Geode Capital Management LLC Buys 218,949 Shares of Tencent Music Entertainment Group Sponsored ADR $TME

Key Points

• Geode Capital Management increased its stake in Tencent Music Entertainment Group by 6.1% in the fourth quarter, buying 218,949 additional shares and bringing its total holding to 3.83 million shares worth about $66.6 million.
• Tencent Music shares were trading around $9.09, near the low end of their 52-week range, with the stock showing a market cap of $14.3 billion and a relatively low debt-to-equity ratio of 0.06.
• The company reported quarterly EPS of $0.11 on revenue of $1.15 billion, while also raising its annual dividend from $0.18 to $0.24 per share. Analysts currently have a consensus rating of Hold with an average price target of $21.44.

Geode Capital Management LLC boosted its stake in shares of Tencent Music Entertainment Group Sponsored ADR (NYSE:TME - Free Report) by 6.1% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 3,831,308 shares of the company's stock after acquiring an additional 218,949 shares during the period. Geode Capital Management LLC owned 0.22% of Tencent Music Entertainment Group worth $66,568,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Smartleaf Asset Management LLC bought a new position in shares of Tencent Music Entertainment Group in the 3rd quarter valued at $31,000. Allworth Financial LP increased its stake in shares of Tencent Music Entertainment Group by 63.2% in the 3rd quarter. Allworth Financial LP now owns 1,480 shares of the company's stock valued at $35,000 after purchasing an additional 573 shares during the last quarter. Jones Financial Companies Lllp increased its stake in shares of Tencent Music Entertainment Group by 137.4% in the 3rd quarter. Jones Financial Companies Lllp now owns 2,414 shares of the company's stock valued at $57,000 after purchasing an additional 1,397 shares during the last quarter. EverSource Wealth Advisors LLC increased its stake in shares of Tencent Music Entertainment Group by 83.0% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 3,005 shares of the company's stock valued at $59,000 after purchasing an additional 1,363 shares during the last quarter. Finally, Hantz Financial Services Inc. increased its stake in shares of Tencent Music Entertainment Group by 69.3% in the 3rd quarter. Hantz Financial Services Inc. now owns 4,087 shares of the company's stock valued at $95,000 after purchasing an additional 1,673 shares during the last quarter. Institutional investors own 24.32% of the company's stock.

Tencent Music Entertainment Group Trading Up 0.1%

NYSE TME opened at $9.09 on Tuesday. The company has a quick ratio of 2.08, a current ratio of 2.09 and a debt-to-equity ratio of 0.06. Tencent Music Entertainment Group Sponsored ADR has a twelve month low of $8.44 and a twelve month high of $26.70. The company has a market cap of $14.30 billion, a price-to-earnings ratio of 11.36, a price-to-earnings-growth ratio of 0.59 and a beta of 0.80. The business's fifty day moving average is $9.28 and its 200 day moving average is $13.71.

Tencent Music Entertainment Group (NYSE:TME - Get Free Report) last released 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 for the quarter. As a group, sell-side 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 company also recently disclosed an annual dividend, which was paid on Thursday, April 23rd. Investors of record on Thursday, April 2nd were issued a dividend of $0.24 per share. 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. This represents a dividend yield of 262.0%. Tencent Music Entertainment Group's dividend payout ratio (DPR) is 28.75%.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on TME. Weiss Ratings lowered Tencent Music Entertainment Group from a "hold (c)" rating to a "hold (c-)" rating in a research note on Tuesday, June 2nd. Mizuho decreased their price target on Tencent Music Entertainment Group from $23.00 to $18.00 and set an "outperform" rating on the stock in a research note on Wednesday, May 13th. UBS Group reiterated a "neutral" rating and issued a $13.00 price target (down from $26.00) on shares of Tencent Music Entertainment Group in a research note on Wednesday, March 18th. Jefferies Financial Group reiterated a "buy" rating and issued a $23.00 price target on shares of Tencent Music Entertainment Group in a research note on Tuesday, March 17th. Finally, JPMorgan Chase & Co. decreased their price target on Tencent Music Entertainment Group from $12.00 to $10.00 and set a "neutral" rating on the stock in a research note on Thursday, May 14th. Six analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the stock. According to MarketBeat, the stock presently 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.

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