Massachusetts Financial Services Co. MA Has $86.03 Million Stock Holdings in Tencent Music Entertainment Group Sponsored ADR $TME

Key Points

• Massachusetts Financial Services Co. MA boosted its stake in Tencent Music (NYSE:TME) by 117.4% in Q4, now owning 4,907,677 shares worth about $86.03 million.
• Tencent Music raised its annual dividend to $0.24 per share (up from $0.18), payable April 23 with an ex-dividend date of April 2.
• Wall Street is mixed: the consensus rating is "Hold" with an average target price of $22.03, while the stock trades near $9.43 and several firms have recently cut price targets.

Massachusetts Financial Services Co. MA raised its holdings in shares of Tencent Music Entertainment Group Sponsored ADR (NYSE:TME - Free Report) by 117.4% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 4,907,677 shares of the company's stock after purchasing an additional 2,649,833 shares during the quarter. Massachusetts Financial Services Co. MA's holdings in Tencent Music Entertainment Group were worth $86,032,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in the business. Smartleaf Asset Management LLC bought a new position in Tencent Music Entertainment Group during the 3rd quarter worth $31,000. Allworth Financial LP increased its position in 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 buying an additional 573 shares during the period. Global Retirement Partners LLC increased its position in 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 buying an additional 1,751 shares during the period. Jones Financial Companies Lllp increased its position in 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 buying an additional 1,397 shares during the period. Finally, EverSource Wealth Advisors LLC increased its position in 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 buying an additional 1,363 shares during the period. Institutional investors and hedge funds own 24.32% of the company's stock.

Tencent Music Entertainment Group Price Performance

Shares of TME stock opened at $9.43 on Tuesday. The company has a quick ratio of 2.22, a current ratio of 2.22 and a debt-to-equity ratio of 0.04. Tencent Music Entertainment Group Sponsored ADR has a twelve month low of $8.78 and a twelve month high of $26.70. The company has a market cap of $14.61 billion, a P/E ratio of 9.53, a P/E/G ratio of 0.61 and a beta of 0.80. The business has a fifty day simple moving average of $12.85 and a 200 day simple moving average of $17.18.

Tencent Music Entertainment Group Increases Dividend

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

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on TME shares. Barclays lowered their price objective on Tencent Music Entertainment Group from $28.00 to $20.00 and set an "overweight" rating on the stock in a research report on Thursday, March 19th. Benchmark reissued a "hold" rating on shares of Tencent Music Entertainment Group in a report on Wednesday, March 18th. Mizuho cut their price objective on shares of Tencent Music Entertainment Group from $28.00 to $23.00 and set an "outperform" rating for the company in a report on Wednesday, March 18th. Daiwa Securities Group reissued a "hold" rating and issued a $12.00 price objective on shares of Tencent Music Entertainment Group in a report on Wednesday, March 18th. Finally, UBS Group reissued a "neutral" rating and issued a $13.00 price objective (down from $26.00) on shares of Tencent Music Entertainment Group in a report on Wednesday, March 18th. Six equities 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, Tencent Music Entertainment Group currently has an average rating of "Hold" and an average target price of $22.03.

Tencent Music Entertainment Group 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.

Want to see what other hedge funds are holding TME? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Tencent Music Entertainment Group Sponsored ADR (NYSE:TME - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.