Krane Funds Advisors LLC Raises Stock Holdings in Tencent Music Entertainment Group (NYSE:TME)

Krane Funds Advisors LLC grew its stake in Tencent Music Entertainment Group (NYSE:TME - Free Report) by 21.8% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 19,855,951 shares of the company's stock after acquiring an additional 3,560,452 shares during the quarter. Tencent Music Entertainment Group accounts for 9.2% of Krane Funds Advisors LLC's portfolio, making the stock its 5th biggest holding. Krane Funds Advisors LLC owned about 1.16% of Tencent Music Entertainment Group worth $225,365,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently modified their holdings of the company. JPMorgan Chase & Co. raised its holdings in Tencent Music Entertainment Group by 558.2% in the 4th quarter. JPMorgan Chase & Co. now owns 11,773,523 shares of the company's stock worth $133,629,000 after acquiring an additional 9,984,690 shares during the last quarter. Artisan Partners Limited Partnership purchased a new position in shares of Tencent Music Entertainment Group in the fourth quarter worth $113,031,000. Norges Bank purchased a new position in shares of Tencent Music Entertainment Group in the fourth quarter worth $99,539,000. Mawer Investment Management Ltd. lifted its holdings in shares of Tencent Music Entertainment Group by 152.2% during the fourth quarter. Mawer Investment Management Ltd. now owns 11,467,410 shares of the company's stock valued at $130,155,000 after purchasing an additional 6,919,574 shares in the last quarter. Finally, Schroder Investment Management Group boosted its position in shares of Tencent Music Entertainment Group by 6.7% during the fourth quarter. Schroder Investment Management Group now owns 63,064,552 shares of the company's stock valued at $715,783,000 after buying an additional 3,987,116 shares during the last quarter. 24.32% of the stock is owned by hedge funds and other institutional investors.

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Wall Street Analysts Forecast Growth

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

Tencent Music Entertainment Group Stock Performance

TME traded down $0.28 during midday trading on Friday, reaching $12.22. The company had a trading volume of 18,367,906 shares, compared to its average volume of 8,343,069. Tencent Music Entertainment Group has a 1 year low of $9.41 and a 1 year high of $15.77. The company has a quick ratio of 2.34, a current ratio of 2.34 and a debt-to-equity ratio of 0.09. The company has a market cap of $20.96 billion, a P/E ratio of 22.62, a P/E/G ratio of 0.77 and a beta of 0.50. The business has a 50-day moving average of $13.18 and a two-hundred day moving average of $12.21.

Tencent Music Entertainment Group Increases Dividend

The company also recently declared an annual dividend, which will be paid on Thursday, April 24th. Shareholders of record on Thursday, April 3rd will be issued a dividend of $0.18 per share. The ex-dividend date is Thursday, April 3rd. This represents a yield of 0.9%. This is an increase from Tencent Music Entertainment Group's previous annual dividend of $0.12. Tencent Music Entertainment Group's payout ratio is currently 28.81%.

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.