Mitsubishi UFJ Trust & Banking Corp Sells 65,627 Shares of Tencent Music Entertainment Group Sponsored ADR $TME

Mitsubishi UFJ Trust & Banking Corp lessened its holdings in shares of Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) by 32.0% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 139,456 shares of the company’s stock after selling 65,627 shares during the quarter. Mitsubishi UFJ Trust & Banking Corp’s holdings in Tencent Music Entertainment Group were worth $2,445,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its position in shares of Tencent Music Entertainment Group by 1.4% in the fourth quarter. Vanguard Group Inc. now owns 21,455,738 shares of the company’s stock valued at $376,119,000 after acquiring an additional 293,385 shares during the period. Sava Infond d.o.o. boosted its position in shares of Tencent Music Entertainment Group by 5.7% in the fourth quarter. Sava Infond d.o.o. now owns 47,490 shares of the company’s stock valued at $832,000 after acquiring an additional 2,550 shares during the period. B. Metzler seel. Sohn & Co. AG boosted its position in shares of Tencent Music Entertainment Group by 44.2% in the fourth quarter. B. Metzler seel. Sohn & Co. AG now owns 249,887 shares of the company’s stock valued at $4,381,000 after acquiring an additional 76,535 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of Tencent Music Entertainment Group by 414.3% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,130,608 shares of the company’s stock valued at $19,820,000 after acquiring an additional 910,767 shares during the period. Finally, GF Fund Management CO. LTD. boosted its position in shares of Tencent Music Entertainment Group by 4.5% in the fourth quarter. GF Fund Management CO. LTD. now owns 488,323 shares of the company’s stock valued at $8,560,000 after acquiring an additional 21,209 shares during the period. Institutional investors own 24.32% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the stock. UBS Group restated a “neutral” rating and issued a $13.00 price objective (down from $26.00) on shares of Tencent Music Entertainment Group in a research report on Wednesday, March 18th. Zacks Research lowered shares of Tencent Music Entertainment Group from a “hold” rating to a “strong sell” rating in a research report on Friday, April 17th. Benchmark restated a “hold” rating on shares of Tencent Music Entertainment Group in a research report on Wednesday, March 18th. Daiwa Securities Group restated a “hold” rating and issued a $12.00 price objective on shares of Tencent Music Entertainment Group in a research report on Wednesday, March 18th. Finally, Morgan Stanley restated an “equal weight” rating on shares of Tencent Music Entertainment Group in a research report on Thursday, March 19th. Six equities research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Tencent Music Entertainment Group currently has a consensus rating of “Hold” and an average price target of $22.03.

Tencent Music Entertainment Group Trading Up 0.6%

Shares of TME opened at $9.16 on Tuesday. The firm’s 50 day simple moving average is $11.19 and its 200 day simple moving average is $15.94. The company has a market capitalization of $14.18 billion, a P/E ratio of 9.25, a P/E/G ratio of 0.59 and a beta of 0.81. The company has a debt-to-equity ratio of 0.04, a current ratio of 2.22 and a quick ratio of 2.22. Tencent Music Entertainment Group Sponsored ADR has a 1-year low of $8.78 and a 1-year high of $26.70.

Tencent Music Entertainment Group Increases Dividend

The business also recently announced an annual dividend, which was paid on Thursday, April 23rd. Investors of record on Thursday, April 2nd were paid a $0.24 dividend. This is an increase from Tencent Music Entertainment Group’s previous annual dividend of $0.18. This represents a yield of 262.0%. The ex-dividend date of this dividend was Thursday, April 2nd. Tencent Music Entertainment Group’s payout ratio is 23.23%.

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.