Tencent Music Entertainment Group Sponsored ADR $TME Shares Sold by LSV Asset Management

LSV Asset Management reduced its position in shares of Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) by 74.5% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 229,094 shares of the company’s stock after selling 667,584 shares during the period. LSV Asset Management’s holdings in Tencent Music Entertainment Group were worth $4,016,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in TME. Royal Bank of Canada lifted its position in shares of Tencent Music Entertainment Group by 9.0% during the first quarter. Royal Bank of Canada now owns 144,475 shares of the company’s stock worth $2,082,000 after purchasing an additional 11,979 shares in the last quarter. AQR Capital Management LLC lifted its position in shares of Tencent Music Entertainment Group by 107.5% during the first quarter. AQR Capital Management LLC now owns 85,450 shares of the company’s stock worth $1,231,000 after purchasing an additional 44,265 shares in the last quarter. Jones Financial Companies Lllp acquired a new position in shares of Tencent Music Entertainment Group during the first quarter worth $985,000. Acadian Asset Management LLC raised its holdings in Tencent Music Entertainment Group by 385,900.0% in the first quarter. Acadian Asset Management LLC now owns 50,180 shares of the company’s stock valued at $722,000 after acquiring an additional 50,167 shares in the last quarter. Finally, EverSource Wealth Advisors LLC raised its holdings in Tencent Music Entertainment Group by 83.0% in the second quarter. EverSource Wealth Advisors LLC now owns 3,005 shares of the company’s stock valued at $59,000 after acquiring an additional 1,363 shares in the last quarter. 24.32% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the stock. Benchmark reaffirmed a “hold” rating on shares of Tencent Music Entertainment Group in a report on Wednesday, March 18th. Morgan Stanley reaffirmed an “equal weight” rating on shares of Tencent Music Entertainment Group in a report on Thursday, March 19th. Barclays cut their price target on shares of Tencent Music Entertainment Group from $28.00 to $20.00 and set an “overweight” rating on the stock in a report on Thursday, March 19th. Jefferies Financial Group reaffirmed a “buy” rating and issued a $23.00 price target on shares of Tencent Music Entertainment Group in a report on Tuesday, March 17th. Finally, JPMorgan Chase & Co. cut their price target on shares of Tencent Music Entertainment Group from $12.00 to $10.00 and set a “neutral” rating on the stock in a report on Thursday, May 14th. Six research analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $21.44.

Tencent Music Entertainment Group Trading Up 4.8%

TME opened at $9.23 on Wednesday. The stock has a market capitalization of $14.30 billion, a PE ratio of 11.54, a P/E/G ratio of 0.57 and a beta of 0.81. Tencent Music Entertainment Group Sponsored ADR has a 12-month low of $8.44 and a 12-month high of $26.70. The firm’s fifty day moving average price is $9.53 and its 200 day moving average price is $14.40. The company has a debt-to-equity ratio of 0.06, a current ratio of 2.09 and a quick ratio of 2.08.

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

Tencent Music Entertainment Group Increases Dividend

The firm 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 dividend yield of 262.0%. This is a positive change from Tencent Music Entertainment Group’s previous annual dividend of $0.18. The ex-dividend date of this dividend was Thursday, April 2nd. Tencent Music Entertainment Group’s dividend payout ratio is currently 28.75%.

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.