Ramirez Asset Management Inc. Purchases Shares of 108,978 Tencent Music Entertainment Group (NYSE:TME)

Ramirez Asset Management Inc. purchased a new stake in Tencent Music Entertainment Group (NYSE:TME) during the 4th quarter, Holdings Channel.com reports. The fund purchased 108,978 shares of the company’s stock, valued at approximately $1,237,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Bank of Montreal Can raised its stake in shares of Tencent Music Entertainment Group by 86.0% during the third quarter. Bank of Montreal Can now owns 181,991 shares of the company’s stock valued at $2,235,000 after purchasing an additional 84,161 shares during the period. BNP Paribas Financial Markets boosted its position in Tencent Music Entertainment Group by 33.6% in the 3rd quarter. BNP Paribas Financial Markets now owns 1,911,048 shares of the company’s stock valued at $23,028,000 after buying an additional 480,504 shares during the last quarter. Nordea Investment Management AB lifted its stake 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 worth $16,738,000 after acquiring an additional 127,561 shares in the last quarter. Oppenheimer Asset Management Inc. acquired a new stake in shares of Tencent Music Entertainment Group during the fourth quarter worth approximately $114,000. Finally, Principal Financial Group Inc. increased its stake in shares of Tencent Music Entertainment Group by 4.0% in 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 during the last quarter. Institutional investors and hedge funds own 24.32% of the company’s stock.

Analyst Ratings Changes

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

Tencent Music Entertainment Group Stock Performance

NYSE TME opened at $14.73 on Friday. The company’s fifty day moving average is $12.75 and its two-hundred day moving average is $11.92. 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 $25.28 billion, a price-to-earnings ratio of 27.28, a P/E/G ratio of 0.77 and a beta of 0.70. Tencent Music Entertainment Group has a 52-week low of $9.41 and a 52-week high of $15.77.

Tencent Music Entertainment Group Increases Dividend

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