Perpetual Ltd Has $15.97 Million Stock Position in Tencent Music Entertainment Group Sponsored ADR $TME

Key Points

• Perpetual Ltd cut its stake in Tencent Music (NYSE:TME) by 24.3% in Q4, selling 291,799 shares and retaining 911,100 shares valued at about $15.97 million on its latest 13F filing.
• Tencent Music raised its annual dividend to $0.24 per ADR (ex-dividend April 2, payable April 23), up from $0.18 and implying a dividend payout ratio of 23.23%.
• Analyst sentiment is a "Moderate Buy" consensus with a $22.03 average target, though several firms recently lowered price targets and ratings range from Neutral to Outperform.

Perpetual Ltd lowered its stake in Tencent Music Entertainment Group Sponsored ADR (NYSE:TME - Free Report) by 24.3% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 911,100 shares of the company's stock after selling 291,799 shares during the period. Perpetual Ltd's holdings in Tencent Music Entertainment Group were worth $15,972,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also bought and sold shares of TME. Allspring Global Investments Holdings LLC increased its holdings in Tencent Music Entertainment Group by 11.1% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 3,501,873 shares of the company's stock valued at $62,543,000 after buying an additional 349,470 shares during the period. E. Ohman J or Asset Management AB bought a new stake in shares of Tencent Music Entertainment Group during the 4th quarter worth approximately $666,000. SG Americas Securities LLC boosted its position in shares of Tencent Music Entertainment Group by 85.7% during the 4th quarter. SG Americas Securities LLC now owns 542,198 shares of the company's stock worth $9,505,000 after acquiring an additional 250,261 shares in the last quarter. Nordea Investment Management AB increased its stake in Tencent Music Entertainment Group by 6.1% in the fourth quarter. Nordea Investment Management AB now owns 1,744,170 shares of the company's stock valued at $30,732,000 after acquiring an additional 100,610 shares during the last quarter. Finally, Union Bancaire Privee UBP SA increased its stake in Tencent Music Entertainment Group by 43.6% in the fourth quarter. Union Bancaire Privee UBP SA now owns 131,348 shares of the company's stock valued at $2,303,000 after acquiring an additional 39,880 shares during the last quarter. Institutional investors and hedge funds own 24.32% of the company's stock.

Tencent Music Entertainment Group Trading Down 0.1%

NYSE TME opened at $9.17 on Friday. The firm has a market capitalization of $14.20 billion, a PE ratio of 9.26, a price-to-earnings-growth ratio of 0.60 and a beta of 0.80. The business's 50-day moving average price is $13.77 and its two-hundred day moving average price is $17.92. The company has a current ratio of 2.22, a quick ratio of 2.22 and a debt-to-equity ratio of 0.04. Tencent Music Entertainment Group Sponsored ADR has a 12 month low of $8.78 and a 12 month high of $26.70.

Tencent Music Entertainment Group Increases Dividend

The company also recently declared an annual dividend, which will be paid on Thursday, April 23rd. Shareholders of record on Thursday, April 2nd will be issued a dividend of $0.24 per share. This represents a yield of 262.0%. The ex-dividend date is Thursday, April 2nd. This is a positive change from Tencent Music Entertainment Group's previous annual dividend of $0.18. Tencent Music Entertainment Group's dividend payout ratio (DPR) is 23.23%.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the company. Jefferies Financial Group restated a "buy" rating and set a $23.00 target price on shares of Tencent Music Entertainment Group in a research note on Tuesday, March 17th. JPMorgan Chase & Co. reissued a "neutral" rating and set a $12.00 price target on shares of Tencent Music Entertainment Group in a report on Wednesday, March 18th. Mizuho dropped their price objective on 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. Barclays reduced 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 note on Thursday, March 19th. Finally, UBS Group reiterated a "neutral" rating and issued a $13.00 target price (down from $26.00) on shares of Tencent Music Entertainment Group in a research report on Wednesday, March 18th. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and eight have given a Hold rating to the company. According to MarketBeat, Tencent Music Entertainment Group has a consensus rating of "Moderate Buy" and a consensus target price of $22.03.

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.

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.