Tencent Music Entertainment Group (NYSE:TME) Shares Purchased by Prudential PLC

Prudential PLC grew its holdings in Tencent Music Entertainment Group (NYSE:TME - Free Report) by 14.6% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 515,551 shares of the company's stock after buying an additional 65,682 shares during the quarter. Prudential PLC's holdings in Tencent Music Entertainment Group were worth $5,852,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in the business. Geode Capital Management LLC grew its position in shares of Tencent Music Entertainment Group by 3.7% in the fourth quarter. Geode Capital Management LLC now owns 4,463,596 shares of the company's stock valued at $50,323,000 after purchasing an additional 160,078 shares during the period. Diametric Capital LP purchased a new position in Tencent Music Entertainment Group in the 4th quarter valued at about $162,000. B. Metzler seel. Sohn & Co. AG boosted its holdings in Tencent Music Entertainment Group by 15.8% in the 4th quarter. B. Metzler seel. Sohn & Co. AG now owns 218,197 shares of the company's stock worth $2,477,000 after buying an additional 29,821 shares during the last quarter. Mawer Investment Management Ltd. increased its stake in Tencent Music Entertainment Group by 152.2% during the 4th quarter. Mawer Investment Management Ltd. now owns 11,467,410 shares of the company's stock worth $130,155,000 after buying an additional 6,919,574 shares in the last quarter. Finally, Schroder Investment Management Group raised its holdings 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 acquiring an additional 3,987,116 shares during the last quarter. 24.32% of the stock is owned by institutional investors and hedge funds.

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Tencent Music Entertainment Group Trading Down 2.2 %

TME traded down $0.28 during mid-day trading on Friday, hitting $12.22. 18,367,906 shares of the stock were exchanged, compared to its average volume of 8,343,069. The firm's fifty day moving average is $13.18 and its two-hundred day moving average is $12.21. 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 $20.96 billion, a PE ratio of 22.62, a PEG 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 firm also recently disclosed an annual dividend, which will be paid on Thursday, April 24th. Investors of record on Thursday, April 3rd will be issued a $0.18 dividend. The ex-dividend date is Thursday, April 3rd. This represents a dividend yield of 0.9%. This is a boost from Tencent Music Entertainment Group's previous annual dividend of $0.12. Tencent Music Entertainment Group's payout ratio is 28.81%.

Analyst Ratings Changes

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