Mitsubishi UFJ Asset Management Co. Ltd. Acquires 135,496 Shares of Tencent Music Entertainment Group (NYSE:TME)

Mitsubishi UFJ Asset Management Co. Ltd. grew its holdings in Tencent Music Entertainment Group (NYSE:TME) by 24.0% during the 4th quarter, HoldingsChannel reports. The firm owned 700,923 shares of the company’s stock after purchasing an additional 135,496 shares during the quarter. Mitsubishi UFJ Asset Management Co. Ltd.’s holdings in Tencent Music Entertainment Group were worth $7,822,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Wilmington Savings Fund Society FSB bought a new position in Tencent Music Entertainment Group in the third quarter valued at about $64,000. SBI Securities Co. Ltd. bought a new stake in shares of Tencent Music Entertainment Group during the 4th quarter valued at approximately $110,000. Oppenheimer Asset Management Inc. acquired a new position in Tencent Music Entertainment Group during the 4th quarter worth approximately $114,000. PNC Financial Services Group Inc. lifted its stake 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 valued at $126,000 after purchasing an additional 1,094 shares during the last quarter. Finally, MML Investors Services LLC acquired a new stake in Tencent Music Entertainment Group in the third quarter valued at approximately $170,000. Institutional investors and hedge funds own 24.32% of the company’s stock.

Wall Street Analysts Forecast Growth

TME has been the subject of a number of research reports. Mizuho increased their price target on 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. Morgan Stanley restated an “overweight” rating on shares of Tencent Music Entertainment Group in a report on Tuesday, March 18th. 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 research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat, Tencent Music Entertainment Group currently has a consensus rating of “Moderate Buy” and a consensus price target of $15.00.

Tencent Music Entertainment Group Trading Up 0.2 %

TME opened at $14.41 on Tuesday. Tencent Music Entertainment Group has a twelve month low of $9.41 and a twelve month high of $15.77. The company has a fifty day moving average of $12.89 and a 200-day moving average of $12.02. The stock has a market cap of $24.72 billion, a PE ratio of 26.68, a price-to-earnings-growth ratio of 0.77 and a beta of 0.70. The company has a quick ratio of 2.34, a current ratio of 2.34 and a debt-to-equity ratio of 0.09.

Tencent Music Entertainment Group Increases Dividend

The firm also recently disclosed an annual dividend, which will be paid on Thursday, April 24th. Stockholders of record on Thursday, April 3rd will be given a $0.18 dividend. The ex-dividend date of this dividend is Thursday, April 3rd. This is a positive change from Tencent Music Entertainment Group’s previous annual dividend of $0.12. This represents a dividend yield of 0.9%. Tencent Music Entertainment Group’s dividend payout ratio (DPR) is 28.81%.

Tencent Music Entertainment Group Profile

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.