GF Fund Management CO. LTD. Buys New Holdings in Tencent Music Entertainment Group (NYSE:TME)

GF Fund Management CO. LTD. bought a new position in shares of Tencent Music Entertainment Group (NYSE:TME - Free Report) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 1,005,394 shares of the company's stock, valued at approximately $11,411,000. GF Fund Management CO. LTD. owned approximately 0.06% of Tencent Music Entertainment Group as of its most recent SEC filing.

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

Analysts Set New Price Targets

TME has been the subject of a number of analyst reports. Morgan Stanley reissued an "overweight" rating on shares of Tencent Music Entertainment Group in a report on Tuesday, May 13th. Nomura Securities raised shares of Tencent Music Entertainment Group to a "strong-buy" rating in a research note on Tuesday, April 8th. Deutsche Bank Aktiengesellschaft raised shares of Tencent Music Entertainment Group from a "hold" rating to a "buy" rating in a research note on Wednesday, March 26th. Mizuho increased their target price on shares of Tencent Music Entertainment Group from $16.00 to $17.00 and gave the stock an "outperform" rating in a research note on Wednesday, March 19th. Finally, Sanford C. Bernstein reaffirmed an "outperform" rating on shares of Tencent Music Entertainment Group in a research note on Wednesday, May 14th. Two research 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 MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $15.00.

Tencent Music Entertainment Group Stock Up 2.1%

Shares of TME traded up $0.37 during mid-day trading on Tuesday, hitting $17.89. 9,853,567 shares of the company's stock were exchanged, compared to its average volume of 8,231,502. The company has a market cap of $30.70 billion, a price-to-earnings ratio of 33.13, a P/E/G ratio of 0.77 and a beta of 0.46. Tencent Music Entertainment Group has a fifty-two week low of $9.41 and a fifty-two week high of $18.06. 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 stock's 50-day moving average is $14.11 and its 200-day moving average is $12.72.

Tencent Music Entertainment Group Increases Dividend

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

Tencent Music Entertainment Group Company 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.