Geode Capital Management LLC Has $66.57 Million Position in Tencent Music Entertainment Group Sponsored ADR $TME

Geode Capital Management LLC raised its stake in Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) by 6.1% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 3,831,308 shares of the company’s stock after buying an additional 218,949 shares during the period. Geode Capital Management LLC’s holdings in Tencent Music Entertainment Group were worth $66,568,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in TME. Royal Bank of Canada grew its position in shares of Tencent Music Entertainment Group by 9.0% in the 1st quarter. Royal Bank of Canada now owns 144,475 shares of the company’s stock valued at $2,082,000 after buying an additional 11,979 shares during the last quarter. AQR Capital Management LLC grew its position in shares of Tencent Music Entertainment Group by 107.5% in the 1st quarter. AQR Capital Management LLC now owns 85,450 shares of the company’s stock valued at $1,231,000 after buying an additional 44,265 shares during the last quarter. Jones Financial Companies Lllp bought a new stake in shares of Tencent Music Entertainment Group in the 1st quarter valued at about $985,000. Acadian Asset Management LLC grew its position in shares of Tencent Music Entertainment Group by 385,900.0% in the 1st quarter. Acadian Asset Management LLC now owns 50,180 shares of the company’s stock valued at $722,000 after buying an additional 50,167 shares during the last quarter. Finally, EverSource Wealth Advisors LLC grew its position in shares of Tencent Music Entertainment Group by 83.0% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 3,005 shares of the company’s stock valued at $59,000 after buying an additional 1,363 shares during the last quarter. Institutional investors own 24.32% of the company’s stock.

Tencent Music Entertainment Group Stock Performance

TME stock opened at $9.09 on Tuesday. The stock has a 50-day moving average price of $9.28 and a 200-day moving average price of $13.71. Tencent Music Entertainment Group Sponsored ADR has a 1-year low of $8.44 and a 1-year high of $26.70. The company has a current ratio of 2.09, a quick ratio of 2.08 and a debt-to-equity ratio of 0.06. The firm has a market cap of $14.30 billion, a PE ratio of 11.36, a price-to-earnings-growth ratio of 0.59 and a beta of 0.80.

Tencent Music Entertainment Group (NYSE:TME) last posted its quarterly earnings data on Tuesday, March 31st. The company reported $0.11 earnings per share for the quarter. Tencent Music Entertainment Group had a return on equity of 11.20% and a net margin of 26.45%.The firm had revenue of $1.15 billion during the quarter. As a group, equities research analysts expect that Tencent Music Entertainment Group Sponsored ADR will post 0.9 earnings per share for the current year.

Tencent Music Entertainment Group Increases Dividend

The firm also recently disclosed an annual dividend, which was paid on Thursday, April 23rd. Stockholders of record on Thursday, April 2nd were given a $0.24 dividend. This is a boost from Tencent Music Entertainment Group’s previous annual dividend of $0.18. The ex-dividend date of this dividend was Thursday, April 2nd. This represents a dividend yield of 262.0%. Tencent Music Entertainment Group’s dividend payout ratio is 28.75%.

Analysts Set New Price Targets

TME has been the topic of a number of analyst reports. Jefferies Financial Group reiterated a “buy” rating and issued a $23.00 price target on shares of Tencent Music Entertainment Group in a research report on Tuesday, March 17th. Benchmark reiterated a “hold” rating on shares of Tencent Music Entertainment Group in a research report on Wednesday, March 18th. UBS Group reiterated a “neutral” rating and issued a $13.00 price target (down from $26.00) on shares of Tencent Music Entertainment Group in a research report on Wednesday, March 18th. Weiss Ratings lowered Tencent Music Entertainment Group from a “hold (c)” rating to a “hold (c-)” rating in a research report on Tuesday, June 2nd. Finally, JPMorgan Chase & Co. reduced their price target on Tencent Music Entertainment Group from $12.00 to $10.00 and set a “neutral” rating on the stock in a research report on Thursday, May 14th. Six investment analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $21.44.

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.