Handelsbanken Fonder AB Has $2.98 Million Stock Holdings in Tencent Music Entertainment Group (NYSE:TME)

Handelsbanken Fonder AB boosted its stake in Tencent Music Entertainment Group (NYSE:TME) by 7.3% during the first quarter, according to the company in its most recent filing with the SEC. The fund owned 207,082 shares of the company’s stock after buying an additional 14,152 shares during the period. Handelsbanken Fonder AB’s holdings in Tencent Music Entertainment Group were worth $2,984,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Schroder Investment Management Group raised its stake in shares of Tencent Music Entertainment Group by 6.7% during the fourth quarter. Schroder Investment Management Group now owns 63,064,552 shares of the company’s stock valued at $715,783,000 after acquiring an additional 3,987,116 shares during the last quarter. Vanguard Group Inc. grew its holdings in shares of 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 valued at $335,833,000 after buying an additional 332,264 shares during the last quarter. Cantillon Capital Management LLC lifted 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 purchasing an additional 3,384,230 shares in the last quarter. Krane Funds Advisors LLC raised its position in Tencent Music Entertainment Group by 21.8% in the fourth quarter. Krane Funds Advisors LLC now owns 19,855,951 shares of the company’s stock worth $225,365,000 after acquiring an additional 3,560,452 shares during the period. Finally, JPMorgan Chase & Co. raised its position in Tencent Music Entertainment Group by 558.2% in the fourth quarter. JPMorgan Chase & Co. now owns 11,773,523 shares of the company’s stock worth $133,629,000 after acquiring an additional 9,984,690 shares during the period. Institutional investors and hedge funds own 24.32% of the company’s stock.

Tencent Music Entertainment Group Price Performance

Shares of NYSE:TME opened at $18.45 on Friday. The business has a fifty day simple moving average of $15.22 and a 200-day simple moving average of $13.35. Tencent Music Entertainment Group has a 52 week low of $9.41 and a 52 week high of $19.40. The company has a quick ratio of 2.34, a current ratio of 2.34 and a debt-to-equity ratio of 0.09. The company has a market cap of $31.67 billion, a P/E ratio of 34.17, a P/E/G ratio of 0.77 and a beta of 0.51.

Tencent Music Entertainment Group Increases Dividend

The firm also recently announced an annual dividend, which was paid on Thursday, April 24th. Stockholders of record on Thursday, April 3rd were issued a $0.18 dividend. The ex-dividend date was Thursday, April 3rd. This represents a dividend yield of 0.9%. This is a positive change from Tencent Music Entertainment Group’s previous annual dividend of $0.12. Tencent Music Entertainment Group’s dividend payout ratio is presently 20.24%.

Wall Street Analyst Weigh In

TME has been the subject of a number of research reports. Nomura Securities raised shares of Tencent Music Entertainment Group to a “strong-buy” rating in a research note on Tuesday, April 8th. Mizuho raised their target price on 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 reissued an “outperform” rating on shares of Tencent Music Entertainment Group in a research note on Wednesday, May 14th. Morgan Stanley restated an “overweight” rating on shares of Tencent Music Entertainment Group in a report on Tuesday, May 13th. Finally, Deutsche Bank Aktiengesellschaft raised Tencent Music Entertainment Group from a “hold” rating to a “buy” rating in a research report on Wednesday, March 26th. Two equities research analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Tencent Music Entertainment Group has a consensus rating of “Moderate Buy” and a consensus target price of $15.00.

Tencent Music Entertainment Group Company 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.