Tencent Music Entertainment Group (NYSE:TME) Stock Position Boosted by Geode Capital Management LLC

Geode Capital Management LLC grew its stake in shares of Tencent Music Entertainment Group (NYSE:TME) by 3.7% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 4,463,596 shares of the company’s stock after buying an additional 160,078 shares during the quarter. Geode Capital Management LLC owned about 0.26% of Tencent Music Entertainment Group worth $50,323,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently made changes to their positions in TME. Wilmington Savings Fund Society FSB bought a new stake in Tencent Music Entertainment Group during the third quarter worth approximately $64,000. SBI Securities Co. Ltd. bought a new stake in shares of Tencent Music Entertainment Group in the 4th quarter worth $110,000. Oppenheimer Asset Management Inc. acquired a new stake in shares of Tencent Music Entertainment Group in the fourth quarter valued at $114,000. PNC Financial Services Group Inc. boosted its stake in Tencent Music Entertainment Group by 10.9% during the fourth quarter. PNC Financial Services Group Inc. now owns 11,138 shares of the company’s stock valued at $126,000 after buying an additional 1,094 shares in the last quarter. Finally, Diametric Capital LP acquired a new position in Tencent Music Entertainment Group during the fourth quarter worth about $162,000. 24.32% of the stock is owned by institutional investors and hedge funds.

Tencent Music Entertainment Group Stock Performance

Shares of Tencent Music Entertainment Group stock opened at $12.22 on Monday. Tencent Music Entertainment Group has a 12 month low of $9.41 and a 12 month high of $15.77. The company has a quick ratio of 2.34, a current ratio of 2.34 and a debt-to-equity ratio of 0.09. The stock has a market cap of $20.96 billion, a PE ratio of 22.62, a price-to-earnings-growth ratio of 0.77 and a beta of 0.50. The business has a fifty day simple moving average of $13.18 and a 200-day simple moving average of $12.21.

Tencent Music Entertainment Group Increases Dividend

The firm also recently announced an annual dividend, which will be paid on Thursday, April 24th. Shareholders of record on Thursday, April 3rd will be paid a dividend of $0.18 per share. This represents a yield of 0.9%. The ex-dividend date is Thursday, April 3rd. This is a boost from Tencent Music Entertainment Group’s previous annual dividend of $0.12. Tencent Music Entertainment Group’s payout ratio is 28.81%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the stock. Mizuho raised 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 research report on Wednesday, March 19th. 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. Morgan Stanley reiterated an “overweight” rating on shares of Tencent Music Entertainment Group in a research report on Tuesday, March 18th. Finally, Nomura Securities upgraded Tencent Music Entertainment Group to a “strong-buy” rating in a report on Tuesday, April 8th. 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. Based on data from MarketBeat.com, the stock 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.