Tencent Music Entertainment Group Sponsored ADR $TME Shares Acquired by Goldman Sachs Group Inc.

Key Points

• Goldman Sachs increased its stake in Tencent Music Entertainment Group by 7.3% in the fourth quarter, adding 537,047 shares and bringing its total holding to 7,863,263 shares worth about $137.8 million.
• Several other institutional investors also boosted positions, and hedge funds and institutions now own 24.32% of the company’s stock.
• Analysts remain cautious overall: the stock has an average Hold rating, with an average target price of $21.44, even as the company recently reported $0.11 EPS and $1.15 billion in quarterly revenue.

Goldman Sachs Group Inc. lifted its holdings in shares of Tencent Music Entertainment Group Sponsored ADR (NYSE:TME - Free Report) by 7.3% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 7,863,263 shares of the company's stock after purchasing an additional 537,047 shares during the quarter. Goldman Sachs Group Inc.'s holdings in Tencent Music Entertainment Group were worth $137,843,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in the business. Vanguard Group Inc. boosted its holdings in shares of Tencent Music Entertainment Group by 1.4% during the fourth quarter. Vanguard Group Inc. now owns 21,455,738 shares of the company's stock worth $376,119,000 after purchasing an additional 293,385 shares during the last quarter. Krane Funds Advisors LLC boosted its holdings in Tencent Music Entertainment Group by 25.4% in the third quarter. Krane Funds Advisors LLC now owns 19,020,641 shares of the company's stock valued at $421,593,000 after acquiring an additional 3,856,410 shares during the last quarter. Baillie Gifford & Co. boosted its holdings in Tencent Music Entertainment Group by 0.3% in the fourth quarter. Baillie Gifford & Co. now owns 13,042,381 shares of the company's stock valued at $228,633,000 after acquiring an additional 35,182 shares during the last quarter. State Street Corp boosted its holdings in Tencent Music Entertainment Group by 1.3% in the second quarter. State Street Corp now owns 12,553,992 shares of the company's stock valued at $244,677,000 after acquiring an additional 155,692 shares during the last quarter. Finally, Green Court Capital Management Ltd boosted its holdings in Tencent Music Entertainment Group by 467.2% in the fourth quarter. Green Court Capital Management Ltd now owns 5,893,162 shares of the company's stock valued at $108,729,000 after acquiring an additional 4,854,084 shares during the last quarter. Institutional investors and hedge funds own 24.32% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on TME shares. Zacks Research upgraded Tencent Music Entertainment Group from a "strong sell" rating to a "hold" rating in a report on Tuesday, May 19th. 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 report on Wednesday, March 18th. Benchmark reiterated a "hold" rating on shares of Tencent Music Entertainment Group in a report on Wednesday, March 18th. Mizuho reduced their target price on Tencent Music Entertainment Group from $23.00 to $18.00 and set an "outperform" rating on the stock in a report on Wednesday, May 13th. Finally, JPMorgan Chase & Co. reduced their target price on Tencent Music Entertainment Group from $12.00 to $10.00 and set a "neutral" rating on the stock in a report on Thursday, May 14th. Six equities research analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $21.44.

Tencent Music Entertainment Group Trading Up 0.1%

Shares of TME opened at $9.09 on Tuesday. The stock's 50-day moving average is $9.28 and its two-hundred day moving average is $13.71. The stock has a market cap of $14.30 billion, a PE ratio of 11.36, a P/E/G ratio of 0.59 and a beta of 0.80. Tencent Music Entertainment Group Sponsored ADR has a 12 month low of $8.44 and a 12 month high of $26.70. The company has a debt-to-equity ratio of 0.06, a current ratio of 2.09 and a quick ratio of 2.08.

Tencent Music Entertainment Group (NYSE:TME - Get Free Report) last issued its quarterly earnings data on Tuesday, March 31st. The company reported $0.11 EPS for the quarter. The company had revenue of $1.15 billion for the quarter. Tencent Music Entertainment Group had a return on equity of 11.20% and a net margin of 26.45%. Equities analysts forecast that Tencent Music Entertainment Group Sponsored ADR will post 0.9 earnings per share for the current fiscal year.

Tencent Music Entertainment Group Increases Dividend

The business also recently disclosed an annual dividend, which was paid on Thursday, April 23rd. Shareholders of record on Thursday, April 2nd were paid a dividend of $0.24 per share. This is a boost 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 payout ratio is presently 28.75%.

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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