Polymer Capital Management HK LTD Raises Stock Position in Tencent Music Entertainment Group (NYSE:TME)

Polymer Capital Management HK LTD lifted its position in shares of Tencent Music Entertainment Group (NYSE:TME) by 324.0% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 42,400 shares of the company’s stock after acquiring an additional 32,400 shares during the quarter. Polymer Capital Management HK LTD’s holdings in Tencent Music Entertainment Group were worth $481,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of the company. Unigestion Holding SA purchased a new stake in Tencent Music Entertainment Group during the fourth quarter worth $161,000. Quadrant Capital Group LLC lifted its stake in Tencent Music Entertainment Group by 5.7% in the 4th quarter. Quadrant Capital Group LLC now owns 36,604 shares of the company’s stock valued at $415,000 after buying an additional 1,981 shares in the last quarter. Aviva PLC raised its holdings in shares of Tencent Music Entertainment Group by 2.3% in the fourth quarter. Aviva PLC now owns 523,348 shares of the company’s stock worth $5,940,000 after acquiring an additional 11,600 shares during the last quarter. Wells Fargo & Company MN lifted its position in shares of Tencent Music Entertainment Group by 86.9% in the fourth quarter. Wells Fargo & Company MN now owns 136,423 shares of the company’s stock valued at $1,548,000 after acquiring an additional 63,413 shares in the last quarter. Finally, Resona Asset Management Co. Ltd. acquired a new position in Tencent Music Entertainment Group in the 4th quarter valued at about $2,055,000. Institutional investors and hedge funds own 24.32% of the company’s stock.

Tencent Music Entertainment Group Stock Performance

Tencent Music Entertainment Group stock opened at $12.94 on Monday. The company has a market cap of $22.20 billion, a price-to-earnings ratio of 23.95, a price-to-earnings-growth ratio of 0.77 and a beta of 0.50. Tencent Music Entertainment Group has a 12 month low of $9.41 and a 12 month 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. The stock’s 50-day moving average is $13.12 and its 200-day moving average is $12.15.

Tencent Music Entertainment Group Increases Dividend

The firm also recently declared an annual dividend, which will be paid on Thursday, April 24th. Shareholders of record on Thursday, April 3rd will be given a dividend of $0.18 per share. 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 payout ratio is 28.81%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on TME shares. Mizuho boosted their price objective on shares of Tencent Music Entertainment Group from $16.00 to $17.00 and gave the company an “outperform” rating in a research report on Wednesday, March 19th. Morgan Stanley reissued an “overweight” rating on shares of Tencent Music Entertainment Group in a research note on Tuesday, March 18th. Finally, Deutsche Bank Aktiengesellschaft upgraded Tencent Music Entertainment Group from a “hold” rating to a “buy” rating in a research note on Wednesday, March 26th. Two research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat, Tencent Music Entertainment Group 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.