Raymond James Financial Inc. Makes New Investment in Tencent Music Entertainment Group (NYSE:TME)

Raymond James Financial Inc. purchased a new stake in shares of Tencent Music Entertainment Group (NYSE:TME) during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 64,445 shares of the company’s stock, valued at approximately $731,000.

Several other institutional investors and hedge funds have also recently made changes to their positions in the company. JPMorgan Chase & Co. increased its position in Tencent Music Entertainment Group by 558.2% during the 4th quarter. JPMorgan Chase & Co. now owns 11,773,523 shares of the company’s stock valued at $133,629,000 after purchasing an additional 9,984,690 shares during the period. Artisan Partners Limited Partnership purchased a new position in Tencent Music Entertainment Group during the fourth quarter valued at approximately $113,031,000. Norges Bank bought a new position in Tencent Music Entertainment Group in the fourth quarter worth approximately $99,539,000. Mawer Investment Management Ltd. lifted its holdings in Tencent Music Entertainment Group by 152.2% during the fourth quarter. Mawer Investment Management Ltd. now owns 11,467,410 shares of the company’s stock worth $130,155,000 after buying an additional 6,919,574 shares during the period. Finally, Schroder Investment Management Group lifted its holdings in Tencent Music Entertainment Group by 6.7% during the fourth quarter. Schroder Investment Management Group now owns 63,064,552 shares of the company’s stock worth $715,783,000 after buying an additional 3,987,116 shares during the period. 24.32% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

TME has been the subject of several recent research reports. Morgan Stanley reissued an “overweight” rating on shares of Tencent Music Entertainment Group in a research 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. Mizuho raised 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 report on Wednesday, March 19th. Finally, Nomura Securities upgraded shares of Tencent Music Entertainment Group to a “strong-buy” rating in a research note on Tuesday, April 8th. 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 company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $15.00.

Tencent Music Entertainment Group Stock Performance

TME opened at $14.44 on Wednesday. The firm’s 50-day moving average price is $13.27 and its 200-day moving average price is $12.27. The company has a market cap of $24.77 billion, a P/E ratio of 26.73, a price-to-earnings-growth ratio of 0.77 and a beta of 0.46. The company has a quick ratio of 2.34, a current ratio of 2.34 and a debt-to-equity ratio of 0.09. 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 business also recently declared an annual dividend, which was paid on Thursday, April 24th. Shareholders of record on Thursday, April 3rd were issued a $0.18 dividend. The ex-dividend date was Thursday, April 3rd. This represents a dividend yield of 0.9%. This is a boost from Tencent Music Entertainment Group’s previous annual dividend of $0.12. 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.