Artisan Partners Limited Partnership Acquires Shares of 9,958,720 Tencent Music Entertainment Group (NYSE:TME)

Artisan Partners Limited Partnership bought a new position in shares of Tencent Music Entertainment Group (NYSE:TME) during the 4th quarter, HoldingsChannel.com reports. The institutional investor bought 9,958,720 shares of the company’s stock, valued at approximately $113,031,000.

Other institutional investors have also recently modified their holdings of the company. Wilmington Savings Fund Society FSB acquired a new position in Tencent Music Entertainment Group in the 3rd quarter worth about $64,000. SBI Securities Co. Ltd. acquired a new position in shares of Tencent Music Entertainment Group during the 4th quarter worth approximately $110,000. Oppenheimer Asset Management Inc. purchased a new position in shares of Tencent Music Entertainment Group during the 4th quarter valued at approximately $114,000. PNC Financial Services Group Inc. increased its holdings in 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 worth $126,000 after acquiring an additional 1,094 shares in the last quarter. Finally, DRW Securities LLC purchased a new stake in Tencent Music Entertainment Group in the 3rd quarter worth $169,000. 24.32% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts have recently issued reports on TME shares. Deutsche Bank Aktiengesellschaft upgraded shares of Tencent Music Entertainment Group from a “hold” rating to a “buy” rating in a research report on Wednesday. Mizuho raised their price target on shares of Tencent Music Entertainment Group from $16.00 to $17.00 and gave the company an “outperform” rating in a research note 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 given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $15.00.

Tencent Music Entertainment Group Stock Performance

TME opened at $14.73 on Friday. Tencent Music Entertainment Group has a twelve month low of $9.41 and a twelve month high of $15.77. The firm has a market capitalization of $25.28 billion, a PE ratio of 27.28, a PEG ratio of 0.77 and a beta of 0.70. 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 firm’s 50-day moving average price is $12.75 and its 200 day moving average price is $11.92.

Tencent Music Entertainment Group Increases Dividend

The business 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 dividend of $0.18 per share. This is a boost from Tencent Music Entertainment Group’s previous annual dividend of $0.12. This represents a dividend yield of 0.9%. The ex-dividend date of this dividend is Thursday, April 3rd. Tencent Music Entertainment Group’s payout ratio is currently 30.51%.

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.