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

Mitsubishi UFJ Asset Management Co. Ltd. raised its position in Tencent Music Entertainment Group (NYSE:TME) by 24.0% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 700,923 shares of the company’s stock after acquiring 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.

A number of other hedge funds and other institutional investors also recently modified their holdings of TME. Wilmington Savings Fund Society FSB bought a new position in Tencent Music Entertainment Group during the third quarter worth about $64,000. SBI Securities Co. Ltd. acquired a new stake in Tencent Music Entertainment Group during the 4th quarter valued at $110,000. Oppenheimer Asset Management Inc. bought a new position in Tencent Music Entertainment Group during the fourth quarter worth $114,000. PNC Financial Services Group Inc. increased its holdings in shares of Tencent Music Entertainment Group by 10.9% in the fourth 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 position in shares of Tencent Music Entertainment Group in the third quarter valued at $170,000. Institutional investors own 24.32% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts recently commented on the stock. Deutsche Bank Aktiengesellschaft raised shares of Tencent Music Entertainment Group from a “hold” rating to a “buy” rating in a report on Wednesday, March 26th. Morgan Stanley reaffirmed an “overweight” rating on shares of Tencent Music Entertainment Group in a research report on Tuesday, March 18th. Finally, Mizuho lifted their price target on Tencent Music Entertainment Group from $16.00 to $17.00 and gave the stock an “outperform” rating in a report on Wednesday, March 19th. Two equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat, Tencent Music Entertainment Group currently has an average rating of “Moderate Buy” and a consensus price target of $15.00.

Tencent Music Entertainment Group Price Performance

Shares of NYSE TME opened at $14.41 on Tuesday. The stock has a market capitalization of $24.72 billion, a PE ratio of 26.68, a P/E/G ratio of 0.77 and a beta of 0.70. Tencent Music Entertainment Group has a fifty-two week low of $9.41 and a fifty-two week high of $15.77. 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 business has a fifty day moving average price of $12.89 and a two-hundred day moving average price of $12.02.

Tencent Music Entertainment Group Increases Dividend

The company also recently disclosed an annual dividend, which will be paid on Thursday, April 24th. Investors of record on Thursday, April 3rd will be given a dividend of $0.18 per share. This is a boost from Tencent Music Entertainment Group’s previous annual dividend of $0.12. The ex-dividend date of this dividend is Thursday, April 3rd. This represents a yield of 0.9%. Tencent Music Entertainment Group’s dividend payout ratio is currently 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.