Legal & General Group Plc Sells 402,327 Shares of Tencent Music Entertainment Group Sponsored ADR $TME

Legal & General Group Plc lessened its holdings in Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) by 10.5% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,428,084 shares of the company’s stock after selling 402,327 shares during the quarter. Legal & General Group Plc owned 0.20% of Tencent Music Entertainment Group worth $60,094,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently bought and sold shares of the business. Genus Capital Management Inc. grew its stake in Tencent Music Entertainment Group by 19.6% in the 4th quarter. Genus Capital Management Inc. now owns 24,377 shares of the company’s stock valued at $427,000 after purchasing an additional 4,000 shares during the period. Hantz Financial Services Inc. grew its stake in Tencent Music Entertainment Group by 99.6% in the 4th quarter. Hantz Financial Services Inc. now owns 8,159 shares of the company’s stock valued at $143,000 after purchasing an additional 4,072 shares during the period. Swedbank AB grew its stake in Tencent Music Entertainment Group by 7.0% in the 4th quarter. Swedbank AB now owns 610,919 shares of the company’s stock valued at $10,709,000 after purchasing an additional 40,000 shares during the period. Global Retirement Partners LLC grew its stake in Tencent Music Entertainment Group by 1,494.9% in the 4th quarter. Global Retirement Partners LLC now owns 30,032 shares of the company’s stock valued at $526,000 after purchasing an additional 28,149 shares during the period. Finally, Leonteq Securities AG bought a new position in Tencent Music Entertainment Group in the 4th quarter valued at $901,000. Institutional investors own 24.32% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have issued reports on the company. Zacks Research upgraded Tencent Music Entertainment Group from a “strong sell” rating to a “hold” rating in a research note on Tuesday, May 19th. JPMorgan Chase & Co. reduced their price objective on Tencent Music Entertainment Group from $12.00 to $10.00 and set a “neutral” rating for the company in a research note on Thursday, May 14th. Morgan Stanley restated an “equal weight” rating on shares of Tencent Music Entertainment Group in a research note on Thursday, March 19th. Mizuho cut their price target on Tencent Music Entertainment Group from $23.00 to $18.00 and set an “outperform” rating for the company in a research note on Wednesday, May 13th. Finally, Benchmark reiterated a “hold” rating on shares of Tencent Music Entertainment Group in a research note on Wednesday, March 18th. 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, the stock currently has a consensus rating of “Hold” and an average target price of $21.44.

Tencent Music Entertainment Group Stock Up 1.6%

TME stock opened at $9.23 on Friday. The company has a debt-to-equity ratio of 0.06, a quick ratio of 2.08 and a current ratio of 2.09. The company has a market capitalization of $14.30 billion, a price-to-earnings ratio of 11.54, a PEG ratio of 0.59 and a beta of 0.81. Tencent Music Entertainment Group Sponsored ADR has a fifty-two week low of $8.44 and a fifty-two week high of $26.70. The stock has a fifty day moving average of $9.35 and a 200-day moving average of $14.18.

Tencent Music Entertainment Group (NYSE:TME) last posted its quarterly earnings results on Tuesday, March 31st. The company reported $0.11 earnings per share for the quarter. The company had revenue of $1.15 billion during the quarter. Tencent Music Entertainment Group had a return on equity of 11.20% and a net margin of 26.45%. As a group, equities research analysts predict 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 company also recently declared an annual dividend, which was paid on Thursday, April 23rd. Stockholders of record on Thursday, April 2nd were paid a dividend of $0.24 per share. This represents a dividend yield of 262.0%. The ex-dividend date was 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 currently 28.75%.

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.