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Ethic Inc. acquired a new position in Tencent Music Entertainment Group (NYSE:TME – Free Report) during the fourth quarter, HoldingsChannel.com reports. The fund acquired 16,913 shares of the company’s stock, valued at approximately $192,000.
A number of other institutional investors have also made changes to their positions in the business. Schroder Investment Management Group raised its position in Tencent Music Entertainment Group by 6.7% during the fourth quarter. Schroder Investment Management Group now owns 63,064,552 shares of the company’s stock worth $715,783,000 after acquiring an additional 3,987,116 shares in the last quarter. Vanguard Group Inc. raised its position in 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 acquiring an additional 332,264 shares in the last quarter. Cantillon Capital Management LLC raised its position in Tencent Music Entertainment Group by 18.3% during the fourth quarter. Cantillon Capital Management LLC now owns 21,840,815 shares of the company’s stock worth $247,893,000 after acquiring an additional 3,384,230 shares in the last quarter. Krane Funds Advisors LLC raised its position in Tencent Music Entertainment Group by 21.8% during the fourth quarter. Krane Funds Advisors LLC now owns 19,855,951 shares of the company’s stock worth $225,365,000 after acquiring an additional 3,560,452 shares in the last quarter. Finally, JPMorgan Chase & Co. raised 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 acquiring an additional 9,984,690 shares in the last quarter. Institutional investors own 24.32% of the company’s stock.
Analysts Set New Price Targets
Several research firms have commented on TME. Sanford C. Bernstein reiterated an “outperform” rating on shares of Tencent Music Entertainment Group in a report on Wednesday. Nomura Securities upgraded shares of Tencent Music Entertainment Group to a “strong-buy” rating in a report on Tuesday, April 8th. Mizuho upped their price objective on shares of 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 report on Tuesday, May 13th. Finally, Deutsche Bank Aktiengesellschaft upgraded shares of Tencent Music Entertainment Group from a “hold” rating to a “buy” rating in a report on Wednesday, March 26th. Two analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Tencent Music Entertainment Group has an average rating of “Moderate Buy” and a consensus price target of $15.00.
Check Out Our Latest Report on TME
Tencent Music Entertainment Group Trading Up 1.8%
TME stock opened at $16.65 on Monday. The company has a debt-to-equity ratio of 0.09, a quick ratio of 2.34 and a current ratio of 2.34. The company’s 50-day simple moving average is $13.65 and its 200 day simple moving average is $12.48. Tencent Music Entertainment Group has a 52 week low of $9.41 and a 52 week high of $17.05. The company has a market capitalization of $28.58 billion, a PE ratio of 30.84, a price-to-earnings-growth ratio of 0.77 and a beta of 0.46.
Tencent Music Entertainment Group Increases Dividend
The firm 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 is an increase from Tencent Music Entertainment Group’s previous annual dividend of $0.12. This represents a dividend yield of 0.9%. Tencent Music Entertainment Group’s dividend payout ratio is 20.24%.
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.
Further Reading
Want to see what other hedge funds are holding TME? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Tencent Music Entertainment Group (NYSE:TME – Free Report).
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