NewEdge Advisors LLC Has $1.23 Million Stock Position in Tencent Music Entertainment Group (NYSE:TME)

NewEdge Advisors LLC grew its stake in Tencent Music Entertainment Group (NYSE:TME - Free Report) by 22.0% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 108,377 shares of the company's stock after acquiring an additional 19,553 shares during the period. NewEdge Advisors LLC's holdings in Tencent Music Entertainment Group were worth $1,230,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently modified their holdings of TME. Nordea Investment Management AB raised its stake in shares of Tencent Music Entertainment Group by 9.5% during the fourth quarter. Nordea Investment Management AB now owns 1,464,366 shares of the company's stock worth $16,738,000 after buying an additional 127,561 shares during the last quarter. Oppenheimer Asset Management Inc. bought a new stake in shares of Tencent Music Entertainment Group during the fourth quarter worth approximately $114,000. Principal Financial Group Inc. raised its stake 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 worth $66,013,000 after buying an additional 211,873 shares during the last quarter. Asset Management One Co. Ltd. raised its stake 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 buying an additional 10,905 shares during the last quarter. Finally, Geode Capital Management LLC raised its stake in shares of Tencent Music Entertainment Group by 3.7% during the fourth quarter. Geode Capital Management LLC now owns 4,463,596 shares of the company's stock worth $50,323,000 after buying an additional 160,078 shares during the last quarter. 24.32% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on TME shares. Nomura Securities upgraded shares of Tencent Music Entertainment Group to a "strong-buy" rating in a report on Tuesday, April 8th. Morgan Stanley restated an "overweight" rating on shares of Tencent Music Entertainment Group in a report on Tuesday, March 18th. 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. Finally, Mizuho boosted their price objective 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. Two analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Tencent Music Entertainment Group has a consensus rating of "Moderate Buy" and a consensus price target of $15.00.

Tencent Music Entertainment Group Stock Down 1.0 %

Shares of TME traded down $0.13 during midday trading on Wednesday, hitting $13.42. The stock had a trading volume of 2,983,187 shares, compared to its average volume of 8,276,126. The company has a 50 day simple moving average of $13.17 and a two-hundred day simple moving average of $12.22. Tencent Music Entertainment Group has a twelve month low of $9.41 and a twelve month high of $15.77. The firm has a market cap of $23.03 billion, a price-to-earnings ratio of 24.85, a price-to-earnings-growth ratio of 0.77 and a beta of 0.50. 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 Increases Dividend

The company also recently declared an annual dividend, which was paid on Thursday, April 24th. Shareholders of record on Thursday, April 3rd were paid a $0.18 dividend. This is an increase from Tencent Music Entertainment Group's previous annual dividend of $0.12. The ex-dividend date was Thursday, April 3rd. This represents a dividend yield of 0.9%. Tencent Music Entertainment Group's dividend payout ratio (DPR) is currently 28.81%.

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.