American Century Companies Inc. Purchases 43,859 Shares of Tencent Music Entertainment Group (NYSE:TME)

American Century Companies Inc. lifted its position in shares of Tencent Music Entertainment Group (NYSE:TME - Free Report) by 6.2% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 749,447 shares of the company's stock after purchasing an additional 43,859 shares during the period. American Century Companies Inc.'s holdings in Tencent Music Entertainment Group were worth $8,506,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in TME. Wilmington Savings Fund Society FSB acquired a new position in Tencent Music Entertainment Group in the third quarter valued at about $64,000. SBI Securities Co. Ltd. bought a new stake in Tencent Music Entertainment Group during the fourth quarter worth $110,000. Oppenheimer Asset Management Inc. acquired a new stake in shares of Tencent Music Entertainment Group in the 4th quarter valued at $114,000. PNC Financial Services Group Inc. increased its stake in shares of Tencent Music Entertainment Group by 10.9% in the 4th 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 acquired a new position in shares of Tencent Music Entertainment Group during the 3rd quarter worth $170,000. 24.32% of the stock is owned by institutional investors and hedge funds.

Tencent Music Entertainment Group Stock Down 6.2 %

Shares of Tencent Music Entertainment Group stock traded down $0.79 during trading on Tuesday, reaching $11.96. 12,388,511 shares of the company traded hands, compared to its average volume of 8,248,905. 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 capitalization of $20.53 billion, a PE ratio of 22.15, a P/E/G ratio of 0.77 and a beta of 0.50. The company has a 50 day moving average price of $13.14 and a 200-day moving average price of $12.18. Tencent Music Entertainment Group has a 1-year low of $9.41 and a 1-year high of $15.77.

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Tencent Music Entertainment Group Increases Dividend

The business also recently disclosed an annual dividend, which will be paid on Thursday, April 24th. Stockholders 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 represents a dividend yield of 0.9%. 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 currently 28.81%.

Analysts Set New Price Targets

Several brokerages recently commented on TME. Morgan Stanley reissued an "overweight" rating on shares of Tencent Music Entertainment Group in a research note on Tuesday, March 18th. Deutsche Bank Aktiengesellschaft upgraded Tencent Music Entertainment Group from a "hold" rating to a "buy" rating in a report on Wednesday, March 26th. Finally, Mizuho lifted their target price on shares of 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. Two investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $15.00.

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.