Tencent Music Entertainment Group (NYSE:TME) Shares Purchased by PNC Financial Services Group Inc.

PNC Financial Services Group Inc. grew its stake in shares of Tencent Music Entertainment Group (NYSE:TME) by 10.9% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 11,138 shares of the company’s stock after purchasing an additional 1,094 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Tencent Music Entertainment Group were worth $126,000 at the end of the most recent quarter.

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

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the company. Morgan Stanley upgraded 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 report on Tuesday, January 21st. Mizuho lifted their price target on shares of Tencent Music Entertainment Group from $16.00 to $17.00 and gave the stock an “outperform” rating in a research note on Wednesday, March 19th. Two research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $15.00.

Tencent Music Entertainment Group Stock Performance

TME stock opened at $14.22 on Tuesday. The firm has a market cap of $24.39 billion, a P/E ratio of 26.32, a P/E/G ratio of 0.77 and a beta of 0.70. The stock’s 50 day simple moving average is $12.51 and its 200 day simple moving average is $11.86. The company has a current ratio of 2.34, a quick ratio of 2.34 and a debt-to-equity ratio of 0.09. Tencent Music Entertainment Group has a 12-month low of $9.41 and a 12-month high of $15.77.

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 issued a $0.18 dividend. The ex-dividend date is Thursday, April 3rd. This is a positive change from Tencent Music Entertainment Group’s previous annual dividend of $0.12. This represents a dividend yield of 0.9%. Tencent Music Entertainment Group’s payout ratio is 30.51%.

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.