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

Independent Advisor Alliance lessened its position in Tencent Music Entertainment Group (NYSE:TME) by 18.1% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. 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 filing with the SEC.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. PNC Financial Services Group Inc. raised its holdings in Tencent Music Entertainment Group by 10.9% during the fourth quarter. PNC Financial Services Group Inc. now owns 11,138 shares of the company’s stock worth $126,000 after acquiring an additional 1,094 shares in the last quarter. Intech Investment Management LLC raised its holdings in Tencent Music Entertainment Group by 9.1% during the third quarter. Intech Investment Management LLC now owns 19,850 shares of the company’s stock worth $239,000 after acquiring an additional 1,664 shares in the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd raised its holdings in Tencent Music Entertainment Group by 3.9% during the fourth quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 51,636 shares of the company’s stock worth $586,000 after acquiring an additional 1,923 shares in the last quarter. Thrivent Financial for Lutherans raised its holdings in Tencent Music Entertainment Group by 31.7% during the third quarter. Thrivent Financial for Lutherans now owns 15,550 shares of the company’s stock worth $187,000 after acquiring an additional 3,746 shares in the last quarter. Finally, Avior Wealth Management LLC raised its holdings in Tencent Music Entertainment Group by 253.8% during the third quarter. Avior Wealth Management LLC now owns 5,675 shares of the company’s stock worth $68,000 after acquiring an additional 4,071 shares in the last quarter. Institutional investors and hedge funds own 24.32% of the company’s stock.

Tencent Music Entertainment Group Trading Down 3.2 %

TME stock opened at $14.25 on Friday. 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 52 week low of $9.41 and a 52 week high of $15.77. The company has a market capitalization of $24.45 billion, a PE ratio of 26.38, a price-to-earnings-growth ratio of 0.77 and a beta of 0.70. The company’s 50-day simple moving average is $12.36 and its 200 day simple moving average is $11.78.

Tencent Music Entertainment Group Increases Dividend

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

Analysts Set New Price Targets

Several brokerages recently issued reports on TME. Mizuho raised 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 note on Wednesday. Morgan Stanley upgraded 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 note on Tuesday, January 21st. Two investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $15.00.

Tencent Music Entertainment Group 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.