Vanguard Group Inc. raised its position in shares of Tencent Music Entertainment Group (NYSE:TME - Free Report) by 1.1% in the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 29,588,812 shares of the company's stock after purchasing an additional 332,264 shares during the quarter. Vanguard Group Inc. owned 1.72% of Tencent Music Entertainment Group worth $335,833,000 at the end of the most recent quarter.
Other large investors have also bought and sold shares of the company. Wilmington Savings Fund Society FSB purchased a new position in Tencent Music Entertainment Group in the 3rd quarter worth approximately $64,000. SBI Securities Co. Ltd. purchased a new stake in shares of Tencent Music Entertainment Group during the fourth quarter valued at $110,000. Oppenheimer Asset Management Inc. bought a new stake in Tencent Music Entertainment Group in the 4th quarter worth about $114,000. PNC Financial Services Group Inc. raised its position 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 worth $126,000 after buying an additional 1,094 shares during the last quarter. Finally, MML Investors Services LLC bought a new position in Tencent Music Entertainment Group during the 3rd quarter valued at about $170,000. 24.32% of the stock is owned by hedge funds and other institutional investors.
Tencent Music Entertainment Group Stock Performance
TME stock traded down $0.79 during midday trading on Tuesday, reaching $11.96. 12,388,511 shares of the company's stock traded hands, compared to its average volume of 8,248,905. Tencent Music Entertainment Group has a 52-week low of $9.41 and a 52-week high of $15.77. The stock's 50-day moving average is $13.14 and its 200 day moving average is $12.18. The company has a current ratio of 2.34, a quick ratio of 2.34 and a debt-to-equity ratio of 0.09. The stock has a market cap of $20.53 billion, a P/E ratio of 22.15, a PEG ratio of 0.77 and a beta of 0.50.
Tencent Music Entertainment Group Increases Dividend
The business also recently announced an annual dividend, which will be paid on Thursday, April 24th. Investors of record on Thursday, April 3rd will be given a dividend of $0.18 per share. The ex-dividend date is Thursday, April 3rd. This is an increase from Tencent Music Entertainment Group's previous annual dividend of $0.12. This represents a yield of 0.9%. Tencent Music Entertainment Group's payout ratio is 28.81%.
Analysts Set New Price Targets
Several research analysts have recently weighed in on the stock. Deutsche Bank Aktiengesellschaft raised shares of Tencent Music Entertainment Group from a "hold" rating to a "buy" rating in a report on Wednesday, March 26th. Morgan Stanley reiterated an "overweight" rating on shares of Tencent Music Entertainment Group in a research note on Tuesday, March 18th. Finally, Mizuho increased their price target 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. According to data from MarketBeat.com, Tencent Music Entertainment Group presently has an average rating of "Moderate Buy" and a consensus price target of $15.00.
Read Our Latest Research Report on Tencent Music Entertainment Group
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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