KLP Kapitalforvaltning AS Purchases New Stake in Tencent Music Entertainment Group (NYSE:TME)

KLP Kapitalforvaltning AS acquired a new position in shares of Tencent Music Entertainment Group (NYSE:TME) in the fourth quarter, HoldingsChannel.com reports. The firm acquired 163,243 shares of the company’s stock, valued at approximately $1,853,000.

Several other institutional investors and hedge funds have also recently modified their holdings of TME. Bank of Montreal Can boosted its holdings in shares of 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 worth $2,235,000 after buying an additional 84,161 shares during the period. BNP Paribas Financial Markets lifted its position in 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 worth $23,028,000 after acquiring an additional 480,504 shares during the last quarter. Nordea Investment Management AB grew its position in shares of Tencent Music Entertainment Group by 9.5% in the fourth 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. bought a new position in shares of Tencent Music Entertainment Group during the fourth quarter worth approximately $114,000. Finally, Principal Financial Group Inc. lifted its holdings in Tencent Music Entertainment Group by 4.0% during the 3rd quarter. Principal Financial Group Inc. now owns 5,478,297 shares of the company’s stock worth $66,013,000 after purchasing an additional 211,873 shares during the last quarter. 24.32% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research analysts have weighed in on TME shares. Morgan Stanley reiterated an “overweight” rating on shares of Tencent Music Entertainment Group in a research report on Tuesday, March 18th. Deutsche Bank Aktiengesellschaft upgraded shares of Tencent Music Entertainment Group from a “hold” rating to a “buy” rating in a research note on Wednesday. Finally, Mizuho increased their target price on shares of 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 equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat, Tencent Music Entertainment Group currently has an average rating of “Moderate Buy” and a consensus price target of $15.00.

Tencent Music Entertainment Group Trading Up 2.3 %

Shares of Tencent Music Entertainment Group stock opened at $14.73 on Friday. The firm’s 50-day moving average price is $12.75 and its two-hundred day moving average price is $11.92. The company has a market capitalization of $25.28 billion, a price-to-earnings ratio of 27.28, a PEG ratio of 0.77 and a beta of 0.70. The company has a quick ratio of 2.34, a current 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 company also recently disclosed an annual dividend, which will be paid on Thursday, April 24th. Investors of record on Thursday, April 3rd will be paid a $0.18 dividend. This represents a yield of 0.9%. 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. Tencent Music Entertainment Group’s dividend payout ratio (DPR) 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.