DNB Asset Management AS Has $749,000 Stock Holdings in Tencent Music Entertainment Group (NYSE:TME)

DNB Asset Management AS grew its holdings in Tencent Music Entertainment Group (NYSE:TME) by 9.7% in the second quarter, HoldingsChannel.com reports. The institutional investor owned 53,305 shares of the company’s stock after acquiring an additional 4,707 shares during the period. DNB Asset Management AS’s holdings in Tencent Music Entertainment Group were worth $749,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently made changes to their positions in the business. Swedbank AB acquired a new stake in shares of Tencent Music Entertainment Group in the first quarter valued at approximately $1,980,000. iA Global Asset Management Inc. lifted its position in shares of Tencent Music Entertainment Group by 728.9% in the first quarter. iA Global Asset Management Inc. now owns 11,687 shares of the company’s stock valued at $131,000 after buying an additional 10,277 shares during the last quarter. California State Teachers Retirement System lifted its position in shares of Tencent Music Entertainment Group by 7.0% in the first quarter. California State Teachers Retirement System now owns 215,202 shares of the company’s stock valued at $2,408,000 after buying an additional 14,145 shares during the last quarter. Bayesian Capital Management LP acquired a new stake in shares of Tencent Music Entertainment Group in the first quarter valued at approximately $352,000. Finally, Bamco Inc. NY acquired a new stake in shares of Tencent Music Entertainment Group in the first quarter valued at approximately $40,857,000. 24.32% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on TME. Mizuho increased their target price on Tencent Music Entertainment Group from $13.00 to $15.00 and gave the stock a “buy” rating in a research note on Friday, May 10th. Benchmark increased their target price on Tencent Music Entertainment Group from $14.00 to $19.00 and gave the stock a “buy” rating in a research note on Tuesday, May 14th. One investment analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $12.75.

Tencent Music Entertainment Group Price Performance

Shares of Tencent Music Entertainment Group stock traded up $0.13 during trading on Wednesday, reaching $13.47. 435,191 shares of the company’s stock were exchanged, compared to its average volume of 8,081,875. The company has a debt-to-equity ratio of 0.09, a quick ratio of 2.67 and a current ratio of 2.67. Tencent Music Entertainment Group has a 1-year low of $5.70 and a 1-year high of $15.77. The company has a market cap of $23.12 billion, a P/E ratio of 29.00, a PEG ratio of 0.95 and a beta of 0.68. The firm’s 50-day moving average price is $14.38 and its 200 day moving average price is $12.45.

Tencent Music Entertainment Group (NYSE:TME) last issued its quarterly earnings data on Monday, May 13th. The company reported $0.14 earnings per share for the quarter, topping analysts’ consensus estimates of $0.13 by $0.01. The business had revenue of $937.00 million for the quarter, compared to analyst estimates of $904.29 million. Tencent Music Entertainment Group had a return on equity of 9.85% and a net margin of 18.88%. As a group, research analysts anticipate that Tencent Music Entertainment Group will post 0.62 earnings per share for the current year.

Tencent Music Entertainment Group Dividend Announcement

The company also recently disclosed an annual dividend, which was paid on Thursday, June 27th. Investors of record on Friday, May 31st were given a dividend of $0.121 per share. The ex-dividend date was Friday, May 31st. This represents a yield of 0.78%. Tencent Music Entertainment Group’s dividend payout ratio is currently 28.26%.

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.