Tencent Music Entertainment Group Sponsored ADR $TME Shares Sold by C WorldWide Group Holding A S

Key Points

• C WorldWide Group Holding A S reduced its stake in Tencent Music Entertainment Group by 14.7% in the fourth quarter, selling 162,085 shares and leaving it with 941,058 shares valued at about $16.5 million.
• Institutional activity in TME was mixed, with several funds adding to positions while others initiated new stakes; overall, hedge funds and other institutional investors own about 24.32% of the stock.
• Analysts are broadly cautious on the name: the stock’s consensus rating is Hold, and the average price target is $22.03, even as some firms cut targets sharply and one maintained a buy rating.

C WorldWide Group Holding A S cut its stake in shares of Tencent Music Entertainment Group Sponsored ADR (NYSE:TME - Free Report) by 14.7% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 941,058 shares of the company's stock after selling 162,085 shares during the quarter. C WorldWide Group Holding A S's holdings in Tencent Music Entertainment Group were worth $16,497,000 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in TME. Sumitomo Mitsui Trust Group Inc. grew its holdings in shares of Tencent Music Entertainment Group by 312.3% during the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 5,764,321 shares of the company's stock valued at $101,049,000 after buying an additional 4,366,226 shares during the last quarter. Krane Funds Advisors LLC grew its holdings in shares of Tencent Music Entertainment Group by 25.4% during the third quarter. Krane Funds Advisors LLC now owns 19,020,641 shares of the company's stock valued at $421,593,000 after buying an additional 3,856,410 shares during the last quarter. William Blair Investment Management LLC purchased a new stake in shares of Tencent Music Entertainment Group during the third quarter valued at $88,175,000. Massachusetts Financial Services Co. MA grew its holdings in shares of Tencent Music Entertainment Group by 117.4% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 4,907,677 shares of the company's stock valued at $86,032,000 after buying an additional 2,649,833 shares during the last quarter. Finally, Polar Capital Holdings Plc purchased a new stake in shares of Tencent Music Entertainment Group during the third quarter valued at $27,794,000. 24.32% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on TME shares. Jefferies Financial Group reissued a "buy" rating and set a $23.00 price objective on shares of Tencent Music Entertainment Group in a report on Tuesday, March 17th. Benchmark reissued a "hold" rating on shares of Tencent Music Entertainment Group in a report on Wednesday, March 18th. Daiwa Securities Group reissued a "hold" rating and set a $12.00 price objective on shares of Tencent Music Entertainment Group in a report on Wednesday, March 18th. Barclays dropped their price objective on shares of Tencent Music Entertainment Group from $28.00 to $20.00 and set an "overweight" rating on the stock in a report on Thursday, March 19th. Finally, UBS Group reissued a "neutral" rating and set 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, seven have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, Tencent Music Entertainment Group currently has an average rating of "Hold" and an average price target of $22.03.

Tencent Music Entertainment Group Price Performance

Shares of TME opened at $9.25 on Monday. The business's 50-day moving average is $10.85 and its two-hundred day moving average is $15.66. The company has a market capitalization of $14.32 billion, a P/E ratio of 9.34, a P/E/G ratio of 0.60 and a beta of 0.81. The company has a debt-to-equity ratio of 0.04, a quick ratio of 2.22 and a current ratio of 2.22. Tencent Music Entertainment Group Sponsored ADR has a fifty-two week low of $8.78 and a fifty-two week high of $26.70.

Tencent Music Entertainment Group Increases Dividend

The business also recently declared an annual dividend, which was paid on Thursday, April 23rd. Shareholders of record on Thursday, April 2nd were given a dividend of $0.24 per share. The ex-dividend date of this dividend was Thursday, April 2nd. This represents a 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 payout ratio is 23.23%.

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.

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