Envestnet Asset Management Inc. Has $3.98 Million Position in Tencent Music Entertainment Group (NYSE:TME)

Envestnet Asset Management Inc. lowered its position in shares of Tencent Music Entertainment Group (NYSE:TME - Free Report) by 21.0% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 350,322 shares of the company's stock after selling 93,306 shares during the period. Envestnet Asset Management Inc.'s holdings in Tencent Music Entertainment Group were worth $3,976,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently made changes to their positions in the company. PNC Financial Services Group Inc. increased its stake in shares of Tencent Music Entertainment Group by 10.9% during the fourth quarter. PNC Financial Services Group Inc. now owns 11,138 shares of the company's stock worth $126,000 after purchasing an additional 1,094 shares during the period. Corient Private Wealth LLC increased its stake in shares of Tencent Music Entertainment Group by 4.2% during the fourth quarter. Corient Private Wealth LLC now owns 33,708 shares of the company's stock worth $383,000 after purchasing an additional 1,370 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd increased its stake in shares of Tencent Music Entertainment Group by 3.9% during the fourth quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 51,636 shares of the company's stock worth $586,000 after purchasing an additional 1,923 shares during the period. Sumitomo Mitsui Trust Group Inc. increased its stake in Tencent Music Entertainment Group by 0.3% during the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,767,319 shares of the company's stock worth $20,059,000 after acquiring an additional 4,837 shares during the period. Finally, Pictet Asset Management Holding SA increased its stake in Tencent Music Entertainment Group by 0.7% during the 4th quarter. Pictet Asset Management Holding SA now owns 795,398 shares of the company's stock worth $9,028,000 after acquiring an additional 5,233 shares during the period. Institutional investors own 24.32% of the company's stock.

Tencent Music Entertainment Group Price Performance

Shares of TME traded up $0.13 during midday trading on Tuesday, hitting $13.57. The company's stock had a trading volume of 3,151,761 shares, compared to its average volume of 8,294,218. The company has a quick ratio of 2.34, a current ratio of 2.34 and a debt-to-equity ratio of 0.09. Tencent Music Entertainment Group has a one year low of $9.41 and a one year high of $15.77. The stock has a market capitalization of $23.29 billion, a price-to-earnings ratio of 25.13, a price-to-earnings-growth ratio of 0.77 and a beta of 0.50. The company's fifty day simple moving average is $13.19 and its two-hundred day simple moving average is $12.21.

Tencent Music Entertainment Group Increases Dividend

The company also recently disclosed an annual dividend, which was paid on Thursday, April 24th. Investors of record on Thursday, April 3rd were issued a dividend of $0.18 per share. This is an increase from Tencent Music Entertainment Group's previous annual dividend of $0.12. The ex-dividend date of this dividend was Thursday, April 3rd. This represents a dividend yield of 0.9%. Tencent Music Entertainment Group's dividend payout ratio (DPR) is 28.81%.

Analyst Ratings Changes

A number of equities analysts have commented on the company. Morgan Stanley restated an "overweight" rating on shares of Tencent Music Entertainment Group in a research note on Tuesday, March 18th. Mizuho raised their price objective on Tencent Music Entertainment Group from $16.00 to $17.00 and gave the stock an "outperform" rating in a research note on Wednesday, March 19th. Nomura Securities upgraded Tencent Music Entertainment Group to a "strong-buy" rating in a research note on Tuesday, April 8th. Finally, Deutsche Bank Aktiengesellschaft upgraded Tencent Music Entertainment Group from a "hold" rating to a "buy" rating in a research note on Wednesday, March 26th. Two investment analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $15.00.

Tencent Music Entertainment Group Profile

Tencent Music Entertainment Group operates online music entertainment platforms to provide music streaming, online karaoke, and live streaming services in the People's Republic of China. It offers QQ Music, Kugou Music, and Kuwo Music that enable users to discover music in personalized ways; long-form audio content, including audiobooks, podcasts and talk shows, as well as music-oriented video content comprising music videos, live performances, and short videos; and WeSing, which enables users to sing along from its library of karaoke songs and share their performances in audio or video formats with friends.