Norges Bank Takes $99.54 Million Position in Tencent Music Entertainment Group (NYSE:TME)

Norges Bank bought a new stake in shares of Tencent Music Entertainment Group (NYSE:TME) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 8,769,945 shares of the company’s stock, valued at approximately $99,539,000. Norges Bank owned about 0.51% of Tencent Music Entertainment Group as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently bought and sold shares of the stock. PNC Financial Services Group Inc. boosted its stake in Tencent Music Entertainment Group by 10.9% during the fourth quarter. PNC Financial Services Group Inc. now owns 11,138 shares of the company’s stock worth $126,000 after buying an additional 1,094 shares during the period. Corient Private Wealth LLC boosted its stake in shares of Tencent Music Entertainment Group by 4.2% during the 4th quarter. Corient Private Wealth LLC now owns 33,708 shares of the company’s stock worth $383,000 after purchasing an additional 1,370 shares during the period. Intech Investment Management LLC grew its holdings in Tencent Music Entertainment Group by 9.1% during the 3rd quarter. Intech Investment Management LLC now owns 19,850 shares of the company’s stock valued at $239,000 after purchasing an additional 1,664 shares during the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd raised its position in Tencent Music Entertainment Group by 3.9% in the 4th quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 51,636 shares of the company’s stock worth $586,000 after purchasing an additional 1,923 shares during the period. Finally, Thrivent Financial for Lutherans lifted its stake in Tencent Music Entertainment Group by 31.7% in the third quarter. Thrivent Financial for Lutherans now owns 15,550 shares of the company’s stock worth $187,000 after purchasing an additional 3,746 shares during the last quarter. Hedge funds and other institutional investors own 24.32% of the company’s stock.

Tencent Music Entertainment Group Trading Up 0.5 %

NYSE TME opened at $14.48 on Wednesday. Tencent Music Entertainment Group has a one year low of $9.41 and a one year high of $15.77. The company has a debt-to-equity ratio of 0.09, a quick ratio of 2.34 and a current ratio of 2.34. The company has a market capitalization of $24.84 billion, a price-to-earnings ratio of 26.81, a price-to-earnings-growth ratio of 0.77 and a beta of 0.70. The company’s 50-day simple moving average is $12.96 and its two-hundred day simple moving average is $12.05.

Tencent Music Entertainment Group Increases Dividend

The firm also recently disclosed 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%. This is a positive change from Tencent Music Entertainment Group’s previous annual dividend of $0.12. The ex-dividend date is Thursday, April 3rd. Tencent Music Entertainment Group’s dividend payout ratio (DPR) is presently 28.81%.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on TME shares. 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 reiterated an “overweight” rating on shares of Tencent Music Entertainment Group in a research note on Tuesday, March 18th. Finally, Deutsche Bank Aktiengesellschaft upgraded shares of Tencent Music Entertainment Group from a “hold” rating to a “buy” rating in a report on Wednesday, March 26th. Two investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average 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.