Prudential PLC Buys 65,682 Shares of Tencent Music Entertainment Group (NYSE:TME)

Prudential PLC raised its position in shares of Tencent Music Entertainment Group (NYSE:TME) by 14.6% during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 515,551 shares of the company’s stock after acquiring an additional 65,682 shares during the period. Prudential PLC’s holdings in Tencent Music Entertainment Group were worth $5,852,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also recently made changes to their positions in TME. Thrivent Financial for Lutherans lifted its stake in shares of Tencent Music Entertainment Group by 31.7% during 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 last quarter. Charles Schwab Investment Management Inc. raised its holdings in shares of Tencent Music Entertainment Group by 15.1% in the 3rd 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. FMR LLC lifted its position in shares of Tencent Music Entertainment Group by 98.8% in the 3rd quarter. FMR LLC now owns 5,970,773 shares of the company’s stock worth $71,948,000 after purchasing an additional 2,967,779 shares during the period. State Street Corp boosted its stake in shares of Tencent Music Entertainment Group by 1.3% during the third quarter. State Street Corp now owns 12,821,488 shares of the company’s stock valued at $154,499,000 after purchasing an additional 166,225 shares in the last quarter. Finally, Dorsey Wright & Associates increased its holdings in Tencent Music Entertainment Group by 12.7% during the third quarter. Dorsey Wright & Associates now owns 225,275 shares of the company’s stock valued at $2,715,000 after buying an additional 25,381 shares during the period. Institutional investors own 24.32% of the company’s stock.

Tencent Music Entertainment Group Trading Down 9.7 %

Shares of Tencent Music Entertainment Group stock opened at $12.94 on Friday. The stock has a market cap of $22.20 billion, a PE ratio of 23.95, a price-to-earnings-growth ratio of 0.77 and a beta of 0.50. The firm has a fifty day moving average price of $13.12 and a 200 day moving average price of $12.13. Tencent Music Entertainment Group has a 1 year low of $9.41 and a 1 year high of $15.77. The company has a debt-to-equity ratio of 0.09, a current ratio of 2.34 and a quick ratio of 2.34.

Tencent Music Entertainment Group Increases Dividend

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

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on TME shares. Morgan Stanley reiterated an “overweight” rating on shares of Tencent Music Entertainment Group in a research note on Tuesday, March 18th. Deutsche Bank Aktiengesellschaft raised Tencent Music Entertainment Group from a “hold” rating to a “buy” rating in a research report on Wednesday, March 26th. Finally, Mizuho raised their price objective on Tencent Music Entertainment Group from $16.00 to $17.00 and gave the stock an “outperform” rating in a research report on Wednesday, March 19th. Two analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Tencent Music Entertainment Group has a consensus rating of “Moderate Buy” and an average 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.