Independent Advisor Alliance Has $143,000 Stake in Tencent Music Entertainment Group (NYSE:TME)

Independent Advisor Alliance cut its position in Tencent Music Entertainment Group (NYSE:TME) by 18.1% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 12,597 shares of the company’s stock after selling 2,789 shares during the quarter. Independent Advisor Alliance’s holdings in Tencent Music Entertainment Group were worth $143,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in the company. Thrivent Financial for Lutherans boosted its position in Tencent Music Entertainment Group by 31.7% during the 3rd quarter. Thrivent Financial for Lutherans now owns 15,550 shares of the company’s stock worth $187,000 after buying an additional 3,746 shares during the period. Swiss National Bank boosted its position in Tencent Music Entertainment Group by 1.0% during the 3rd quarter. Swiss National Bank now owns 1,704,330 shares of the company’s stock worth $20,537,000 after buying an additional 17,100 shares during the period. Caprock Group LLC acquired a new stake in Tencent Music Entertainment Group during the 3rd quarter worth approximately $147,000. B. Metzler seel. Sohn & Co. Holding AG acquired a new stake in Tencent Music Entertainment Group during the 3rd quarter worth approximately $2,270,000. Finally, Avior Wealth Management LLC boosted its position in Tencent Music Entertainment Group by 253.8% during the 3rd quarter. Avior Wealth Management LLC now owns 5,675 shares of the company’s stock worth $68,000 after buying an additional 4,071 shares during the period. 24.32% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the stock. Mizuho increased their target price on shares of Tencent Music Entertainment Group from $16.00 to $17.00 and gave the company an “outperform” rating in a research report on Wednesday. Morgan Stanley raised shares of Tencent Music Entertainment Group from an “equal weight” rating to an “overweight” rating and set a $13.00 target price for the company in a research report on Tuesday, January 21st. Two analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $15.00.

Tencent Music Entertainment Group Trading Down 3.2 %

Shares of TME stock opened at $14.25 on Friday. The company has a market cap of $24.45 billion, a P/E ratio of 26.38, a PEG ratio of 0.77 and a beta of 0.70. The stock has a 50 day simple moving average of $12.36 and a two-hundred day simple moving average of $11.78. The company has a debt-to-equity ratio of 0.09, a quick ratio of 2.34 and a current ratio of 2.34. Tencent Music Entertainment Group has a fifty-two week low of $9.41 and a fifty-two week high of $15.77.

Tencent Music Entertainment Group Increases Dividend

The firm also recently announced an annual dividend, which will be paid on Thursday, April 24th. Shareholders of record on Thursday, April 3rd will be issued a $0.18 dividend. This is an increase from Tencent Music Entertainment Group’s previous annual dividend of $0.12. This represents a yield of 0.9%. The ex-dividend date is Thursday, April 3rd. Tencent Music Entertainment Group’s payout ratio is presently 22.03%.

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.