Tencent Music Entertainment Group (NYSE:TME) Stock Position Trimmed by Matthews International Capital Management LLC

Matthews International Capital Management LLC reduced its stake in Tencent Music Entertainment Group (NYSE:TME) by 60.0% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,809,513 shares of the company’s stock after selling 2,713,507 shares during the quarter. Tencent Music Entertainment Group comprises approximately 4.0% of Matthews International Capital Management LLC’s portfolio, making the stock its 10th biggest holding. Matthews International Capital Management LLC owned approximately 0.11% of Tencent Music Entertainment Group worth $20,248,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Tobam purchased a new position in shares of Tencent Music Entertainment Group during the fourth quarter worth approximately $36,000. Headinvest LLC bought a new position in shares of Tencent Music Entertainment Group in the third quarter worth approximately $39,000. Lindbrook Capital LLC grew its holdings in shares of Tencent Music Entertainment Group by 40.9% in the fourth quarter. Lindbrook Capital LLC now owns 7,036 shares of the company’s stock worth $63,000 after purchasing an additional 2,044 shares during the last quarter. QRG Capital Management Inc. bought a new position in shares of Tencent Music Entertainment Group in the third quarter worth approximately $75,000. Finally, SageView Advisory Group LLC bought a new position in shares of Tencent Music Entertainment Group in the fourth quarter worth approximately $90,000. 24.32% of the stock is owned by hedge funds and other institutional investors.

Tencent Music Entertainment Group Stock Up 0.1 %

Shares of TME traded up $0.02 during trading hours on Wednesday, hitting $14.32. The company had a trading volume of 3,232,474 shares, compared to its average volume of 8,323,888. The firm has a fifty day moving average price of $13.90 and a 200-day moving average price of $11.28. The company has a debt-to-equity ratio of 0.09, a quick ratio of 2.67 and a current ratio of 2.67. The stock has a market capitalization of $24.57 billion, a price-to-earnings ratio of 31.13, a P/E/G ratio of 1.07 and a beta of 0.72. Tencent Music Entertainment Group has a 52-week low of $5.70 and a 52-week high of $15.77.

Tencent Music Entertainment Group (NYSE:TME) last posted its quarterly earnings results on Monday, May 13th. The company reported $0.14 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.13 by $0.01. The firm had revenue of $937.00 million during the quarter, compared to analyst estimates of $904.29 million. Tencent Music Entertainment Group had a return on equity of 9.85% and a net margin of 18.88%. On average, equities research analysts forecast that Tencent Music Entertainment Group will post 0.62 EPS for the current fiscal year.

Tencent Music Entertainment Group Dividend Announcement

The firm also recently announced an annual dividend, which will be paid on Thursday, June 27th. Shareholders of record on Friday, May 31st will be given a $0.121 dividend. This represents a yield of 0.78%. The ex-dividend date is Friday, May 31st. Tencent Music Entertainment Group’s dividend payout ratio (DPR) is 28.26%.

Analyst Ratings Changes

TME has been the topic of several recent analyst reports. Mizuho raised their target price on shares of Tencent Music Entertainment Group from $13.00 to $15.00 and gave the stock a “buy” rating in a report on Friday, May 10th. HSBC lifted their price target on shares of Tencent Music Entertainment Group from $9.50 to $10.40 and gave the company a “hold” rating in a report on Wednesday, March 20th. The Goldman Sachs Group upgraded shares of Tencent Music Entertainment Group from a “neutral” rating to a “buy” rating and set a $14.00 price target on the stock in a report on Wednesday, March 20th. Morgan Stanley lifted their price target on shares of Tencent Music Entertainment Group from $11.00 to $13.50 and gave the company an “overweight” rating in a report on Wednesday, March 20th. Finally, Bank of America lifted their price target on shares of Tencent Music Entertainment Group from $10.50 to $12.30 and gave the company a “buy” rating in a report on Wednesday, March 20th. One research analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $12.75.

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.