Norges Bank Invests $94.36 Million in Tencent Music Entertainment Group Sponsored ADR $TME

Norges Bank acquired a new position in shares of Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 5,382,762 shares of the company’s stock, valued at approximately $94,360,000.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Allworth Financial LP grew its position in shares of Tencent Music Entertainment Group by 63.2% during the third quarter. Allworth Financial LP now owns 1,480 shares of the company’s stock worth $35,000 after buying an additional 573 shares in the last quarter. Smartleaf Asset Management LLC acquired a new position in shares of Tencent Music Entertainment Group during the third quarter worth about $31,000. Mariner LLC grew its position in shares of Tencent Music Entertainment Group by 2.1% during the third quarter. Mariner LLC now owns 64,795 shares of the company’s stock worth $1,512,000 after buying an additional 1,340 shares in the last quarter. EverSource Wealth Advisors LLC grew its position in shares of Tencent Music Entertainment Group by 83.0% during the second quarter. EverSource Wealth Advisors LLC now owns 3,005 shares of the company’s stock worth $59,000 after buying an additional 1,363 shares in the last quarter. Finally, Jones Financial Companies Lllp grew its position in shares of Tencent Music Entertainment Group by 137.4% during the third quarter. Jones Financial Companies Lllp now owns 2,414 shares of the company’s stock worth $57,000 after buying an additional 1,397 shares in the last quarter. 24.32% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the company. UBS Group reissued a “neutral” rating and set a $13.00 price objective (down from $26.00) on shares of Tencent Music Entertainment Group in a research report on Wednesday, March 18th. Daiwa Securities Group reissued a “hold” rating and set a $12.00 price objective on shares of Tencent Music Entertainment Group in a research report on Wednesday, March 18th. Benchmark reaffirmed a “hold” rating on shares of Tencent Music Entertainment Group in a report on Wednesday, March 18th. Mizuho lowered their price target on Tencent Music Entertainment Group from $23.00 to $18.00 and set an “outperform” rating for the company in a report on Wednesday, May 13th. Finally, Barclays lowered their price target on Tencent Music Entertainment Group from $28.00 to $20.00 and set an “overweight” rating for the company in a report on Thursday, March 19th. Six equities research analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $21.44.

Tencent Music Entertainment Group Stock Performance

Shares of TME opened at $9.10 on Friday. The stock has a 50 day moving average price of $9.28 and a 200 day moving average price of $13.82. The company has a quick ratio of 2.08, a current ratio of 2.09 and a debt-to-equity ratio of 0.06. The company has a market capitalization of $14.09 billion, a price-to-earnings ratio of 11.37, a price-to-earnings-growth ratio of 0.60 and a beta of 0.80. Tencent Music Entertainment Group Sponsored ADR has a 52-week low of $8.44 and a 52-week high of $26.70.

Tencent Music Entertainment Group (NYSE:TME) last announced its quarterly earnings results on Tuesday, March 31st. The company reported $0.11 earnings per share (EPS) for the quarter. The firm 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%. Research analysts predict that Tencent Music Entertainment Group Sponsored ADR will post 0.9 EPS for the current fiscal year.

Tencent Music Entertainment Group Increases Dividend

The company also recently disclosed an annual dividend, which was paid on Thursday, April 23rd. Stockholders of record on Thursday, April 2nd were issued a $0.24 dividend. The ex-dividend date of this dividend was Thursday, April 2nd. This is an increase from Tencent Music Entertainment Group’s previous annual dividend of $0.18. This represents a dividend yield of 262.0%. Tencent Music Entertainment Group’s dividend payout ratio is currently 28.75%.

About Tencent Music Entertainment Group

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.