Catalyst Funds Management Pty Ltd Purchases New Shares in Tencent Music Entertainment Group (NYSE:TME)

Catalyst Funds Management Pty Ltd bought a new stake in shares of Tencent Music Entertainment Group (NYSE:TME - Free Report) during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 100,000 shares of the company's stock, valued at approximately $1,135,000.

Other hedge funds have also recently made changes to their positions in the company. Wilmington Savings Fund Society FSB bought a new position in Tencent Music Entertainment Group in the 3rd quarter worth about $64,000. Avior Wealth Management LLC lifted its position in shares of Tencent Music Entertainment Group by 253.8% in the 3rd quarter. Avior Wealth Management LLC now owns 5,675 shares of the company's stock worth $68,000 after purchasing an additional 4,071 shares during the period. SBI Securities Co. Ltd. purchased a new stake in Tencent Music Entertainment Group during the fourth quarter valued at approximately $110,000. Oppenheimer Asset Management Inc. purchased a new stake in Tencent Music Entertainment Group during the fourth quarter valued at approximately $114,000. Finally, PNC Financial Services Group Inc. lifted its position in Tencent Music Entertainment Group by 10.9% during the fourth quarter. PNC Financial Services Group Inc. now owns 11,138 shares of the company's stock valued at $126,000 after acquiring an additional 1,094 shares during the last quarter. 24.32% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the stock. Morgan Stanley raised shares of Tencent Music Entertainment Group from an "equal weight" rating to an "overweight" rating and set a $13.00 target price for the company in a research report on Tuesday, January 21st. Mizuho raised their price target on shares of Tencent Music Entertainment Group from $16.00 to $17.00 and gave the stock an "outperform" rating in a report on Wednesday. Three analysts have rated the stock with a hold rating and eight have issued a buy rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $14.16.

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Tencent Music Entertainment Group Stock Performance

Shares of NYSE:TME traded down $0.38 during midday trading on Wednesday, reaching $14.71. The company's stock had a trading volume of 13,440,984 shares, compared to its average volume of 8,210,842. The firm has a market capitalization of $25.24 billion, a PE ratio of 27.23, a P/E/G 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 has a fifty day moving average of $12.22 and a 200 day moving average of $11.75. The company has a quick ratio of 2.34, a current ratio of 2.34 and a debt-to-equity ratio of 0.09.

Tencent Music Entertainment Group Increases Dividend

The company also recently declared an annual dividend, which will be paid on Thursday, April 24th. Investors of record on Thursday, April 3rd will be given a dividend of $0.18 per share. This represents a yield of 0.9%. The ex-dividend date of this dividend 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 (DPR) is currently 24.07%.

About Tencent Music Entertainment Group

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.