Tencent Music Entertainment Group (NYSE:TME) Shares Sold by Envestnet Asset Management Inc.

Envestnet Asset Management Inc. trimmed its stake in Tencent Music Entertainment Group (NYSE:TME) by 21.0% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 350,322 shares of the company’s stock after selling 93,306 shares during the quarter. Envestnet Asset Management Inc.’s holdings in Tencent Music Entertainment Group were worth $3,976,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of TME. JPMorgan Chase & Co. increased its stake in Tencent Music Entertainment Group by 558.2% in the 4th quarter. JPMorgan Chase & Co. now owns 11,773,523 shares of the company’s stock worth $133,629,000 after purchasing an additional 9,984,690 shares in the last quarter. Artisan Partners Limited Partnership acquired a new position in shares of Tencent Music Entertainment Group in the fourth quarter worth about $113,031,000. Norges Bank purchased a new position in shares of Tencent Music Entertainment Group in the fourth quarter worth approximately $99,539,000. Mawer Investment Management Ltd. raised its holdings in shares of Tencent Music Entertainment Group by 152.2% during the fourth quarter. Mawer Investment Management Ltd. now owns 11,467,410 shares of the company’s stock valued at $130,155,000 after acquiring an additional 6,919,574 shares during the period. Finally, Schroder Investment Management Group lifted its position in shares of Tencent Music Entertainment Group by 6.7% in the 4th quarter. Schroder Investment Management Group now owns 63,064,552 shares of the company’s stock valued at $715,783,000 after acquiring an additional 3,987,116 shares in the last quarter. 24.32% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the stock. 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. Mizuho upped their price target on Tencent Music Entertainment Group from $16.00 to $17.00 and gave the company an “outperform” rating in a research report on Wednesday, March 19th. Nomura Securities raised Tencent Music Entertainment Group to a “strong-buy” rating in a research note on Tuesday, April 8th. Finally, Morgan Stanley reaffirmed an “overweight” rating on shares of Tencent Music Entertainment Group in a research note on Tuesday, March 18th. Two investment analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $15.00.

Tencent Music Entertainment Group Stock Up 5.3 %

TME opened at $13.15 on Thursday. Tencent Music Entertainment Group has a twelve month low of $9.41 and a twelve month high of $15.77. 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 business has a 50 day moving average price of $13.18 and a 200 day moving average price of $12.19. The firm has a market cap of $22.57 billion, a P/E ratio of 24.35, a price-to-earnings-growth ratio of 0.77 and a beta of 0.50.

Tencent Music Entertainment Group Increases Dividend

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

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.