Ethic Inc. Makes New Investment in Tencent Music Entertainment Group (NYSE:TME)

Ethic Inc. bought a new position in Tencent Music Entertainment Group (NYSE:TME) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 16,913 shares of the company’s stock, valued at approximately $192,000.

A number of other institutional investors also recently modified their holdings of the stock. Barclays PLC raised its stake in shares of Tencent Music Entertainment Group by 5.8% during the third quarter. Barclays PLC now owns 762,650 shares of the company’s stock worth $9,189,000 after buying an additional 41,990 shares during the last quarter. Exchange Traded Concepts LLC raised its stake in shares of Tencent Music Entertainment Group by 232.6% during the fourth quarter. Exchange Traded Concepts LLC now owns 129,170 shares of the company’s stock worth $1,466,000 after buying an additional 90,329 shares during the last quarter. Union Bancaire Privee UBP SA bought a new stake in shares of Tencent Music Entertainment Group during the fourth quarter worth approximately $370,000. Matthews International Capital Management LLC raised its stake in shares of Tencent Music Entertainment Group by 136.9% during the fourth quarter. Matthews International Capital Management LLC now owns 756,957 shares of the company’s stock worth $8,591,000 after buying an additional 437,418 shares during the last quarter. Finally, Jennison Associates LLC raised its stake in shares of Tencent Music Entertainment Group by 0.5% during the fourth quarter. Jennison Associates LLC now owns 2,833,838 shares of the company’s stock worth $32,164,000 after buying an additional 14,971 shares during the last quarter. 24.32% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

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

Tencent Music Entertainment Group Stock Up 1.8%

Tencent Music Entertainment Group stock opened at $16.65 on Monday. The stock has a market capitalization of $28.58 billion, a PE ratio of 30.84, a price-to-earnings-growth ratio of 0.77 and a beta of 0.46. Tencent Music Entertainment Group has a twelve month low of $9.41 and a twelve month high of $17.05. 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 50 day moving average of $13.65 and a 200-day moving average of $12.48.

Tencent Music Entertainment Group Increases Dividend

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

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.