Polymer Capital Management HK LTD lifted its position in Tencent Music Entertainment Group (NYSE:TME - Free Report) by 324.0% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 42,400 shares of the company's stock after acquiring an additional 32,400 shares during the quarter. Polymer Capital Management HK LTD's holdings in Tencent Music Entertainment Group were worth $481,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds also recently made changes to their positions in TME. PNC Financial Services Group Inc. grew its position in 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 worth $126,000 after purchasing an additional 1,094 shares in the last quarter. Corient Private Wealth LLC grew its holdings in shares of Tencent Music Entertainment Group by 4.2% in the fourth quarter. Corient Private Wealth LLC now owns 33,708 shares of the company's stock valued at $383,000 after acquiring an additional 1,370 shares in the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd increased its position in shares of Tencent Music Entertainment Group by 3.9% during the fourth quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 51,636 shares of the company's stock valued at $586,000 after acquiring an additional 1,923 shares during the last quarter. Quadrant Capital Group LLC lifted its holdings in Tencent Music Entertainment Group by 5.7% during the fourth quarter. Quadrant Capital Group LLC now owns 36,604 shares of the company's stock worth $415,000 after acquiring an additional 1,981 shares during the period. Finally, Sumitomo Mitsui Trust Group Inc. boosted its position in Tencent Music Entertainment Group by 0.3% in the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,767,319 shares of the company's stock worth $20,059,000 after purchasing an additional 4,837 shares during the last quarter. Hedge funds and other institutional investors own 24.32% of the company's stock.
Tencent Music Entertainment Group Stock Performance
Shares of NYSE TME traded down $0.28 during midday trading on Friday, hitting $12.22. The company's stock had a trading volume of 18,367,906 shares, compared to its average volume of 8,343,069. The firm has a market capitalization of $20.96 billion, a price-to-earnings ratio of 22.62, 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. The stock has a fifty day moving average price of $13.18 and a 200 day moving average price of $12.21. 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 issued a dividend of $0.18 per share. This is a boost from Tencent Music Entertainment Group's previous annual dividend of $0.12. The ex-dividend date of this dividend is Thursday, April 3rd. This represents a yield of 0.9%. Tencent Music Entertainment Group's payout ratio is presently 28.81%.
Wall Street Analysts Forecast Growth
Several equities research analysts have recently issued reports on TME shares. Nomura Securities raised Tencent Music Entertainment Group to a "strong-buy" rating in a research report on Tuesday. Mizuho raised their price objective 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, March 19th. 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. Finally, Morgan Stanley restated an "overweight" rating on shares of Tencent Music Entertainment Group in a research note on Tuesday, March 18th. Two investment analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $15.00.
Read Our Latest Research Report on TME
Tencent Music Entertainment Group Company Profile
(
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.
See Also
Before you consider Tencent Music Entertainment Group, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Tencent Music Entertainment Group wasn't on the list.
While Tencent Music Entertainment Group currently has a Moderate Buy rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Which stocks are hedge funds and endowments buying in today's market? Enter your email address and we'll send you MarketBeat's list of thirteen stocks that institutional investors are buying now.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.
