Tencent Music Entertainment Group (NYSE:TME) Shares Bought by Commonwealth of Pennsylvania Public School Empls Retrmt SYS

Commonwealth of Pennsylvania Public School Empls Retrmt SYS increased its position in shares of Tencent Music Entertainment Group (NYSE:TME - Free Report) by 3.1% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 901,402 shares of the company's stock after acquiring an additional 27,500 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS owned about 0.05% of Tencent Music Entertainment Group worth $10,231,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Wilmington Savings Fund Society FSB purchased a new stake in Tencent Music Entertainment Group during the third quarter worth about $64,000. Avior Wealth Management LLC grew its holdings in shares of 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. purchased a new stake in Tencent Music Entertainment Group during the 4th quarter worth approximately $110,000. Oppenheimer Asset Management Inc. purchased a new position in Tencent Music Entertainment Group in the 4th quarter valued at approximately $114,000. Finally, PNC Financial Services Group Inc. grew its stake in shares of Tencent Music Entertainment Group by 10.9% in the fourth quarter. PNC Financial Services Group Inc. now owns 11,138 shares of the company's stock worth $126,000 after acquiring an additional 1,094 shares in the last quarter. 24.32% of the stock is currently owned by hedge funds and other institutional investors.

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Tencent Music Entertainment Group Stock Up 1.1 %

Shares of TME traded up $0.16 during mid-day trading on Wednesday, reaching $14.41. The company's stock had a trading volume of 4,463,806 shares, compared to its average volume of 8,052,569. The company has a debt-to-equity ratio of 0.09, a current ratio of 2.34 and a quick ratio of 2.34. Tencent Music Entertainment Group has a 12-month low of $9.41 and a 12-month high of $15.77. The stock has a market cap of $24.72 billion, a PE ratio of 26.68, a price-to-earnings-growth ratio of 0.77 and a beta of 0.70. The company's 50 day moving average is $12.58 and its 200 day moving average is $11.89.

Tencent Music Entertainment Group Increases Dividend

The business also recently disclosed an annual dividend, which will be paid on Thursday, April 24th. Stockholders of record on Thursday, April 3rd will be given a dividend of $0.18 per share. This represents a dividend yield of 0.9%. The ex-dividend date is Thursday, April 3rd. 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 30.51%.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on TME shares. Mizuho lifted 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. Morgan Stanley reiterated an "overweight" rating on shares of Tencent Music Entertainment Group in a research note on Tuesday, March 18th. Finally, Deutsche Bank Aktiengesellschaft raised Tencent Music Entertainment Group from a "hold" rating to a "buy" rating in a research report on Wednesday. Two investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company's stock. Based on data from MarketBeat.com, Tencent Music Entertainment Group currently has an average rating of "Moderate Buy" and an average target price 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.