KLP Kapitalforvaltning AS Purchases Shares of 163,243 Tencent Music Entertainment Group (NYSE:TME)

KLP Kapitalforvaltning AS purchased a new stake in Tencent Music Entertainment Group (NYSE:TME) in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 163,243 shares of the company’s stock, valued at approximately $1,853,000.

Several other large investors also recently made changes to their positions in the stock. Bank of Montreal Can boosted its stake in Tencent Music Entertainment Group by 86.0% in the 3rd quarter. Bank of Montreal Can now owns 181,991 shares of the company’s stock worth $2,235,000 after purchasing an additional 84,161 shares during the period. BNP Paribas Financial Markets lifted its holdings in shares of Tencent Music Entertainment Group by 33.6% in the third quarter. BNP Paribas Financial Markets now owns 1,911,048 shares of the company’s stock valued at $23,028,000 after purchasing an additional 480,504 shares in the last quarter. Nordea Investment Management AB lifted its holdings 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 in the last quarter. Oppenheimer Asset Management Inc. acquired a new position in shares of Tencent Music Entertainment Group during the fourth quarter worth about $114,000. Finally, Principal Financial Group Inc. grew its holdings in shares of Tencent Music Entertainment Group by 4.0% during the third quarter. Principal Financial Group Inc. now owns 5,478,297 shares of the company’s stock worth $66,013,000 after buying an additional 211,873 shares in the last quarter. Institutional investors own 24.32% of the company’s stock.

Tencent Music Entertainment Group Price Performance

Shares of TME opened at $14.73 on Friday. The company has a current ratio of 2.34, a quick ratio of 2.34 and a debt-to-equity ratio of 0.09. The company’s fifty day simple moving average is $12.75 and its 200 day simple moving average is $11.92. Tencent Music Entertainment Group has a 1-year low of $9.41 and a 1-year high of $15.77. The company has a market cap of $25.28 billion, a price-to-earnings ratio of 27.28, a PEG ratio of 0.77 and a beta of 0.70.

Tencent Music Entertainment Group Increases Dividend

The company also recently announced an annual dividend, which will be paid on Thursday, April 24th. Stockholders of record on Thursday, April 3rd will be issued a $0.18 dividend. This represents a dividend yield of 0.9%. This is a boost 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 is presently 30.51%.

Analysts Set New Price Targets

A number of equities analysts have weighed in on TME shares. Deutsche Bank Aktiengesellschaft raised Tencent Music Entertainment Group from a “hold” rating to a “buy” rating in a research report on Wednesday. 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 report on Wednesday, March 19th. Finally, Morgan Stanley reiterated an “overweight” rating on shares of Tencent Music Entertainment Group in a research note on Tuesday, March 18th. Two analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus 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.