Diametric Capital LP Acquires New Shares in Tencent Music Entertainment Group (NYSE:TME)

Diametric Capital LP bought a new position in shares of Tencent Music Entertainment Group (NYSE:TME) during the fourth quarter, HoldingsChannel.com reports. The firm bought 14,288 shares of the company’s stock, valued at approximately $162,000.

Several other institutional investors also recently modified their holdings of TME. Wilmington Savings Fund Society FSB bought a new position in Tencent Music Entertainment Group during the 3rd quarter worth approximately $64,000. SBI Securities Co. Ltd. bought a new position in shares of Tencent Music Entertainment Group during the fourth quarter worth $110,000. Oppenheimer Asset Management Inc. acquired a new position in shares of Tencent Music Entertainment Group in the 4th quarter valued at $114,000. PNC Financial Services Group Inc. increased its position in shares of Tencent Music Entertainment Group by 10.9% in the 4th quarter. PNC Financial Services Group Inc. now owns 11,138 shares of the company’s stock valued at $126,000 after buying an additional 1,094 shares in the last quarter. Finally, MML Investors Services LLC acquired a new stake in Tencent Music Entertainment Group during the 3rd quarter worth $170,000. 24.32% of the stock is currently owned by institutional investors and hedge funds.

Tencent Music Entertainment Group Stock Up 0.1 %

Shares of TME stock opened at $14.47 on Thursday. The firm’s fifty day moving average price is $13.02 and its two-hundred day moving average price is $12.07. 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 1 year low of $9.41 and a 1 year high of $15.77. The firm has a market capitalization of $24.83 billion, a P/E ratio of 26.80, a PEG ratio of 0.77 and a beta of 0.70.

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%. 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. Tencent Music Entertainment Group’s dividend payout ratio is presently 28.81%.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on TME. Mizuho increased their price target on Tencent Music Entertainment Group from $16.00 to $17.00 and gave the stock an “outperform” rating in a report on Wednesday, March 19th. Morgan Stanley reaffirmed an “overweight” rating on shares of Tencent Music Entertainment Group in a research report on Tuesday, March 18th. Finally, Deutsche Bank Aktiengesellschaft upgraded Tencent Music Entertainment Group from a “hold” rating to a “buy” rating in a report on Wednesday, March 26th. Two analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat.com, Tencent Music Entertainment Group currently has a consensus rating of “Moderate Buy” and a consensus 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.