64,445 Shares in Tencent Music Entertainment Group (NYSE:TME) Acquired by Raymond James Financial Inc.

Raymond James Financial Inc. bought a new stake in Tencent Music Entertainment Group (NYSE:TME - Free Report) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 64,445 shares of the company's stock, valued at approximately $731,000.

Several other institutional investors and hedge funds have also bought and sold shares of TME. Nordea Investment Management AB increased its stake in shares of Tencent Music Entertainment Group by 9.5% in the 4th quarter. Nordea Investment Management AB now owns 1,464,366 shares of the company's stock worth $16,738,000 after purchasing an additional 127,561 shares in the last quarter. Oppenheimer Asset Management Inc. bought a new position in shares of Tencent Music Entertainment Group in the fourth quarter worth about $114,000. Principal Financial Group Inc. lifted its position in shares of Tencent Music Entertainment Group by 4.0% during the 3rd quarter. Principal Financial Group Inc. now owns 5,478,297 shares of the company's stock valued at $66,013,000 after buying an additional 211,873 shares in the last quarter. Asset Management One Co. Ltd. grew its stake in shares of Tencent Music Entertainment Group by 2.2% during the 4th quarter. Asset Management One Co. Ltd. now owns 502,083 shares of the company's stock valued at $5,884,000 after acquiring an additional 10,905 shares during the period. Finally, Geode Capital Management LLC increased its holdings in Tencent Music Entertainment Group by 3.7% in the 4th quarter. Geode Capital Management LLC now owns 4,463,596 shares of the company's stock worth $50,323,000 after acquiring an additional 160,078 shares in the last quarter. 24.32% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on TME shares. Morgan Stanley reaffirmed an "overweight" rating on shares of Tencent Music Entertainment Group in a research note on Tuesday, March 18th. 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 upgraded shares of Tencent Music Entertainment Group from a "hold" rating to a "buy" rating in a research note on Wednesday, March 26th. Finally, Mizuho lifted their target price on Tencent Music Entertainment Group from $16.00 to $17.00 and gave the stock an "outperform" rating in a report on Wednesday, March 19th. Two 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's stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $15.00.

Tencent Music Entertainment Group Trading Down 0.9 %

NYSE TME traded down $0.13 on Friday, hitting $14.08. 5,841,019 shares of the stock were exchanged, compared to its average volume of 8,224,207. The stock has a fifty day moving average price of $13.38 and a two-hundred day moving average price of $12.32. The firm has a market capitalization of $24.16 billion, a P/E ratio of 26.07, a P/E/G ratio of 0.77 and a beta of 0.46. The company has a debt-to-equity ratio of 0.09, a quick ratio of 2.34 and a current ratio of 2.34. Tencent Music Entertainment Group has a 52-week low of $9.41 and a 52-week high of $15.77.

Tencent Music Entertainment Group Increases Dividend

The firm also recently announced 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%. The ex-dividend date was Thursday, April 3rd. This is a positive change from Tencent Music Entertainment Group's previous annual dividend of $0.12. Tencent Music Entertainment Group's payout ratio is 28.81%.

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.