Royal London Asset Management Ltd. Makes New Investment in Tencent Music Entertainment Group (NYSE:TME)

Royal London Asset Management Ltd. purchased a new stake in Tencent Music Entertainment Group (NYSE:TME - Free Report) in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 653,400 shares of the company's stock, valued at approximately $7,416,000.

A number of other large investors have also added to or reduced their stakes in the stock. Wilmington Savings Fund Society FSB acquired a new position in Tencent Music Entertainment Group in the 3rd quarter valued at $64,000. Avior Wealth Management LLC raised its stake in Tencent Music Entertainment Group by 253.8% in the third quarter. Avior Wealth Management LLC now owns 5,675 shares of the company's stock valued at $68,000 after purchasing an additional 4,071 shares in the last quarter. SBI Securities Co. Ltd. bought a new stake in Tencent Music Entertainment Group during the fourth quarter worth about $110,000. Oppenheimer Asset Management Inc. acquired a new stake in Tencent Music Entertainment Group during the fourth quarter worth about $114,000. Finally, PNC Financial Services Group Inc. increased its holdings 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 valued at $126,000 after buying an additional 1,094 shares during the period. Institutional investors and hedge funds own 24.32% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on TME shares. Morgan Stanley reaffirmed an "overweight" rating on shares of Tencent Music Entertainment Group in a report on Tuesday, March 18th. Deutsche Bank Aktiengesellschaft upgraded Tencent Music Entertainment Group from a "hold" rating to a "buy" rating in a research note on Wednesday. Finally, Mizuho raised their target price 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. Two investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company's stock. According to data from MarketBeat, Tencent Music Entertainment Group has a consensus rating of "Moderate Buy" and a consensus price target of $15.00.

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Tencent Music Entertainment Group Price Performance

Shares of NYSE:TME traded up $0.33 during trading on Thursday, hitting $14.73. 7,490,394 shares of the company were exchanged, compared to its average volume of 8,056,971. 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 capitalization of $25.28 billion, a P/E ratio of 27.28, a price-to-earnings-growth ratio of 0.77 and a beta of 0.70. 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 business's 50 day moving average is $12.66 and its 200-day moving average is $11.90.

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 yield of 0.9%. The ex-dividend date is Thursday, April 3rd. This is a boost from Tencent Music Entertainment Group's previous annual dividend of $0.12. Tencent Music Entertainment Group's dividend payout ratio is presently 30.51%.

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.