Tencent Music Entertainment Group (NYSE:TME) Stock Holdings Increased by Handelsbanken Fonder AB

Handelsbanken Fonder AB lifted its position in shares of Tencent Music Entertainment Group (NYSE:TME - Free Report) by 7.3% during the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 207,082 shares of the company's stock after buying an additional 14,152 shares during the period. Handelsbanken Fonder AB's holdings in Tencent Music Entertainment Group were worth $2,984,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. PNC Financial Services Group Inc. raised its stake in Tencent Music Entertainment Group by 10.9% during the fourth quarter. PNC Financial Services Group Inc. now owns 11,138 shares of the company's stock worth $126,000 after purchasing an additional 1,094 shares during the period. BNP Paribas raised its stake in Tencent Music Entertainment Group by 2.0% during the fourth quarter. BNP Paribas now owns 58,066 shares of the company's stock worth $659,000 after purchasing an additional 1,131 shares during the period. Corient Private Wealth LLC raised its stake in Tencent Music Entertainment Group by 4.2% during the fourth quarter. Corient Private Wealth LLC now owns 33,708 shares of the company's stock worth $383,000 after purchasing an additional 1,370 shares during the period. Quadrant Capital Group LLC raised its stake in Tencent Music Entertainment Group by 5.7% during the fourth quarter. Quadrant Capital Group LLC now owns 36,604 shares of the company's stock worth $415,000 after purchasing an additional 1,981 shares during the period. Finally, Gabelli Funds LLC raised its stake in Tencent Music Entertainment Group by 2.1% during the fourth quarter. Gabelli Funds LLC now owns 145,000 shares of the company's stock worth $1,646,000 after purchasing an additional 3,000 shares during the period. Hedge funds and other institutional investors own 24.32% of the company's stock.

Tencent Music Entertainment Group Stock Performance

NYSE:TME traded down $0.37 during mid-day trading on Friday, hitting $18.45. The stock had a trading volume of 10,372,448 shares, compared to its average volume of 8,171,638. Tencent Music Entertainment Group has a 52 week low of $9.41 and a 52 week high of $19.40. The stock has a market capitalization of $31.67 billion, a price-to-earnings ratio of 34.17, a P/E/G ratio of 0.77 and a beta of 0.51. The company has a 50 day simple moving average of $15.22 and a 200-day simple moving average of $13.36. The company has a current ratio of 2.34, a quick ratio of 2.34 and a debt-to-equity ratio of 0.09.

Tencent Music Entertainment Group Increases Dividend

The business also recently declared an annual dividend, which was paid on Thursday, April 24th. Shareholders of record on Thursday, April 3rd were given a dividend of $0.18 per share. This represents a dividend yield of 0.9%. This is an increase from Tencent Music Entertainment Group's previous annual dividend of $0.12. The ex-dividend date was Thursday, April 3rd. Tencent Music Entertainment Group's payout ratio is 20.24%.

Analysts Set New Price Targets

TME has been the topic of a number of recent analyst reports. Mizuho increased their price target 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. Morgan Stanley reissued an "overweight" rating on shares of Tencent Music Entertainment Group in a research note on Tuesday, May 13th. Nomura Securities raised shares of Tencent Music Entertainment Group to a "strong-buy" rating in a report on Tuesday, April 8th. Sanford C. Bernstein reissued an "outperform" rating on shares of Tencent Music Entertainment Group in a report on Wednesday, May 14th. Finally, Deutsche Bank Aktiengesellschaft upgraded shares of Tencent Music Entertainment Group from a "hold" rating to a "buy" rating in a research report on Wednesday, March 26th. Two research analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Tencent Music Entertainment Group currently has a consensus rating of "Moderate Buy" and a consensus target price of $15.00.

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.