Toronto Dominion Bank Invests $286,000 in Tencent Music Entertainment Group (NYSE:TME)

Toronto Dominion Bank bought a new position in Tencent Music Entertainment Group (NYSE:TME - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 25,187 shares of the company's stock, valued at approximately $286,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of TME. Ethic Inc. bought a new position in Tencent Music Entertainment Group during the fourth quarter valued at about $192,000. Oppenheimer Asset Management Inc. purchased a new position in Tencent Music Entertainment Group in the fourth quarter valued at about $114,000. Asset Management One Co. Ltd. grew its position in shares of Tencent Music Entertainment Group by 2.2% during the 4th quarter. Asset Management One Co. Ltd. now owns 502,083 shares of the company's stock valued at $5,884,000 after acquiring an additional 10,905 shares during the period. Geode Capital Management LLC grew its position in shares of Tencent Music Entertainment Group by 3.7% during the 4th quarter. Geode Capital Management LLC now owns 4,463,596 shares of the company's stock valued at $50,323,000 after acquiring an additional 160,078 shares during the period. Finally, Vontobel Holding Ltd. purchased a new stake in shares of Tencent Music Entertainment Group during the 4th quarter worth approximately $375,000. Hedge funds and other institutional investors own 24.32% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the company. Deutsche Bank Aktiengesellschaft upgraded Tencent Music Entertainment Group from a "hold" rating to a "buy" rating in a research note on Wednesday, March 26th. Sanford C. Bernstein restated an "outperform" rating on shares of Tencent Music Entertainment Group in a research note on Wednesday, May 14th. Morgan Stanley reiterated an "overweight" rating on shares of Tencent Music Entertainment Group in a research note on Tuesday, May 13th. Nomura Securities upgraded Tencent Music Entertainment Group to a "strong-buy" rating in a research note on Tuesday, April 8th. Finally, 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. Two research 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. Based on data from MarketBeat, Tencent Music Entertainment Group has a consensus rating of "Moderate Buy" and an average target price of $15.00.

Tencent Music Entertainment Group Stock Performance

Shares of NYSE:TME traded down $0.41 during midday trading on Thursday, reaching $17.47. 3,888,724 shares of the company traded hands, compared to its average volume of 8,207,526. Tencent Music Entertainment Group has a 12 month low of $9.41 and a 12 month high of $18.21. The firm's fifty day moving average price is $14.26 and its two-hundred day moving average price is $12.79. The company has a quick ratio of 2.34, a current ratio of 2.34 and a debt-to-equity ratio of 0.09. The firm has a market capitalization of $29.97 billion, a price-to-earnings ratio of 32.32, a price-to-earnings-growth ratio of 0.77 and a beta of 0.46.

Tencent Music Entertainment Group Increases Dividend

The company also recently disclosed an annual dividend, which was paid on Thursday, April 24th. Stockholders of record on Thursday, April 3rd were given a $0.18 dividend. This is a positive change from Tencent Music Entertainment Group's previous annual dividend of $0.12. This represents a dividend yield of 0.9%. The ex-dividend date was Thursday, April 3rd. Tencent Music Entertainment Group's dividend payout ratio (DPR) is 20.24%.

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.