Sumitomo Mitsui Trust Group Inc. Boosts Stock Position in Tencent Music Entertainment Group Sponsored ADR $TME

Key Points

• Sumitomo Mitsui Trust Group Inc. increased its stake in Tencent Music (NYSE: TME) by 312.3% in Q4, buying an additional 4,366,226 shares to hold 5,764,321 shares valued at about $101.0 million at quarter-end.
• Wall Street sentiment is mixed with several firms lowering price targets; MarketBeat shows a consensus rating of "Hold" and a consensus price target of $22.03.
• Tencent Music raised its annual dividend to $0.24 per share (ex-dividend April 2, payable April 23), up from $0.18, with a reported dividend payout ratio of 23.23%.

Sumitomo Mitsui Trust Group Inc. boosted its holdings in shares of Tencent Music Entertainment Group Sponsored ADR (NYSE:TME - Free Report) by 312.3% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 5,764,321 shares of the company's stock after purchasing an additional 4,366,226 shares during the quarter. Sumitomo Mitsui Trust Group Inc.'s holdings in Tencent Music Entertainment Group were worth $101,049,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of TME. Krane Funds Advisors LLC increased its holdings in Tencent Music Entertainment Group by 25.4% during the 3rd quarter. Krane Funds Advisors LLC now owns 19,020,641 shares of the company's stock worth $421,593,000 after purchasing an additional 3,856,410 shares during the last quarter. William Blair Investment Management LLC purchased a new stake in Tencent Music Entertainment Group during the 3rd quarter worth approximately $88,175,000. Robeco Institutional Asset Management B.V. increased its holdings in Tencent Music Entertainment Group by 174.9% during the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 5,319,631 shares of the company's stock worth $124,160,000 after purchasing an additional 3,384,583 shares during the last quarter. Massachusetts Financial Services Co. MA increased its holdings in Tencent Music Entertainment Group by 117.4% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 4,907,677 shares of the company's stock worth $86,032,000 after purchasing an additional 2,649,833 shares during the last quarter. Finally, Polar Capital Holdings Plc purchased a new stake in Tencent Music Entertainment Group during the 3rd quarter worth approximately $27,794,000. 24.32% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the company. Mizuho dropped their price objective on Tencent Music Entertainment Group from $28.00 to $23.00 and set an "outperform" rating on the stock in a report on Wednesday, March 18th. JPMorgan Chase & Co. reiterated a "neutral" rating and issued a $12.00 price target on shares of Tencent Music Entertainment Group in a 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 report on Wednesday, March 18th. 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 report on Wednesday, March 18th. Finally, Weiss Ratings reiterated a "hold (c+)" rating on shares of Tencent Music Entertainment Group in a report on Monday, December 29th. Six investment analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company's stock. Based on data from MarketBeat.com, Tencent Music Entertainment Group has a consensus rating of "Hold" and a consensus price target of $22.03.

Tencent Music Entertainment Group Price Performance

Shares of NYSE TME opened at $9.43 on Tuesday. 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 current ratio of 2.22, a quick ratio of 2.22 and a debt-to-equity ratio of 0.04. The company has a market capitalization of $14.61 billion, a price-to-earnings ratio of 9.53, a price-to-earnings-growth ratio of 0.61 and a beta of 0.80. The business has a 50 day simple moving average of $12.85 and a 200-day simple moving average of $17.18.

Tencent Music Entertainment Group Increases Dividend

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

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.