Raymond James Financial Inc. Invests $731,000 in Tencent Music Entertainment Group (NYSE:TME)

Raymond James Financial Inc. bought a new stake in Tencent Music Entertainment Group (NYSE:TME) during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor bought 64,445 shares of the company’s stock, valued at approximately $731,000.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Wilmington Savings Fund Society FSB purchased a new stake in shares of Tencent Music Entertainment Group in the 3rd quarter valued at $64,000. SBI Securities Co. Ltd. acquired a new position in Tencent Music Entertainment Group during the fourth quarter valued at $110,000. Oppenheimer Asset Management Inc. purchased a new stake in Tencent Music Entertainment Group in the fourth quarter valued at $114,000. PNC Financial Services Group Inc. grew its position in Tencent Music Entertainment Group by 10.9% during the 4th quarter. PNC Financial Services Group Inc. now owns 11,138 shares of the company’s stock worth $126,000 after purchasing an additional 1,094 shares during the period. Finally, Unigestion Holding SA purchased a new position in shares of Tencent Music Entertainment Group during the 4th quarter valued at about $161,000. Institutional investors and hedge funds own 24.32% of the company’s stock.

Tencent Music Entertainment Group Price Performance

TME stock opened at $14.44 on Wednesday. Tencent Music Entertainment Group has a 1 year low of $9.41 and a 1 year 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 firm has a market capitalization of $24.77 billion, a PE ratio of 26.73, a price-to-earnings-growth ratio of 0.77 and a beta of 0.46. The business has a 50 day simple moving average of $13.27 and a 200-day simple moving average of $12.27.

Tencent Music Entertainment Group Increases Dividend

The business also recently announced an annual dividend, which was paid on Thursday, April 24th. Shareholders of record on Thursday, April 3rd were paid a $0.18 dividend. 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 dividend payout ratio (DPR) is 28.81%.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on TME. Nomura Securities upgraded Tencent Music Entertainment Group to a “strong-buy” rating in a research note on Tuesday, April 8th. Deutsche Bank Aktiengesellschaft upgraded shares of Tencent Music Entertainment Group from a “hold” rating to a “buy” rating in a research note on Wednesday, March 26th. Mizuho lifted 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. Finally, Morgan Stanley restated an “overweight” rating on shares of Tencent Music Entertainment Group in a research report on Tuesday, March 18th. Two investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $15.00.

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.