NewEdge Advisors LLC Buys 19,553 Shares of Tencent Music Entertainment Group (NYSE:TME)

NewEdge Advisors LLC lifted its position in shares of Tencent Music Entertainment Group (NYSE:TME - Free Report) by 22.0% in the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 108,377 shares of the company's stock after buying an additional 19,553 shares during the quarter. NewEdge Advisors LLC's holdings in Tencent Music Entertainment Group were worth $1,230,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Schroder Investment Management Group raised its stake in Tencent Music Entertainment Group by 6.7% in the 4th quarter. Schroder Investment Management Group now owns 63,064,552 shares of the company's stock worth $715,783,000 after purchasing an additional 3,987,116 shares in the last quarter. Vanguard Group Inc. increased its holdings in shares of Tencent Music Entertainment Group by 1.1% during the fourth quarter. Vanguard Group Inc. now owns 29,588,812 shares of the company's stock worth $335,833,000 after purchasing an additional 332,264 shares during the period. Cantillon Capital Management LLC raised its position in shares of Tencent Music Entertainment Group by 18.3% in the fourth quarter. Cantillon Capital Management LLC now owns 21,840,815 shares of the company's stock valued at $247,893,000 after buying an additional 3,384,230 shares in the last quarter. Krane Funds Advisors LLC boosted its stake in shares of Tencent Music Entertainment Group by 21.8% in the fourth quarter. Krane Funds Advisors LLC now owns 19,855,951 shares of the company's stock valued at $225,365,000 after buying an additional 3,560,452 shares during the period. Finally, JPMorgan Chase & Co. grew its position in Tencent Music Entertainment Group by 558.2% during the fourth quarter. JPMorgan Chase & Co. now owns 11,773,523 shares of the company's stock worth $133,629,000 after buying an additional 9,984,690 shares in the last quarter. Institutional investors own 24.32% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on TME. Deutsche Bank Aktiengesellschaft raised Tencent Music Entertainment Group from a "hold" rating to a "buy" rating in a report on Wednesday, March 26th. Nomura Securities raised Tencent Music Entertainment Group to a "strong-buy" rating in a research note on Tuesday, April 8th. Mizuho increased 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 research note on Wednesday, March 19th. 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 issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Tencent Music Entertainment Group has an average rating of "Moderate Buy" and a consensus target price of $15.00.

Tencent Music Entertainment Group Stock Performance

Shares of Tencent Music Entertainment Group stock traded up $0.10 on Monday, reaching $13.46. 2,323,390 shares of the company traded hands, compared to its average volume of 8,303,153. The firm has a market capitalization of $23.10 billion, a PE ratio of 24.93, a PEG ratio of 0.77 and a beta of 0.50. The company has a 50 day moving average of $13.17 and a 200 day moving average of $12.20. 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 52 week low of $9.41 and a 52 week high of $15.77.

Tencent Music Entertainment Group Increases Dividend

The firm also recently declared an annual dividend, which was paid on Thursday, April 24th. Stockholders of record on Thursday, April 3rd were given a $0.18 dividend. The ex-dividend date was Thursday, April 3rd. This represents a dividend yield of 0.9%. This is a positive change from Tencent Music Entertainment Group's previous annual dividend of $0.12. Tencent Music Entertainment Group's payout ratio is 28.81%.

About Tencent Music Entertainment Group

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.