First Hawaiian Bank Acquires New Holdings in Tencent Music Entertainment Group (NYSE:TME)

First Hawaiian Bank purchased a new position in Tencent Music Entertainment Group (NYSE:TME - Free Report) in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm purchased 89,689 shares of the company's stock, valued at approximately $1,292,000.

Several other institutional investors also recently modified their holdings of TME. JPMorgan Chase & Co. increased its stake in shares of Tencent Music Entertainment Group by 558.2% in the 4th 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. Artisan Partners Limited Partnership bought a new position in shares of Tencent Music Entertainment Group in the 4th quarter worth about $113,031,000. Norges Bank bought a new position in shares of Tencent Music Entertainment Group in the 4th quarter worth about $99,539,000. Mawer Investment Management Ltd. increased its stake in shares of Tencent Music Entertainment Group by 152.2% in the 4th quarter. Mawer Investment Management Ltd. now owns 11,467,410 shares of the company's stock worth $130,155,000 after acquiring an additional 6,919,574 shares in the last quarter. Finally, Schroder Investment Management Group increased its stake in shares of 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 acquiring an additional 3,987,116 shares in the last quarter. 24.32% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

TME has been the subject of several research reports. Sanford C. Bernstein reiterated an "outperform" rating on shares of Tencent Music Entertainment Group in a research note on Wednesday, May 14th. Mizuho raised 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 research note on Wednesday, March 19th. Deutsche Bank Aktiengesellschaft upgraded shares of Tencent Music Entertainment Group from a "hold" rating to a "buy" rating in a research note on Wednesday, March 26th. Nomura Securities upgraded 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 research note on Tuesday, May 13th. Two equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $15.00.

Tencent Music Entertainment Group Stock Performance

Shares of NYSE TME traded up $0.54 during trading on Monday, reaching $17.38. 5,565,048 shares of the company traded hands, compared to its average volume of 8,223,581. 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 50 day simple moving average of $14.37 and a 200-day simple moving average of $12.90. Tencent Music Entertainment Group has a 52-week low of $9.41 and a 52-week high of $18.06. The stock has a market capitalization of $29.82 billion, a PE ratio of 32.18, a P/E/G ratio of 0.77 and a beta of 0.46.

Tencent Music Entertainment Group Increases Dividend

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