Matthews International Capital Management LLC Sells 408,285 Shares of Tencent Music Entertainment Group Sponsored ADR $TME

Key Points

• Matthews International Capital cut its stake in Tencent Music by 63.2%, selling 408,285 shares in Q4 and now holds 238,068 shares worth about $4.17 million (≈1.3% of its portfolio).
• Analyst coverage is mixed with a MarketBeat consensus of "Hold" and a $22.03 consensus price target, while several firms recently lowered targets (e.g., UBS to $13, Mizuho to $23) and Zacks moved to "strong sell".
• Tencent Music raised its annual dividend to $0.24 (paid April 23), and the stock trades around $9.34 with a $14.46 billion market cap, a P/E of 9.43, and a one-year range of $8.78–$26.70.

Matthews International Capital Management LLC cut its stake in shares of Tencent Music Entertainment Group Sponsored ADR (NYSE:TME - Free Report) by 63.2% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 238,068 shares of the company's stock after selling 408,285 shares during the period. Tencent Music Entertainment Group accounts for approximately 1.3% of Matthews International Capital Management LLC's portfolio, making the stock its 24th largest holding. Matthews International Capital Management LLC's holdings in Tencent Music Entertainment Group were worth $4,173,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Royal Bank of Canada increased its position in shares of Tencent Music Entertainment Group by 9.0% in 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 during the last quarter. AQR Capital Management LLC increased its position in shares of Tencent Music Entertainment Group by 107.5% in 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 during the last quarter. Jones Financial Companies Lllp bought a new position in shares of Tencent Music Entertainment Group in the first quarter worth approximately $985,000. Acadian Asset Management LLC increased its position in shares of 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 worth $722,000 after purchasing an additional 50,167 shares during the last quarter. Finally, EverSource Wealth Advisors LLC increased 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 last quarter. 24.32% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

TME has been the topic of several research analyst reports. Benchmark restated a "hold" rating on shares of Tencent Music Entertainment Group in a research report on Wednesday, March 18th. Mizuho decreased their price objective on shares of Tencent Music Entertainment Group from $28.00 to $23.00 and set an "outperform" rating on the stock in a research report on Wednesday, March 18th. Jefferies Financial Group restated a "buy" rating and issued a $23.00 price objective on shares of Tencent Music Entertainment Group in a research report on Tuesday, March 17th. UBS Group restated a "neutral" rating and issued a $13.00 price objective (down from $26.00) on shares of Tencent Music Entertainment Group in a research report on Wednesday, March 18th. Finally, Zacks Research cut shares of Tencent Music Entertainment Group from a "hold" rating to a "strong sell" rating in a research report on Friday, April 17th. Six equities research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $22.03.

Tencent Music Entertainment Group Stock Up 1.0%

Shares of TME opened at $9.34 on Friday. The firm has a market cap of $14.46 billion, a P/E ratio of 9.43, a P/E/G ratio of 0.60 and a beta of 0.80. The stock has a 50 day simple moving average of $11.69 and a two-hundred day simple moving average of $16.42. 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 Sponsored ADR has a 1 year low of $8.78 and a 1 year high of $26.70.

Tencent Music Entertainment Group Increases Dividend

The company also recently announced an annual dividend, which was paid on Thursday, April 23rd. Shareholders of record on Thursday, April 2nd were paid a $0.24 dividend. This is an increase from Tencent Music Entertainment Group's previous annual dividend of $0.18. This represents a yield of 262.0%. The ex-dividend date of this dividend was Thursday, April 2nd. Tencent Music Entertainment Group's payout ratio 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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