Wells Fargo & Company MN Buys 63,413 Shares of Tencent Music Entertainment Group (NYSE:TME)

Wells Fargo & Company MN raised its stake in Tencent Music Entertainment Group (NYSE:TME - Free Report) by 86.9% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 136,423 shares of the company's stock after acquiring an additional 63,413 shares during the period. Wells Fargo & Company MN's holdings in Tencent Music Entertainment Group were worth $1,548,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently added to or reduced their stakes in the company. Nordea Investment Management AB grew its holdings in Tencent Music Entertainment Group by 9.5% during the fourth quarter. Nordea Investment Management AB now owns 1,464,366 shares of the company's stock worth $16,738,000 after acquiring an additional 127,561 shares during the period. Oppenheimer Asset Management Inc. acquired a new stake in shares of Tencent Music Entertainment Group during the fourth quarter valued at $114,000. Principal Financial Group Inc. boosted its position in shares of Tencent Music Entertainment Group by 4.0% in the third quarter. Principal Financial Group Inc. now owns 5,478,297 shares of the company's stock worth $66,013,000 after acquiring an additional 211,873 shares during the last quarter. Asset Management One Co. Ltd. raised its holdings in shares of Tencent Music Entertainment Group by 2.2% in the 4th quarter. Asset Management One Co. Ltd. now owns 502,083 shares of the company's stock worth $5,884,000 after purchasing an additional 10,905 shares during the period. Finally, Geode Capital Management LLC grew its stake in Tencent Music Entertainment Group by 3.7% during the fourth quarter. Geode Capital Management LLC now owns 4,463,596 shares of the company's stock worth $50,323,000 after buying an additional 160,078 shares during the period. Institutional investors and hedge funds own 24.32% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts have 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. Mizuho upped 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. Nomura Securities raised shares of Tencent Music Entertainment Group to a "strong-buy" rating in a research note on Tuesday, April 8th. Finally, Morgan Stanley restated an "overweight" rating on shares of Tencent Music Entertainment Group in a report on Tuesday, March 18th. Two analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $15.00.

Tencent Music Entertainment Group Price Performance

Shares of TME traded up $0.13 during midday trading on Tuesday, reaching $13.57. The stock had a trading volume of 3,151,761 shares, compared to its average volume of 8,294,216. Tencent Music Entertainment Group has a 12-month low of $9.41 and a 12-month high of $15.77. 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 company's 50-day moving average is $13.17 and its 200 day moving average is $12.20. The company has a market capitalization of $23.29 billion, a price-to-earnings ratio of 25.13, a price-to-earnings-growth ratio of 0.77 and a beta of 0.50.

Tencent Music Entertainment Group Increases Dividend

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

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.