GF Fund Management CO. LTD. Takes $11.41 Million Position in Tencent Music Entertainment Group (NYSE:TME)

GF Fund Management CO. LTD. acquired a new position in Tencent Music Entertainment Group (NYSE:TME) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund acquired 1,005,394 shares of the company’s stock, valued at approximately $11,411,000. GF Fund Management CO. LTD. owned about 0.06% of Tencent Music Entertainment Group at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Schroder Investment Management Group grew its holdings 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 valued at $715,783,000 after purchasing an additional 3,987,116 shares during the period. Vanguard Group Inc. boosted its stake in Tencent Music Entertainment Group by 1.1% during the fourth quarter. Vanguard Group Inc. now owns 29,588,812 shares of the company’s stock worth $335,833,000 after buying an additional 332,264 shares during the period. Cantillon Capital Management LLC increased its position in shares of Tencent Music Entertainment Group by 18.3% during the fourth quarter. Cantillon Capital Management LLC now owns 21,840,815 shares of the company’s stock valued at $247,893,000 after acquiring an additional 3,384,230 shares during the last quarter. Krane Funds Advisors LLC raised its stake in shares of Tencent Music Entertainment Group by 21.8% in the 4th quarter. Krane Funds Advisors LLC now owns 19,855,951 shares of the company’s stock valued at $225,365,000 after acquiring an additional 3,560,452 shares during the period. Finally, JPMorgan Chase & Co. raised its stake in shares of Tencent Music Entertainment Group by 558.2% in the 4th quarter. JPMorgan Chase & Co. now owns 11,773,523 shares of the company’s stock valued at $133,629,000 after acquiring an additional 9,984,690 shares during the period. 24.32% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on the stock. Mizuho increased their price objective on shares of Tencent Music Entertainment Group from $16.00 to $17.00 and gave the stock an “outperform” rating in a research report on Wednesday, March 19th. Sanford C. Bernstein restated an “outperform” rating on shares of Tencent Music Entertainment Group in a research report on Wednesday, May 14th. Morgan Stanley reaffirmed an “overweight” rating on shares of Tencent Music Entertainment Group in a research note on Tuesday, May 13th. Deutsche Bank Aktiengesellschaft upgraded Tencent Music Entertainment Group from a “hold” rating to a “buy” rating in a report on Wednesday, March 26th. Finally, Nomura Securities upgraded Tencent Music Entertainment Group to a “strong-buy” rating in a report on Tuesday, April 8th. Two equities research analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $15.00.

Tencent Music Entertainment Group Trading Up 3.5%

TME opened at $17.53 on Friday. The business has a fifty day moving average price of $14.05 and a 200 day moving average price of $12.66. The company has a debt-to-equity ratio of 0.09, a current ratio of 2.34 and a quick ratio of 2.34. Tencent Music Entertainment Group has a 12 month low of $9.41 and a 12 month high of $17.55. The stock has a market capitalization of $30.08 billion, a price-to-earnings ratio of 32.46, a PEG ratio of 0.77 and a beta of 0.46.

Tencent Music Entertainment Group Increases Dividend

The business also recently disclosed an annual dividend, which was paid on Thursday, April 24th. Stockholders of record on Thursday, April 3rd were given a dividend of $0.18 per share. The ex-dividend date of this dividend was Thursday, April 3rd. This is an increase 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 payout ratio is currently 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.