Wells Fargo & Company MN Grows Holdings in Tencent Music Entertainment Group (NYSE:TME)

Wells Fargo & Company MN increased its holdings in Tencent Music Entertainment Group (NYSE:TME - Free Report) by 86.9% during the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 136,423 shares of the company's stock after buying an additional 63,413 shares during the period. Wells Fargo & Company MN's holdings in Tencent Music Entertainment Group were worth $1,548,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of TME. Wilmington Savings Fund Society FSB bought a new stake in Tencent Music Entertainment Group in the third quarter worth $64,000. SBI Securities Co. Ltd. purchased a new stake in shares of Tencent Music Entertainment Group in the 4th quarter worth about $110,000. Oppenheimer Asset Management Inc. bought a new stake in Tencent Music Entertainment Group during the 4th quarter valued at approximately $114,000. PNC Financial Services Group Inc. grew its stake in Tencent Music Entertainment Group by 10.9% in the fourth quarter. PNC Financial Services Group Inc. now owns 11,138 shares of the company's stock worth $126,000 after purchasing an additional 1,094 shares during the period. Finally, Diametric Capital LP bought a new position in shares of Tencent Music Entertainment Group in the 4th quarter worth about $162,000. Hedge funds and other institutional investors own 24.32% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on TME. Mizuho increased their target price on 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. Nomura Securities upgraded shares of Tencent Music Entertainment Group to a "strong-buy" rating in a research report on Tuesday, April 8th. Morgan Stanley restated an "overweight" rating on shares of Tencent Music Entertainment Group in a research note on Tuesday, March 18th. Finally, Deutsche Bank Aktiengesellschaft raised shares of Tencent Music Entertainment Group from a "hold" rating to a "buy" rating in a report on Wednesday, March 26th. Two investment 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 currently has an average rating of "Moderate Buy" and an average price target of $15.00.

Tencent Music Entertainment Group Price Performance

Shares of TME traded up $0.75 during trading hours on Friday, reaching $14.12. 936,425 shares of the stock traded hands, compared to its average volume of 8,237,530. The company has a current ratio of 2.34, a quick ratio of 2.34 and a debt-to-equity ratio of 0.09. The company's 50-day moving average price is $13.18 and its two-hundred day moving average price is $12.22. The company has a market cap of $24.22 billion, a P/E ratio of 26.18, a price-to-earnings-growth ratio of 0.77 and a beta of 0.50. 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 company also recently declared an annual dividend, which was paid on Thursday, April 24th. Investors of record on Thursday, April 3rd were paid a dividend of $0.18 per share. 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. This represents a yield of 0.9%. Tencent Music Entertainment Group's dividend payout ratio is presently 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.