Royal London Asset Management Ltd. Takes Position in Tencent Music Entertainment Group (NYSE:TME)

Royal London Asset Management Ltd. bought a new position in shares of Tencent Music Entertainment Group (NYSE:TME) in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm bought 653,400 shares of the company’s stock, valued at approximately $7,416,000.

Several other institutional investors have also bought and sold shares of TME. Bank of Montreal Can lifted its holdings in shares of Tencent Music Entertainment Group by 86.0% during the third quarter. Bank of Montreal Can now owns 181,991 shares of the company’s stock valued at $2,235,000 after acquiring an additional 84,161 shares during the period. BNP Paribas Financial Markets increased its position in shares of Tencent Music Entertainment Group by 33.6% during the 3rd quarter. BNP Paribas Financial Markets now owns 1,911,048 shares of the company’s stock worth $23,028,000 after purchasing an additional 480,504 shares in the last quarter. Nordea Investment Management AB lifted its holdings in Tencent Music Entertainment Group by 9.5% during the 4th quarter. Nordea Investment Management AB now owns 1,464,366 shares of the company’s stock valued at $16,738,000 after purchasing an additional 127,561 shares during the last quarter. Oppenheimer Asset Management Inc. acquired a new position in Tencent Music Entertainment Group in the fourth quarter valued at about $114,000. Finally, Principal Financial Group Inc. grew its stake in Tencent Music Entertainment Group by 4.0% during the third quarter. Principal Financial Group Inc. now owns 5,478,297 shares of the company’s stock worth $66,013,000 after buying an additional 211,873 shares during the last quarter. Institutional investors and hedge funds own 24.32% of the company’s stock.

Tencent Music Entertainment Group Stock Down 2.0 %

NYSE:TME opened at $14.00 on Monday. The stock’s fifty day moving average price is $12.43 and its two-hundred day moving average price is $11.83. The company has a market cap of $24.02 billion, a price-to-earnings ratio of 25.92, a P/E/G ratio of 0.77 and a beta of 0.70. Tencent Music Entertainment Group has a 52-week low of $9.41 and a 52-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 firm also recently announced an annual dividend, which will be paid on Thursday, April 24th. Shareholders of record on Thursday, April 3rd will be given a dividend of $0.18 per share. The ex-dividend date of this dividend is Thursday, April 3rd. This is an increase 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 22.03%.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on TME. Mizuho lifted their target price 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. Morgan Stanley raised Tencent Music Entertainment Group from an “equal weight” rating to an “overweight” rating and set a $13.00 price objective on the stock in a research note on Tuesday, January 21st. Two equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat, Tencent Music Entertainment Group currently has an average rating of “Moderate Buy” and an average target price of $15.00.

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.