Tencent Music Entertainment Group Sponsored ADR $TME Shares Bought by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC lifted its position in Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) by 11.1% during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 3,501,873 shares of the company’s stock after buying an additional 349,470 shares during the period. Allspring Global Investments Holdings LLC owned approximately 0.20% of Tencent Music Entertainment Group worth $62,543,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of TME. Smartleaf Asset Management LLC acquired a new position in Tencent Music Entertainment Group during the third quarter worth about $31,000. Allworth Financial LP lifted its holdings in Tencent Music Entertainment Group by 63.2% in the 3rd quarter. Allworth Financial LP now owns 1,480 shares of the company’s stock valued at $35,000 after acquiring an additional 573 shares during the last quarter. Global Retirement Partners LLC lifted its holdings in Tencent Music Entertainment Group by 1,326.5% in the 3rd quarter. Global Retirement Partners LLC now owns 1,883 shares of the company’s stock valued at $44,000 after acquiring an additional 1,751 shares during the last quarter. Jones Financial Companies Lllp boosted its position in shares of Tencent Music Entertainment Group by 137.4% during the 3rd quarter. Jones Financial Companies Lllp now owns 2,414 shares of the company’s stock valued at $57,000 after purchasing an additional 1,397 shares in the last quarter. Finally, EverSource Wealth Advisors LLC boosted its position in shares of 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 in the last quarter. Institutional investors and hedge funds own 24.32% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on TME shares. Mizuho dropped their target price on shares of Tencent Music Entertainment Group from $28.00 to $23.00 and set an “outperform” rating on the stock in a report on Wednesday, March 18th. 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. JPMorgan Chase & Co. restated a “neutral” rating and issued a $12.00 price target on shares of Tencent Music Entertainment Group in a research report on Wednesday, March 18th. Jefferies Financial Group reaffirmed a “buy” rating and issued a $23.00 price target on shares of Tencent Music Entertainment Group in a report on Tuesday, March 17th. Finally, UBS Group reiterated a “neutral” rating and set a $13.00 price objective (down from $26.00) on shares of Tencent Music Entertainment Group in a research report on Wednesday, March 18th. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and eight have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, Tencent Music Entertainment Group currently has a consensus rating of “Moderate Buy” and a consensus target price of $22.03.

Tencent Music Entertainment Group Stock Performance

Tencent Music Entertainment Group stock opened at $9.20 on Thursday. The firm’s 50 day simple moving average is $14.06 and its 200-day simple moving average is $18.10. The company has a market cap of $14.24 billion, a P/E ratio of 9.29, a price-to-earnings-growth ratio of 0.61 and a beta of 0.80. The company has a debt-to-equity ratio of 0.04, a current ratio of 2.22 and a quick ratio of 2.22. Tencent Music Entertainment Group Sponsored ADR has a fifty-two week low of $9.10 and a fifty-two week high of $26.70.

Tencent Music Entertainment Group Increases Dividend

The company also recently disclosed an annual dividend, which will be paid on Thursday, April 23rd. Shareholders of record on Thursday, April 2nd will be given a dividend of $0.24 per share. This represents a yield of 261.0%. 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 is presently 17.17%.

Tencent Music Entertainment Group Company 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.