Resona Asset Management Co. Ltd. purchased a new position in shares of Tencent Music Entertainment Group (NYSE:TME - Free Report) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 180,225 shares of the company's stock, valued at approximately $2,055,000.
Several other institutional investors and hedge funds also recently modified their holdings of TME. State Street Corp lifted its holdings in Tencent Music Entertainment Group by 1.3% in the third quarter. State Street Corp now owns 12,821,488 shares of the company's stock worth $154,499,000 after purchasing an additional 166,225 shares during the period. MML Investors Services LLC bought a new stake in shares of Tencent Music Entertainment Group during the 3rd quarter worth about $170,000. Barclays PLC lifted its stake in shares of Tencent Music Entertainment Group by 5.8% in the 3rd quarter. Barclays PLC now owns 762,650 shares of the company's stock worth $9,189,000 after acquiring an additional 41,990 shares during the period. Geode Capital Management LLC boosted its holdings in shares of Tencent Music Entertainment Group by 2.2% in the third quarter. Geode Capital Management LLC now owns 4,303,518 shares of the company's stock valued at $51,405,000 after acquiring an additional 93,719 shares in the last quarter. Finally, Wilmington Savings Fund Society FSB bought a new position in shares of Tencent Music Entertainment Group in the third quarter valued at approximately $64,000. Institutional investors own 24.32% of the company's stock.
Tencent Music Entertainment Group Trading Up 1.5 %
Shares of NYSE:TME traded up $0.20 during midday trading on Tuesday, reaching $12.83. The company had a trading volume of 1,675,288 shares, compared to its average volume of 8,319,302. The company has a fifty day simple moving average of $13.20 and a two-hundred day simple moving average of $12.21. The company has a debt-to-equity ratio of 0.09, a quick ratio of 2.34 and a current ratio of 2.34. The firm has a market cap of $22.01 billion, a price-to-earnings ratio of 23.75, a price-to-earnings-growth ratio of 0.77 and a beta of 0.50. Tencent Music Entertainment Group has a 1-year low of $9.41 and a 1-year high of $15.77.
Tencent Music Entertainment Group Increases Dividend
The company 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 $0.18 dividend. This represents a dividend yield of 0.9%. 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. Tencent Music Entertainment Group's dividend payout ratio (DPR) is presently 28.81%.
Analyst Ratings Changes
A number of research firms have weighed in on TME. Nomura Securities upgraded Tencent Music Entertainment Group to a "strong-buy" rating in a research report on Tuesday, April 8th. Mizuho upped their price objective on Tencent Music Entertainment Group from $16.00 to $17.00 and gave the company an "outperform" rating in a report on Wednesday, March 19th. Deutsche Bank Aktiengesellschaft raised Tencent Music Entertainment Group from a "hold" rating to a "buy" rating in a report on Wednesday, March 26th. Finally, Morgan Stanley reissued an "overweight" rating on shares of Tencent Music Entertainment Group in a report on Tuesday, March 18th. Two investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $15.00.
Check Out 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.
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