Lazard Asset Management LLC Has $11.33 Million Position in Tencent Music Entertainment Group (NYSE:TME)

Lazard Asset Management LLC reduced its stake in Tencent Music Entertainment Group (NYSE:TME - Free Report) by 9.9% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 998,364 shares of the company's stock after selling 109,793 shares during the period. Lazard Asset Management LLC owned about 0.06% of Tencent Music Entertainment Group worth $11,331,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. Ethic Inc. acquired a new stake in shares of Tencent Music Entertainment Group in the 4th quarter valued at approximately $192,000. Oppenheimer Asset Management Inc. acquired a new stake in shares of Tencent Music Entertainment Group in the 4th quarter valued at approximately $114,000. Asset Management One Co. Ltd. boosted its stake in shares of Tencent Music Entertainment Group by 2.2% in the 4th quarter. Asset Management One Co. Ltd. now owns 502,083 shares of the company's stock valued at $5,884,000 after purchasing an additional 10,905 shares in the last quarter. Geode Capital Management LLC boosted its stake in shares of Tencent Music Entertainment Group by 3.7% in the 4th quarter. Geode Capital Management LLC now owns 4,463,596 shares of the company's stock valued at $50,323,000 after purchasing an additional 160,078 shares in the last quarter. Finally, Vontobel Holding Ltd. acquired a new stake in Tencent Music Entertainment Group during the 4th quarter worth approximately $375,000. 24.32% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms recently commented on TME. Deutsche Bank Aktiengesellschaft upgraded shares of Tencent Music Entertainment Group from a "hold" rating to a "buy" rating in a research report on Wednesday, March 26th. Sanford C. Bernstein reiterated an "outperform" rating on shares of Tencent Music Entertainment Group in a research report on Wednesday, May 14th. Nomura Securities upgraded shares of Tencent Music Entertainment Group to a "strong-buy" rating in a research report on Tuesday, April 8th. Mizuho lifted their target price on shares of Tencent Music Entertainment Group from $16.00 to $17.00 and gave the stock an "outperform" rating in a research report on Wednesday, March 19th. Finally, Morgan Stanley reiterated an "overweight" rating on shares of Tencent Music Entertainment Group in a research report on Tuesday, May 13th. Two analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Tencent Music Entertainment Group presently has a consensus rating of "Moderate Buy" and an average target price of $15.00.

Tencent Music Entertainment Group Trading Up 0.9%

Shares of NYSE TME traded up $0.15 during midday trading on Tuesday, reaching $16.89. The stock had a trading volume of 2,888,097 shares, compared to its average volume of 8,216,411. The firm has a market cap of $28.98 billion, a price-to-earnings ratio of 31.25, a price-to-earnings-growth ratio of 0.77 and a beta of 0.46. Tencent Music Entertainment Group has a twelve month low of $9.41 and a twelve month high of $17.09. The company has a debt-to-equity ratio of 0.09, a quick ratio of 2.34 and a current ratio of 2.34. The company's 50 day moving average price is $13.74 and its 200 day moving average price is $12.52.

Tencent Music Entertainment Group Increases Dividend

The company also recently declared an annual dividend, which was paid on Thursday, April 24th. Stockholders of record on Thursday, April 3rd were given a $0.18 dividend. The ex-dividend date was Thursday, April 3rd. This represents a dividend yield of 0.9%. This is an increase from Tencent Music Entertainment Group's previous annual dividend of $0.12. Tencent Music Entertainment Group's payout ratio is 20.24%.

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.