Nuveen Asset Management LLC Boosts Holdings in Tencent Music Entertainment Group (NYSE:TME)

Nuveen Asset Management LLC raised its stake in shares of Tencent Music Entertainment Group (NYSE:TME) by 0.1% during the 4th quarter, HoldingsChannel.com reports. The firm owned 5,585,680 shares of the company’s stock after acquiring an additional 5,800 shares during the quarter. Nuveen Asset Management LLC’s holdings in Tencent Music Entertainment Group were worth $63,397,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in TME. JPMorgan Chase & Co. lifted its holdings in Tencent Music Entertainment Group by 558.2% during the fourth quarter. JPMorgan Chase & Co. now owns 11,773,523 shares of the company’s stock valued at $133,629,000 after purchasing an additional 9,984,690 shares in the last quarter. Artisan Partners Limited Partnership purchased a new position in shares of Tencent Music Entertainment Group in the fourth quarter worth about $113,031,000. Norges Bank purchased a new position in shares of Tencent Music Entertainment Group in the fourth quarter worth about $99,539,000. Mawer Investment Management Ltd. lifted its stake in shares of Tencent Music Entertainment Group by 152.2% in the fourth quarter. Mawer Investment Management Ltd. now owns 11,467,410 shares of the company’s stock worth $130,155,000 after buying an additional 6,919,574 shares in the last quarter. Finally, Schroder Investment Management Group lifted its stake in shares of Tencent Music Entertainment Group by 6.7% in the fourth quarter. Schroder Investment Management Group now owns 63,064,552 shares of the company’s stock worth $715,783,000 after buying an additional 3,987,116 shares in the last quarter. 24.32% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on TME shares. Nomura Securities raised shares of Tencent Music Entertainment Group to a “strong-buy” rating in a research note on Tuesday, April 8th. Morgan Stanley reissued an “overweight” rating on shares of Tencent Music Entertainment Group in a research note on Tuesday, May 13th. Sanford C. Bernstein reissued an “outperform” rating on shares of Tencent Music Entertainment Group in a research note on Wednesday. Mizuho raised their price target on shares of Tencent Music Entertainment Group from $16.00 to $17.00 and gave the stock an “outperform” rating in a research note on Wednesday, March 19th. Finally, Deutsche Bank Aktiengesellschaft raised shares of Tencent Music Entertainment Group from a “hold” rating to a “buy” rating in a research note on Wednesday, March 26th. Two investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $15.00.

Tencent Music Entertainment Group Price Performance

Tencent Music Entertainment Group stock opened at $16.65 on Monday. Tencent Music Entertainment Group has a 12-month low of $9.41 and a 12-month high of $17.05. The stock has a market cap of $28.58 billion, a P/E ratio of 30.84, a PEG ratio of 0.77 and a beta of 0.46. The company has a 50-day moving average price of $13.65 and a 200 day moving average price of $12.48. The company has a current ratio of 2.34, a quick ratio of 2.34 and a debt-to-equity ratio of 0.09.

Tencent Music Entertainment Group Increases Dividend

The company also recently disclosed an annual dividend, which was paid on Thursday, April 24th. Investors of record on Thursday, April 3rd were given 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 yield of 0.9%. The ex-dividend date was Thursday, April 3rd. Tencent Music Entertainment Group’s dividend payout ratio (DPR) is presently 20.24%.

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.