Co. Ltd. now owns 502,083 shares of the company's stock worth $5,884,000 after acquiring an additional 10,905 shares in the last quarter. 24.32% of the stock is currently owned by institutional investors and hedge funds.

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Analyst Ratings Changes

TME has been the subject of a number of research reports. Morgan Stanley reaffirmed an "overweight" rating on shares of Tencent Music Entertainment Group in a research report on Tuesday, March 18th. Mizuho upped 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. Deutsche Bank Aktiengesellschaft upgraded Tencent Music Entertainment Group from a "hold" rating to a "buy" rating in a report on Wednesday, March 26th. Finally, Nomura Securities upgraded Tencent Music Entertainment Group to a "strong-buy" rating in a report on Tuesday. Two equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $15.00.

Tencent Music Entertainment Group Stock Down 1.1 %

NYSE TME traded down $0.14 during mid-day trading on Thursday, reaching $12.51. 9,463,638 shares of the company's stock traded hands, compared to its average volume of 8,292,884. The company has a fifty day simple moving average of $13.18 and a 200-day simple moving average of $12.20. Tencent Music Entertainment Group has a 1-year low of $9.41 and a 1-year high of $15.77. The company has a market cap of $21.46 billion, a price-to-earnings ratio of 23.16, 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 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 paid a $0.18 dividend. 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 payout ratio is 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.