Asset Management One Co. Ltd. Lowers Stock Position in Tencent Music Entertainment Group Sponsored ADR $TME

Key Points

• Asset Management One cut its stake in Tencent Music (NYSE:TME) by 27.4% in Q4, selling 190,616 shares and finishing the quarter with 504,950 shares valued at $8.922 million per its 13F filing.
• Tencent Music raised its annual dividend to $0.24 (up from $0.18) with an ex-dividend date of April 2 and payment on April 23; the stock opened at $9.63 (down 4.8%), has a market cap of $14.91 billion and a 1‑year range of $8.78–$26.70.
• Analysts are mixed: the consensus rating is an average “Hold” with an average target price of $22.03 (six Buy, seven Hold, one Sell).

Asset Management One Co. Ltd. lessened its position in shares of Tencent Music Entertainment Group Sponsored ADR (NYSE:TME - Free Report) by 27.4% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 504,950 shares of the company's stock after selling 190,616 shares during the quarter. Asset Management One Co. Ltd.'s holdings in Tencent Music Entertainment Group were worth $8,922,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of TME. Smartleaf Asset Management LLC bought a new position in shares of Tencent Music Entertainment Group during the 3rd quarter worth approximately $31,000. Allworth Financial LP raised its stake in shares of Tencent Music Entertainment Group by 63.2% during the 3rd quarter. Allworth Financial LP now owns 1,480 shares of the company's stock worth $35,000 after acquiring an additional 573 shares in the last quarter. Global Retirement Partners LLC raised its stake in shares of Tencent Music Entertainment Group by 1,326.5% during the 3rd quarter. Global Retirement Partners LLC now owns 1,883 shares of the company's stock worth $44,000 after acquiring an additional 1,751 shares in the last quarter. Jones Financial Companies Lllp raised its stake in shares of Tencent Music Entertainment Group by 137.4% during the 3rd quarter. Jones Financial Companies Lllp now owns 2,414 shares of the company's stock worth $57,000 after acquiring an additional 1,397 shares in the last quarter. Finally, EverSource Wealth Advisors LLC raised its stake in shares of Tencent Music Entertainment Group by 83.0% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 3,005 shares of the company's stock worth $59,000 after acquiring an additional 1,363 shares in the last quarter. Institutional investors own 24.32% of the company's stock.

Analysts Set New Price Targets

Several research analysts recently commented on the stock. Morgan Stanley reiterated an "equal weight" rating on shares of Tencent Music Entertainment Group in a research note on Thursday, March 19th. Daiwa Securities Group reiterated a "hold" rating and set a $12.00 price objective on shares of Tencent Music Entertainment Group in a research note on Wednesday, March 18th. Jefferies Financial Group reiterated a "buy" rating and set a $23.00 price objective on shares of Tencent Music Entertainment Group in a research note on Tuesday, March 17th. Zacks Research lowered shares of Tencent Music Entertainment Group from a "hold" rating to a "strong sell" rating in a research note on Friday, April 17th. Finally, Weiss Ratings reiterated a "hold (c+)" rating on shares of Tencent Music Entertainment Group in a research note on Monday, December 29th. Six research analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $22.03.

Tencent Music Entertainment Group Stock Down 4.8%

NYSE:TME opened at $9.63 on Wednesday. The firm has a market capitalization of $14.91 billion, a P/E ratio of 9.72, a PEG ratio of 0.66 and a beta of 0.80. Tencent Music Entertainment Group Sponsored ADR has a 1-year low of $8.78 and a 1-year high of $26.70. The company's fifty day moving average price is $12.08 and its 200-day moving average price is $16.62. The company has a debt-to-equity ratio of 0.04, a current ratio of 2.22 and a quick ratio of 2.22.

Tencent Music Entertainment Group Increases Dividend

The firm also recently disclosed an annual dividend, which will be paid on Thursday, April 23rd. Stockholders of record on Thursday, April 2nd will be paid a $0.24 dividend. The ex-dividend date is Thursday, April 2nd. This is an increase from Tencent Music Entertainment Group's previous annual dividend of $0.18. This represents a dividend yield of 262.0%. Tencent Music Entertainment Group's dividend payout ratio (DPR) is currently 23.23%.

Tencent Music Entertainment Group Company Profile

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.

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