Jennison Associates LLC Purchases 282,379 Shares of Tencent Music Entertainment Group Sponsored ADR $TME

Key Points

• Jennison Associates LLC increased its stake in Tencent Music (NYSE:TME) by 23.0% in Q4, buying 282,379 shares and raising its holding to 1,508,978 shares worth about $26.45 million.
• Tencent Music raised its annual dividend to $0.24 per share (up from $0.18), which was paid on April 23 to holders of record as of April 2.
• Analysts have a consensus rating of Hold with an average price target of $22.03, while shares trade around $9.09 (52‑week range $8.78–$26.70) and the company has a market cap of about $14.08 billion.

Jennison Associates LLC grew its position in Tencent Music Entertainment Group Sponsored ADR (NYSE:TME - Free Report) by 23.0% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,508,978 shares of the company's stock after purchasing an additional 282,379 shares during the quarter. Jennison Associates LLC's holdings in Tencent Music Entertainment Group were worth $26,452,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also modified their holdings of the company. Smartleaf Asset Management LLC bought a new position in shares of Tencent Music Entertainment Group in the third quarter worth approximately $31,000. Allworth Financial LP boosted its position in shares of Tencent Music Entertainment Group by 63.2% in the third quarter. Allworth Financial LP now owns 1,480 shares of the company's stock worth $35,000 after purchasing an additional 573 shares during the period. Global Retirement Partners LLC boosted its position in shares of Tencent Music Entertainment Group by 1,326.5% in the third quarter. Global Retirement Partners LLC now owns 1,883 shares of the company's stock worth $44,000 after purchasing an additional 1,751 shares during the period. Jones Financial Companies Lllp boosted its position in shares of Tencent Music Entertainment Group by 137.4% in the third quarter. Jones Financial Companies Lllp now owns 2,414 shares of the company's stock worth $57,000 after purchasing an additional 1,397 shares during the period. Finally, EverSource Wealth Advisors LLC boosted its position in shares of 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 worth $59,000 after purchasing an additional 1,363 shares during the period. 24.32% of the stock is currently owned by institutional investors.

Tencent Music Entertainment Group Price Performance

Shares of NYSE:TME opened at $9.09 on Friday. The company has a debt-to-equity ratio of 0.04, a quick ratio of 2.22 and a current ratio of 2.22. The firm has a fifty day moving average price of $11.19 and a 200 day moving average price of $16.04. Tencent Music Entertainment Group Sponsored ADR has a fifty-two week low of $8.78 and a fifty-two week high of $26.70. The firm has a market cap of $14.08 billion, a price-to-earnings ratio of 9.18, a P/E/G ratio of 0.60 and a beta of 0.81.

Tencent Music Entertainment Group Increases Dividend

The business also recently announced an annual dividend, which was paid on Thursday, April 23rd. Investors of record on Thursday, April 2nd were given a dividend of $0.24 per share. This is a positive change from Tencent Music Entertainment Group's previous annual dividend of $0.18. This represents a dividend yield of 262.0%. The ex-dividend date was Thursday, April 2nd. Tencent Music Entertainment Group's dividend payout ratio (DPR) is currently 23.23%.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the stock. Barclays dropped their price target on shares of Tencent Music Entertainment Group from $28.00 to $20.00 and set an "overweight" rating for the company in a research report on Thursday, March 19th. Morgan Stanley reiterated an "equal weight" rating on shares of Tencent Music Entertainment Group in a research report on Thursday, March 19th. Mizuho dropped their price target on shares of Tencent Music Entertainment Group from $28.00 to $23.00 and set an "outperform" rating for the company in a research report on Wednesday, March 18th. Daiwa Securities Group reiterated a "hold" rating and issued a $12.00 price target on shares of Tencent Music Entertainment Group in a research report on Wednesday, March 18th. Finally, 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 report on Wednesday, March 18th. Six research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $22.03.

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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