Polymer Capital Management HK LTD Grows Stock Position in Tencent Music Entertainment Group (NYSE:TME)

Polymer Capital Management HK LTD grew its position in shares of Tencent Music Entertainment Group (NYSE:TME) by 324.0% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 42,400 shares of the company’s stock after purchasing an additional 32,400 shares during the period. Polymer Capital Management HK LTD’s holdings in Tencent Music Entertainment Group were worth $481,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in TME. Schroder Investment Management Group increased its stake in Tencent Music Entertainment Group by 6.7% during the 4th quarter. Schroder Investment Management Group now owns 63,064,552 shares of the company’s stock worth $715,783,000 after buying an additional 3,987,116 shares during the period. Vanguard Group Inc. grew its stake 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 acquiring an additional 332,264 shares in the last quarter. Cantillon Capital Management LLC increased 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 worth $247,893,000 after acquiring an additional 3,384,230 shares during the last quarter. State Street Corp lifted its stake in shares of Tencent Music Entertainment Group by 1.3% in the third quarter. State Street Corp now owns 12,821,488 shares of the company’s stock worth $154,499,000 after acquiring an additional 166,225 shares in the last quarter. Finally, JPMorgan Chase & Co. lifted its stake in shares of 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 in the last quarter. 24.32% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on TME shares. Mizuho lifted their price objective on Tencent Music Entertainment Group from $16.00 to $17.00 and gave the stock an “outperform” rating in a report on Wednesday, March 19th. Deutsche Bank Aktiengesellschaft raised shares of Tencent Music Entertainment Group from a “hold” rating to a “buy” rating in a research report on Wednesday, March 26th. Finally, Morgan Stanley reiterated an “overweight” rating on shares of Tencent Music Entertainment Group in a research note on Tuesday, March 18th. Two equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $15.00.

Tencent Music Entertainment Group Stock Performance

TME stock opened at $12.94 on Monday. The stock’s 50 day simple moving average is $13.12 and its 200 day simple moving average is $12.15. Tencent Music Entertainment Group has a 12-month low of $9.41 and a 12-month high of $15.77. The firm has a market cap of $22.20 billion, a P/E ratio of 23.95, a P/E/G ratio of 0.77 and a beta of 0.50. The company has a current ratio of 2.34, a quick ratio of 2.34 and a debt-to-equity ratio of 0.09.

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 $0.18 dividend. The ex-dividend date is Thursday, April 3rd. This is a positive change 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 payout ratio is 28.81%.

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.