Zurcher Kantonalbank Zurich Cantonalbank Raises Stock Position in Tencent Music Entertainment Group Sponsored ADR $TME

Key Points

• Zurcher Kantonalbank boosted its stake in Tencent Music by 414.3% in Q4, adding 910,767 shares to hold 1,130,608 shares valued at about $19.82 million.
• Analysts are mixed: MarketBeat shows a consensus rating of "Hold" with a $22.03 target, while individual firm ratings range from Buy to Sell.
• Tencent Music declared an annual dividend of $0.24 (ex-dividend Apr 2, paid Apr 23), up from $0.18, with the report citing a 262.0% yield and a payout ratio of 23.23%.

Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of Tencent Music Entertainment Group Sponsored ADR (NYSE:TME - Free Report) by 414.3% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,130,608 shares of the company's stock after purchasing an additional 910,767 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank's holdings in Tencent Music Entertainment Group were worth $19,820,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in TME. Royal Bank of Canada increased its position in Tencent Music Entertainment Group by 9.0% during the 1st quarter. Royal Bank of Canada now owns 144,475 shares of the company's stock valued at $2,082,000 after purchasing an additional 11,979 shares during the period. AQR Capital Management LLC increased its position in Tencent Music Entertainment Group by 107.5% during the 1st quarter. AQR Capital Management LLC now owns 85,450 shares of the company's stock valued at $1,231,000 after purchasing an additional 44,265 shares during the period. Jones Financial Companies Lllp purchased a new position in Tencent Music Entertainment Group during the 1st quarter valued at $985,000. Acadian Asset Management LLC increased its position in Tencent Music Entertainment Group by 385,900.0% during the 1st quarter. Acadian Asset Management LLC now owns 50,180 shares of the company's stock valued at $722,000 after purchasing an additional 50,167 shares during the period. Finally, EverSource Wealth Advisors LLC increased its position in Tencent Music Entertainment Group by 83.0% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 3,005 shares of the company's stock valued at $59,000 after purchasing an additional 1,363 shares during the period. 24.32% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on the stock. Zacks Research cut shares of Tencent Music Entertainment Group from a "hold" rating to a "strong sell" rating in a report on Friday, April 17th. Jefferies Financial Group restated a "buy" rating and set a $23.00 target price on shares of Tencent Music Entertainment Group in a report on Tuesday, March 17th. Morgan Stanley restated an "equal weight" rating on shares of Tencent Music Entertainment Group in a report on Thursday, March 19th. Daiwa Securities Group restated a "hold" rating and set a $12.00 target price on shares of Tencent Music Entertainment Group in a report on Wednesday, March 18th. Finally, UBS Group restated a "neutral" rating and set a $13.00 target price (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 issued a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of $22.03.

Tencent Music Entertainment Group Stock Performance

Shares of TME stock opened at $9.58 on Thursday. Tencent Music Entertainment Group Sponsored ADR has a 12 month low of $8.78 and a 12 month high of $26.70. The stock has a market cap of $14.83 billion, a PE ratio of 9.67, a price-to-earnings-growth ratio of 0.63 and a beta of 0.80. 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's fifty day moving average price is $11.94 and its 200-day moving average price is $16.57.

Tencent Music Entertainment Group Increases Dividend

The company also recently declared an annual dividend, which will be paid on Thursday, April 23rd. Investors of record on Thursday, April 2nd will be paid a $0.24 dividend. 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 presently 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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