Diametric Capital LP Invests $162,000 in Tencent Music Entertainment Group (NYSE:TME)

Diametric Capital LP bought a new stake in Tencent Music Entertainment Group (NYSE:TME) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 14,288 shares of the company’s stock, valued at approximately $162,000.

Other institutional investors have also added to or reduced their stakes in the company. Thrivent Financial for Lutherans lifted its position in shares of Tencent Music Entertainment Group by 31.7% in the 3rd quarter. Thrivent Financial for Lutherans now owns 15,550 shares of the company’s stock worth $187,000 after acquiring an additional 3,746 shares during the period. Intech Investment Management LLC lifted its stake in Tencent Music Entertainment Group by 9.1% during the third quarter. Intech Investment Management LLC now owns 19,850 shares of the company’s stock worth $239,000 after purchasing an additional 1,664 shares during the period. Charles Schwab Investment Management Inc. boosted its holdings in Tencent Music Entertainment Group by 15.1% during the third quarter. Charles Schwab Investment Management Inc. now owns 877,343 shares of the company’s stock valued at $10,572,000 after purchasing an additional 115,315 shares in the last quarter. Bank of Montreal Can raised its holdings in shares of Tencent Music Entertainment Group by 86.0% in the 3rd quarter. Bank of Montreal Can now owns 181,991 shares of the company’s stock worth $2,235,000 after buying an additional 84,161 shares in the last quarter. Finally, FMR LLC lifted its position in shares of Tencent Music Entertainment Group by 98.8% during the 3rd quarter. FMR LLC now owns 5,970,773 shares of the company’s stock worth $71,948,000 after buying an additional 2,967,779 shares during the period. 24.32% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

TME has been the topic of a number of analyst reports. Mizuho upped their price target on 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 raised Tencent Music Entertainment Group from a “hold” rating to a “buy” rating in a research note on Wednesday, March 26th. Finally, Morgan Stanley restated an “overweight” rating on shares of Tencent Music Entertainment Group in a research note on Tuesday, March 18th. Two research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat, Tencent Music Entertainment Group currently has a consensus rating of “Moderate Buy” and an average price target of $15.00.

Tencent Music Entertainment Group Stock Up 0.1 %

NYSE TME opened at $14.47 on Thursday. The stock has a market capitalization of $24.83 billion, a P/E ratio of 26.80, a price-to-earnings-growth 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. The stock has a fifty day moving average of $13.02 and a 200-day moving average of $12.07.

Tencent Music Entertainment Group Increases Dividend

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

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.