Envestnet Portfolio Solutions Inc. Lowers Position in Tencent Music Entertainment Group (NYSE:TME)

Envestnet Portfolio Solutions Inc. decreased its holdings in shares of Tencent Music Entertainment Group (NYSE:TME) by 20.4% during the fourth quarter, according to its most recent filing with the SEC. The firm owned 12,507 shares of the company’s stock after selling 3,197 shares during the period. Envestnet Portfolio Solutions Inc.’s holdings in Tencent Music Entertainment Group were worth $142,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. PNC Financial Services Group Inc. boosted its position in Tencent Music Entertainment Group by 10.9% during the fourth quarter. PNC Financial Services Group Inc. now owns 11,138 shares of the company’s stock valued at $126,000 after purchasing an additional 1,094 shares in the last quarter. Intech Investment Management LLC lifted its position in shares of Tencent Music Entertainment Group by 9.1% during the third quarter. Intech Investment Management LLC now owns 19,850 shares of the company’s stock valued at $239,000 after buying an additional 1,664 shares during the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd boosted its holdings in shares of Tencent Music Entertainment Group by 3.9% in the 4th quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 51,636 shares of the company’s stock valued at $586,000 after buying an additional 1,923 shares in the last quarter. Thrivent Financial for Lutherans grew its position in shares of Tencent Music Entertainment Group by 31.7% in the 3rd quarter. Thrivent Financial for Lutherans now owns 15,550 shares of the company’s stock worth $187,000 after buying an additional 3,746 shares during the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. raised its stake in shares of Tencent Music Entertainment Group by 0.3% during the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,767,319 shares of the company’s stock worth $20,059,000 after acquiring an additional 4,837 shares in the last quarter. Institutional investors own 24.32% of the company’s stock.

Tencent Music Entertainment Group Stock Down 2.6 %

Tencent Music Entertainment Group stock opened at $14.36 on Friday. The business’s 50-day simple moving average is $12.82 and its two-hundred day simple moving average is $11.97. The company has a debt-to-equity ratio of 0.09, a quick ratio of 2.34 and a current ratio of 2.34. The company has a market cap of $24.63 billion, a PE ratio of 26.58, a PEG ratio of 0.77 and a beta of 0.70. Tencent Music Entertainment Group has a fifty-two week low of $9.41 and a fifty-two week high of $15.77.

Tencent Music Entertainment Group Increases Dividend

The firm also recently declared an annual dividend, which will be paid on Thursday, April 24th. Investors of record on Thursday, April 3rd will be issued a $0.18 dividend. This represents a yield of 0.9%. The ex-dividend date is Thursday, April 3rd. This is an increase from Tencent Music Entertainment Group’s previous annual dividend of $0.12. Tencent Music Entertainment Group’s dividend payout ratio is 28.81%.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the stock. Morgan Stanley restated an “overweight” rating on shares of Tencent Music Entertainment Group in a research note on Tuesday, March 18th. Mizuho boosted their target price on Tencent Music Entertainment Group from $16.00 to $17.00 and gave the stock an “outperform” rating in a research note on Wednesday, March 19th. Finally, Deutsche Bank Aktiengesellschaft upgraded Tencent Music Entertainment Group from a “hold” rating to a “buy” rating in a research note on Wednesday. Two research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $15.00.

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.