Balyasny Asset Management L.P. Boosts Stock Position in Tencent Music Entertainment Group (NYSE:TME)

Balyasny Asset Management L.P. lifted its stake in shares of Tencent Music Entertainment Group (NYSE:TME - Free Report) by 2,271.0% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,924,231 shares of the company's stock after buying an additional 1,843,075 shares during the quarter. Balyasny Asset Management L.P. owned approximately 0.11% of Tencent Music Entertainment Group worth $21,840,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also made changes to their positions in TME. Nordea Investment Management AB boosted its holdings in Tencent Music Entertainment Group by 9.5% in the fourth 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 during the period. Oppenheimer Asset Management Inc. acquired a new position in Tencent Music Entertainment Group in the fourth quarter worth $114,000. Principal Financial Group Inc. boosted its holdings in shares of Tencent Music Entertainment Group by 4.0% during the third quarter. Principal Financial Group Inc. now owns 5,478,297 shares of the company's stock valued at $66,013,000 after acquiring an additional 211,873 shares during the period. Asset Management One Co. Ltd. lifted its holdings in Tencent Music Entertainment Group by 2.2% in the fourth quarter. Asset Management One Co. Ltd. now owns 502,083 shares of the company's stock worth $5,884,000 after purchasing an additional 10,905 shares during the period. Finally, Geode Capital Management LLC increased its holdings in shares of 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 valued at $50,323,000 after purchasing an additional 160,078 shares during the period. Institutional investors and hedge funds own 24.32% of the company's stock.

Tencent Music Entertainment Group Stock Up 1.3%

NYSE TME traded up $0.19 on Tuesday, reaching $14.52. 5,476,477 shares of the stock traded hands, compared to its average volume of 8,220,188. The company has a debt-to-equity ratio of 0.09, a quick ratio of 2.34 and a current ratio of 2.34. The company has a fifty day moving average price of $13.39 and a 200-day moving average price of $12.35. The company has a market cap of $24.92 billion, a price-to-earnings ratio of 26.89, a PEG ratio of 0.77 and a beta of 0.46. Tencent Music Entertainment Group has a 12 month low of $9.41 and a 12 month high of $15.77.

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 given a dividend of $0.18 per share. This is a boost from Tencent Music Entertainment Group's previous annual dividend of $0.12. This represents a yield of 0.9%. The ex-dividend date was Thursday, April 3rd. Tencent Music Entertainment Group's dividend payout ratio (DPR) is currently 28.81%.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on TME shares. Morgan Stanley reiterated an "overweight" rating on shares of Tencent Music Entertainment Group in a report on Tuesday, March 18th. Nomura Securities upgraded shares of Tencent Music Entertainment Group to a "strong-buy" rating in a research note on Tuesday, April 8th. Mizuho raised their price objective 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. Finally, 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. Two 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's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target 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.