DNB Asset Management AS Increases Holdings in Tencent Music Entertainment Group (NYSE:TME)

DNB Asset Management AS raised its stake in shares of Tencent Music Entertainment Group (NYSE:TME) by 9.7% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 53,305 shares of the company’s stock after buying an additional 4,707 shares during the period. DNB Asset Management AS’s holdings in Tencent Music Entertainment Group were worth $749,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Mirae Asset Global Investments Co. Ltd. raised its stake in Tencent Music Entertainment Group by 238.1% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,805,479 shares of the company’s stock valued at $19,847,000 after buying an additional 1,271,426 shares during the last quarter. Teacher Retirement System of Texas increased its stake in shares of Tencent Music Entertainment Group by 205.0% in the 4th quarter. Teacher Retirement System of Texas now owns 453,563 shares of the company’s stock worth $4,087,000 after purchasing an additional 304,876 shares in the last quarter. Capital Wealth Planning LLC purchased a new stake in shares of Tencent Music Entertainment Group in the 1st quarter worth $2,588,000. Federated Hermes Inc. purchased a new stake in shares of Tencent Music Entertainment Group in the 4th quarter worth $2,690,000. Finally, Banque Cantonale Vaudoise increased its stake in shares of Tencent Music Entertainment Group by 1,027.8% in the 1st quarter. Banque Cantonale Vaudoise now owns 202,999 shares of the company’s stock worth $2,271,000 after purchasing an additional 185,000 shares in the last quarter. 24.32% of the stock is currently owned by hedge funds and other institutional investors.

Tencent Music Entertainment Group Price Performance

Shares of NYSE TME traded up $0.13 during mid-day trading on Wednesday, hitting $13.47. 435,191 shares of the company’s stock traded hands, compared to its average volume of 8,081,875. The company has a debt-to-equity ratio of 0.09, a current ratio of 2.67 and a quick ratio of 2.67. Tencent Music Entertainment Group has a 1 year low of $5.70 and a 1 year high of $15.77. The company has a market capitalization of $23.12 billion, a P/E ratio of 29.00, a PEG ratio of 0.95 and a beta of 0.68. The company’s 50-day moving average is $14.38 and its two-hundred day moving average is $12.45.

Tencent Music Entertainment Group (NYSE:TME) last posted its quarterly earnings data on Monday, May 13th. The company reported $0.14 earnings per share for the quarter, topping analysts’ consensus estimates of $0.13 by $0.01. The company had revenue of $937.00 million for the quarter, compared to analyst estimates of $904.29 million. Tencent Music Entertainment Group had a net margin of 18.88% and a return on equity of 9.85%. On average, equities analysts anticipate that Tencent Music Entertainment Group will post 0.62 EPS for the current fiscal year.

Tencent Music Entertainment Group Announces Dividend

The firm also recently disclosed an annual dividend, which was paid on Thursday, June 27th. Stockholders of record on Friday, May 31st were paid a dividend of $0.121 per share. The ex-dividend date of this dividend was Friday, May 31st. This represents a dividend yield of 0.78%. Tencent Music Entertainment Group’s dividend payout ratio is presently 28.26%.

Wall Street Analyst Weigh In

Several research firms have recently commented on TME. Mizuho upped their price objective on Tencent Music Entertainment Group from $13.00 to $15.00 and gave the stock a “buy” rating in a research note on Friday, May 10th. Benchmark upped their target price on shares of Tencent Music Entertainment Group from $14.00 to $19.00 and gave the stock a “buy” rating in a report on Tuesday, May 14th. One investment analyst has rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat.com, Tencent Music Entertainment Group currently has an average rating of “Moderate Buy” and a consensus price target of $12.75.

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.