Vanguard Group Inc. Acquires 29,149 Shares of Tencent Music Entertainment Group (NYSE:TME)

Vanguard Group Inc. lifted its stake in Tencent Music Entertainment Group (NYSE:TME) by 0.1% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 24,973,543 shares of the company’s stock after purchasing an additional 29,149 shares during the period. Vanguard Group Inc. owned 1.46% of Tencent Music Entertainment Group worth $225,012,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of TME. Goldman Sachs Group Inc. raised its stake in shares of Tencent Music Entertainment Group by 78.2% in the fourth quarter. Goldman Sachs Group Inc. now owns 13,871,935 shares of the company’s stock worth $124,986,000 after buying an additional 6,088,504 shares during the period. Norges Bank bought a new stake in Tencent Music Entertainment Group during the 4th quarter worth approximately $105,328,000. Wellington Management Group LLP lifted its holdings in Tencent Music Entertainment Group by 65.3% during the third quarter. Wellington Management Group LLP now owns 10,928,746 shares of the company’s stock valued at $69,725,000 after purchasing an additional 4,317,720 shares in the last quarter. Hsbc Holdings PLC boosted its position in shares of Tencent Music Entertainment Group by 234.7% in the fourth quarter. Hsbc Holdings PLC now owns 10,116,989 shares of the company’s stock worth $91,012,000 after purchasing an additional 7,094,511 shares during the period. Finally, Aspex Management HK Ltd purchased a new stake in shares of Tencent Music Entertainment Group in the fourth quarter worth $81,542,000. 24.32% of the stock is owned by institutional investors.

Analyst Ratings Changes

TME has been the subject of several recent analyst reports. HSBC upped their target price on shares of Tencent Music Entertainment Group from $9.50 to $10.40 and gave the stock a “hold” rating in a report on Wednesday, March 20th. The Goldman Sachs Group upgraded Tencent Music Entertainment Group from a “neutral” rating to a “buy” rating and set a $14.00 target price for the company in a research report on Wednesday, March 20th. Citigroup upgraded Tencent Music Entertainment Group from a “neutral” rating to a “buy” rating and upped their price target for the stock from $9.00 to $13.00 in a research note on Wednesday, March 20th. Mizuho lifted their price objective on shares of Tencent Music Entertainment Group from $13.00 to $15.00 and gave the company a “buy” rating in a research report on Friday, May 10th. Finally, Benchmark upped their target price on shares of Tencent Music Entertainment Group from $14.00 to $19.00 and gave the stock a “buy” rating in a research report on Tuesday, May 14th. One equities research analyst has rated the stock with a hold rating and ten have given a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $12.75.

Tencent Music Entertainment Group Stock Performance

Tencent Music Entertainment Group stock opened at $14.34 on Tuesday. The company’s 50-day moving average price is $14.07 and its 200-day moving average price is $11.40. The company has a quick ratio of 2.67, a current ratio of 2.67 and a debt-to-equity ratio of 0.09. The company has a market cap of $24.61 billion, a PE ratio of 31.17, a price-to-earnings-growth ratio of 1.05 and a beta of 0.72. Tencent Music Entertainment Group has a twelve month low of $5.70 and a twelve month high of $15.77.

Tencent Music Entertainment Group (NYSE:TME) last issued its quarterly earnings data on Monday, May 13th. The company reported $0.14 earnings per share for the quarter, topping the consensus estimate of $0.13 by $0.01. The company had revenue of $937.00 million for the quarter, compared to analysts’ expectations 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 company also recently disclosed an annual dividend, which was paid on Thursday, June 27th. Shareholders of record on Friday, May 31st were paid a $0.121 dividend. This represents a yield of 0.78%. The ex-dividend date was Friday, May 31st. Tencent Music Entertainment Group’s payout ratio is currently 28.26%.

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.