Wells Fargo & Company MN Purchases 63,413 Shares of Tencent Music Entertainment Group (NYSE:TME)

Wells Fargo & Company MN boosted its holdings in shares of Tencent Music Entertainment Group (NYSE:TME - Free Report) by 86.9% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (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 bought and sold shares of the business. Resona Asset Management Co. Ltd. bought a new position in shares of Tencent Music Entertainment Group during the 4th quarter worth approximately $2,055,000. Prudential PLC lifted its holdings in shares of Tencent Music Entertainment Group by 14.6% during the fourth quarter. Prudential PLC now owns 515,551 shares of the company's stock valued at $5,852,000 after acquiring an additional 65,682 shares during the period. Geode Capital Management LLC grew 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 worth $50,323,000 after purchasing an additional 160,078 shares during the last quarter. Diametric Capital LP acquired a new stake in shares of Tencent Music Entertainment Group during the 4th quarter worth about $162,000. Finally, B. Metzler seel. Sohn & Co. AG increased its position in shares of Tencent Music Entertainment Group by 15.8% during the 4th quarter. B. Metzler seel. Sohn & Co. AG now owns 218,197 shares of the company's stock worth $2,477,000 after purchasing an additional 29,821 shares in the last quarter. Institutional investors own 24.32% of the company's stock.

Tencent Music Entertainment Group Trading Down 1.0 %

TME traded down $0.13 during trading on Wednesday, reaching $13.42. 2,983,182 shares of the company's stock were exchanged, compared to its average volume of 8,198,857. The company's fifty day moving average price is $13.19 and its 200-day moving average price is $12.21. The firm has a market capitalization of $23.03 billion, a PE ratio of 24.85, a P/E/G ratio of 0.77 and a beta of 0.50. Tencent Music Entertainment Group has a fifty-two week low of $9.41 and a fifty-two week high of $15.77. 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 Increases Dividend

The business also recently disclosed 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 of this dividend was Thursday, April 3rd. This is a boost from Tencent Music Entertainment Group's previous annual dividend of $0.12. This represents a dividend yield of 0.9%. Tencent Music Entertainment Group's payout ratio is 28.81%.

Analysts Set New Price Targets

Several analysts have recently weighed in on the stock. Morgan Stanley reaffirmed an "overweight" rating on shares of Tencent Music Entertainment Group in a report on Tuesday, March 18th. Nomura Securities raised Tencent Music Entertainment Group to a "strong-buy" rating in a report 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 report on Wednesday, March 26th. Finally, Mizuho increased their price target on shares of Tencent Music Entertainment Group from $16.00 to $17.00 and gave the company an "outperform" rating in a research note on Wednesday, March 19th. Two analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Tencent Music Entertainment Group currently has a consensus rating of "Moderate Buy" and a consensus 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.