Myriad Asset Management US LP Makes New $2.57 Million Investment in Tencent Music Entertainment Group (NYSE:TME)

Myriad Asset Management US LP purchased a new position in shares of Tencent Music Entertainment Group (NYSE:TME - Free Report) in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm purchased 178,618 shares of the company's stock, valued at approximately $2,574,000. Tencent Music Entertainment Group accounts for approximately 1.1% of Myriad Asset Management US LP's investment portfolio, making the stock its 14th largest position.

A number of other institutional investors have also made changes to their positions in TME. SBI Securities Co. Ltd. bought a new position in shares of Tencent Music Entertainment Group in the fourth quarter valued at about $110,000. Oppenheimer Asset Management Inc. bought a new stake in shares of Tencent Music Entertainment Group during the fourth quarter worth approximately $114,000. PNC Financial Services Group Inc. grew its position in shares of Tencent Music Entertainment Group by 10.9% in the fourth quarter. PNC Financial Services Group Inc. now owns 11,138 shares of the company's stock valued at $126,000 after purchasing an additional 1,094 shares during the last quarter. Unigestion Holding SA bought a new position in shares of Tencent Music Entertainment Group during the fourth quarter worth approximately $161,000. Finally, Diametric Capital LP acquired a new stake in Tencent Music Entertainment Group during the 4th quarter worth approximately $162,000. 24.32% of the stock is owned by institutional investors and hedge funds.

Tencent Music Entertainment Group Price Performance

TME traded up $0.09 during trading on Thursday, hitting $17.79. 2,914,136 shares of the stock traded hands, compared to its average volume of 8,165,675. The business has a 50 day moving average price of $14.55 and a 200 day moving average price of $13.01. The company has a debt-to-equity ratio of 0.09, a current ratio of 2.34 and a quick ratio of 2.34. Tencent Music Entertainment Group has a twelve month low of $9.41 and a twelve month high of $18.06. The company has a market cap of $30.53 billion, a price-to-earnings ratio of 32.94, a PEG 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 represents a yield of 0.9%. This is a boost from Tencent Music Entertainment Group's previous annual dividend of $0.12. The ex-dividend date of this dividend was Thursday, April 3rd. Tencent Music Entertainment Group's dividend payout ratio is currently 20.24%.

Analyst Ratings Changes

Several research analysts have weighed in on the company. Deutsche Bank Aktiengesellschaft upgraded Tencent Music Entertainment Group from a "hold" rating to a "buy" rating in a research report on Wednesday, March 26th. Nomura Securities raised shares of Tencent Music Entertainment Group to a "strong-buy" rating in a report on Tuesday, April 8th. Sanford C. Bernstein reiterated an "outperform" rating on shares of Tencent Music Entertainment Group in a research report on Wednesday, May 14th. Mizuho increased their price target on Tencent Music Entertainment Group from $16.00 to $17.00 and gave the stock an "outperform" rating in a research report on Wednesday, March 19th. Finally, Morgan Stanley reaffirmed an "overweight" rating on shares of Tencent Music Entertainment Group in a report on Tuesday, May 13th. Two research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $15.00.

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.