Prudential PLC Acquires 114,054 Shares of Tencent Music Entertainment Group Sponsored ADR $TME

Prudential PLC lifted its holdings in shares of Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) by 27.0% during the fourth quarter, HoldingsChannel reports. The firm owned 537,244 shares of the company’s stock after purchasing an additional 114,054 shares during the quarter. Prudential PLC’s holdings in Tencent Music Entertainment Group were worth $9,418,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently made changes to their positions in TME. Norges Bank bought a new stake in shares of Tencent Music Entertainment Group during the 4th quarter worth $94,360,000. Green Court Capital Management Ltd raised its stake in shares of Tencent Music Entertainment Group by 467.2% during the 4th quarter. Green Court Capital Management Ltd now owns 5,893,162 shares of the company’s stock worth $108,729,000 after purchasing an additional 4,854,084 shares during the period. Sumitomo Mitsui Trust Group Inc. raised its stake in shares of Tencent Music Entertainment Group by 312.3% during the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 5,764,321 shares of the company’s stock worth $101,049,000 after purchasing an additional 4,366,226 shares during the period. Krane Funds Advisors LLC raised its stake in shares of Tencent Music Entertainment Group by 25.4% during the 3rd quarter. Krane Funds Advisors LLC now owns 19,020,641 shares of the company’s stock worth $421,593,000 after purchasing an additional 3,856,410 shares during the period. Finally, William Blair Investment Management LLC bought a new stake in shares of Tencent Music Entertainment Group during the 3rd quarter worth $88,175,000. 24.32% of the stock is currently owned by institutional investors.

Tencent Music Entertainment Group Trading Down 2.2%

Shares of TME opened at $9.10 on Friday. The business has a 50-day moving average of $9.28 and a 200 day moving average of $13.82. Tencent Music Entertainment Group Sponsored ADR has a fifty-two week low of $8.44 and a fifty-two week high of $26.70. The firm has a market cap of $14.09 billion, a P/E ratio of 11.37, a price-to-earnings-growth ratio of 0.60 and a beta of 0.80. The company has a debt-to-equity ratio of 0.06, a quick ratio of 2.08 and a current ratio of 2.09.

Tencent Music Entertainment Group (NYSE:TME) last announced its quarterly earnings data on Tuesday, March 31st. The company reported $0.11 earnings per share for the quarter. Tencent Music Entertainment Group had a return on equity of 11.20% and a net margin of 26.45%.The company had revenue of $1.15 billion during the quarter. As a group, research analysts forecast that Tencent Music Entertainment Group Sponsored ADR will post 0.9 EPS for the current year.

Tencent Music Entertainment Group Increases Dividend

The business also recently announced an annual dividend, which was paid on Thursday, April 23rd. Shareholders of record on Thursday, April 2nd were issued a dividend of $0.24 per share. This represents a yield of 262.0%. The ex-dividend date of this dividend was Thursday, April 2nd. This is a boost from Tencent Music Entertainment Group’s previous annual dividend of $0.18. Tencent Music Entertainment Group’s payout ratio is presently 28.75%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on the company. UBS Group reiterated a “neutral” rating and set a $13.00 target price (down from $26.00) on shares of Tencent Music Entertainment Group in a research note on Wednesday, March 18th. JPMorgan Chase & Co. decreased their price objective on Tencent Music Entertainment Group from $12.00 to $10.00 and set a “neutral” rating for the company in a report on Thursday, May 14th. Jefferies Financial Group reissued a “buy” rating and issued a $23.00 price objective on shares of Tencent Music Entertainment Group in a report on Tuesday, March 17th. Morgan Stanley reissued an “equal weight” rating on shares of Tencent Music Entertainment Group in a report on Thursday, March 19th. Finally, Zacks Research raised Tencent Music Entertainment Group from a “strong sell” rating to a “hold” rating in a report on Tuesday, May 19th. Six analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the stock. Based on data from MarketBeat.com, Tencent Music Entertainment Group currently has a consensus rating of “Hold” and an average target price of $21.44.

About Tencent Music Entertainment Group

Tencent Music Entertainment Group (NYSE: TME) is a China-based digital music and audio entertainment platform that operates a portfolio of leading music streaming and social entertainment services. Its core consumer-facing products include streaming apps, online karaoke (KTV) services and live music and entertainment broadcasts. The company monetizes its content through a mix of subscriptions, digital music sales, in-app purchases, virtual gifting, advertising and licensing arrangements with rights holders.

The company traces its roots to the consolidation of Tencent’s music assets and was established in the mid-2010s to unify several prominent music properties under a single operating entity.