Tencent Music Entertainment Group Sponsored ADR $TME Holdings Lifted by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC increased its holdings in Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) by 11.1% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,501,873 shares of the company’s stock after acquiring an additional 349,470 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Tencent Music Entertainment Group were worth $62,543,000 at the end of the most recent reporting period.

Other institutional investors have also recently bought and sold shares of the company. Corient Private Wealth LLC grew its stake in Tencent Music Entertainment Group by 1.6% during the 2nd quarter. Corient Private Wealth LLC now owns 32,213 shares of the company’s stock valued at $628,000 after acquiring an additional 498 shares in the last quarter. Allworth Financial LP lifted its position in shares of Tencent Music Entertainment Group by 63.2% in the third quarter. Allworth Financial LP now owns 1,480 shares of the company’s stock worth $35,000 after purchasing an additional 573 shares in the last quarter. Northwestern Mutual Wealth Management Co. boosted its holdings in shares of Tencent Music Entertainment Group by 5.0% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 13,553 shares of the company’s stock worth $264,000 after purchasing an additional 651 shares during the period. Smartleaf Asset Management LLC acquired a new stake in shares of Tencent Music Entertainment Group during the third quarter worth approximately $31,000. Finally, Mariner LLC grew its position in Tencent Music Entertainment Group by 2.1% during the third quarter. Mariner LLC now owns 64,795 shares of the company’s stock valued at $1,512,000 after purchasing an additional 1,340 shares in the last quarter. 24.32% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the stock. Daiwa Securities Group reiterated a “hold” rating and issued a $12.00 target price on shares of Tencent Music Entertainment Group in a research report on Wednesday, March 18th. Mizuho lowered their price target on shares of Tencent Music Entertainment Group from $28.00 to $23.00 and set an “outperform” rating on the stock in a report on Wednesday, March 18th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Tencent Music Entertainment Group in a research note on Monday, December 29th. Benchmark reiterated a “hold” rating on shares of Tencent Music Entertainment Group in a report on Wednesday, March 18th. Finally, Morgan Stanley reissued an “equal weight” rating on shares of Tencent Music Entertainment Group in a research report on Thursday, March 19th. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and eight have given a Hold rating to the stock. According to data from MarketBeat.com, Tencent Music Entertainment Group presently has an average rating of “Moderate Buy” and a consensus price target of $22.03.

Tencent Music Entertainment Group Price Performance

Shares of TME opened at $9.20 on Thursday. The company has a debt-to-equity ratio of 0.04, a quick ratio of 2.22 and a current ratio of 2.22. The firm has a market cap of $14.24 billion, a PE ratio of 9.29, a PEG ratio of 0.61 and a beta of 0.80. The firm’s 50 day moving average price is $14.06 and its 200 day moving average price is $18.10. Tencent Music Entertainment Group Sponsored ADR has a twelve month low of $9.10 and a twelve month high of $26.70.

Tencent Music Entertainment Group Increases Dividend

The firm also recently declared an annual dividend, which will be paid on Thursday, April 23rd. Stockholders of record on Thursday, April 2nd will be paid a dividend of $0.24 per share. This is a positive change from Tencent Music Entertainment Group’s previous annual dividend of $0.18. The ex-dividend date is Thursday, April 2nd. This represents a dividend yield of 261.0%. Tencent Music Entertainment Group’s dividend payout ratio (DPR) is currently 17.17%.

Tencent Music Entertainment Group Company 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.