JPMorgan Chase & Co. Raises Stock Holdings in Tencent Music Entertainment Group (NYSE:TME)

JPMorgan Chase & Co. boosted its holdings in shares of Tencent Music Entertainment Group (NYSE:TME) by 558.2% during the 4th quarter, Holdings Channel.com reports. The firm owned 11,773,523 shares of the company’s stock after purchasing an additional 9,984,690 shares during the quarter. JPMorgan Chase & Co.’s holdings in Tencent Music Entertainment Group were worth $133,629,000 as of its most recent SEC filing.

A number of other institutional investors also recently made changes to their positions in the business. Wilmington Savings Fund Society FSB bought a new stake in shares of Tencent Music Entertainment Group in the third quarter worth $64,000. SBI Securities Co. Ltd. acquired a new position in Tencent Music Entertainment Group during the 4th quarter worth $110,000. Oppenheimer Asset Management Inc. acquired a new stake in shares of Tencent Music Entertainment Group in the 4th quarter valued at about $114,000. PNC Financial Services Group Inc. raised its stake 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 purchasing an additional 1,094 shares in the last quarter. Finally, MML Investors Services LLC acquired a new position in Tencent Music Entertainment Group in the third quarter worth about $170,000. 24.32% of the stock is owned by institutional investors and hedge funds.

Tencent Music Entertainment Group Price Performance

Shares of NYSE TME opened at $14.48 on Wednesday. The company has a debt-to-equity ratio of 0.09, a current ratio of 2.34 and a quick ratio of 2.34. The firm has a market capitalization of $24.84 billion, a PE ratio of 26.81, a P/E/G ratio of 0.77 and a beta of 0.70. Tencent Music Entertainment Group has a 1-year low of $9.41 and a 1-year high of $15.77. The business’s fifty day moving average price is $12.96 and its two-hundred day moving average price is $12.05.

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 given a $0.18 dividend. The ex-dividend date of this dividend is Thursday, April 3rd. This is an increase from Tencent Music Entertainment Group’s previous annual dividend of $0.12. This represents a yield of 0.9%. Tencent Music Entertainment Group’s dividend payout ratio (DPR) is currently 28.81%.

Wall Street Analysts Forecast Growth

TME has been the topic of several research reports. Morgan Stanley restated an “overweight” rating on shares of Tencent Music Entertainment Group in a research note on Tuesday, March 18th. Deutsche Bank Aktiengesellschaft upgraded Tencent Music Entertainment Group from a “hold” rating to a “buy” rating in a research note on Wednesday, March 26th. Finally, Mizuho raised 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 report on Wednesday, March 19th. Two investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $15.00.

About Tencent Music Entertainment Group

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.