Union Bancaire Privee UBP SA Boosts Stock Position in Tencent Music Entertainment Group (NYSE:TME)

Union Bancaire Privee UBP SA increased its position in shares of Tencent Music Entertainment Group (NYSE:TME - Free Report) by 448.0% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 184,390 shares of the company's stock after purchasing an additional 150,740 shares during the period. Union Bancaire Privee UBP SA's holdings in Tencent Music Entertainment Group were worth $2,526,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in TME. Handelsbanken Fonder AB lifted its stake in Tencent Music Entertainment Group by 7.3% in the first quarter. Handelsbanken Fonder AB now owns 207,082 shares of the company's stock worth $2,984,000 after purchasing an additional 14,152 shares during the last quarter. Myriad Asset Management US LP purchased a new stake in shares of Tencent Music Entertainment Group in the first quarter worth approximately $2,574,000. First Hawaiian Bank purchased a new stake in shares of Tencent Music Entertainment Group in the first quarter worth approximately $1,292,000. Toronto Dominion Bank bought a new stake in shares of Tencent Music Entertainment Group during the 4th quarter worth approximately $286,000. Finally, GF Fund Management CO. LTD. bought a new stake in shares of Tencent Music Entertainment Group during the 4th quarter worth approximately $11,411,000. 24.32% of the stock is currently owned by institutional investors.

Tencent Music Entertainment Group Stock Down 2.0%

Shares of TME traded down $0.37 during midday trading on Friday, reaching $18.45. 10,372,448 shares of the stock were exchanged, compared to its average volume of 8,202,391. The company has a market capitalization of $31.67 billion, a P/E ratio of 34.17, a PEG ratio of 0.77 and a beta of 0.51. 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 has a 52 week low of $9.41 and a 52 week high of $19.40. The company's 50 day moving average is $15.09 and its two-hundred day moving average is $13.30.

Tencent Music Entertainment Group Increases Dividend

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

Analysts Set New Price Targets

Several brokerages have commented on TME. Mizuho upped their price objective on Tencent Music Entertainment Group from $16.00 to $17.00 and gave the company an "outperform" rating in a research report on Wednesday, March 19th. 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. Nomura Securities raised shares of Tencent Music Entertainment Group to a "strong-buy" rating in a research note on Tuesday, April 8th. Sanford C. Bernstein reiterated an "outperform" rating on shares of Tencent Music Entertainment Group in a report on Wednesday, May 14th. Finally, Morgan Stanley restated 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 given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company presently has an average 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.