Toronto Dominion Bank purchased a new stake in Tencent Music Entertainment Group (NYSE:TME - Free Report) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 25,187 shares of the company's stock, valued at approximately $286,000.
Several other institutional investors and hedge funds have also recently bought and sold shares of TME. Ethic Inc. acquired a new position in shares of Tencent Music Entertainment Group during the fourth quarter worth approximately $192,000. Oppenheimer Asset Management Inc. acquired a new stake in Tencent Music Entertainment Group in the 4th quarter valued at about $114,000. Asset Management One Co. Ltd. raised its position in shares of Tencent Music Entertainment Group by 2.2% during the fourth quarter. Asset Management One Co. Ltd. now owns 502,083 shares of the company's stock worth $5,884,000 after acquiring an additional 10,905 shares during the last quarter. Geode Capital Management LLC increased its position in 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 worth $50,323,000 after purchasing an additional 160,078 shares during the period. Finally, Vontobel Holding Ltd. bought a new position in shares of Tencent Music Entertainment Group in the 4th quarter valued at about $375,000. Institutional investors and hedge funds own 24.32% of the company's stock.
Tencent Music Entertainment Group Stock Performance
Shares of TME stock traded up $0.02 on Tuesday, reaching $17.38. The stock had a trading volume of 3,607,624 shares, compared to its average volume of 8,205,210. Tencent Music Entertainment Group has a 12 month low of $9.41 and a 12 month high of $18.06. The firm has a market capitalization of $29.82 billion, a price-to-earnings ratio of 32.18, a P/E/G ratio of 0.77 and a beta of 0.46. The firm's 50-day moving average is $14.43 and its two-hundred day moving average is $12.95. The company has a quick ratio of 2.34, a current 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. Investors of record on Thursday, April 3rd were paid a $0.18 dividend. This is a boost from Tencent Music Entertainment Group's previous annual dividend of $0.12. This represents a dividend yield of 0.9%. The ex-dividend date of this dividend was Thursday, April 3rd. Tencent Music Entertainment Group's payout ratio is 20.24%.
Analyst Upgrades and Downgrades
Several analysts have commented on TME shares. Nomura Securities raised Tencent Music Entertainment Group to a "strong-buy" rating in a research note on Tuesday, April 8th. Deutsche Bank Aktiengesellschaft upgraded shares of Tencent Music Entertainment Group from a "hold" rating to a "buy" rating in a report on Wednesday, March 26th. Mizuho boosted their price target 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. Sanford C. Bernstein reaffirmed an "outperform" rating on shares of Tencent Music Entertainment Group in a research note on Wednesday, May 14th. Finally, Morgan Stanley reissued an "overweight" rating on shares of Tencent Music Entertainment Group in a research note on Tuesday, May 13th. 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. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $15.00.
View Our Latest Report on TME
About Tencent Music Entertainment Group
(
Free Report)
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.
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