Tencent Music Entertainment Group Sponsored ADR $TME Shares Sold by Marathon Asset Management Ltd

Marathon Asset Management Ltd lessened its position in shares of Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) by 19.5% during the 4th quarter, Holdings Channel reports. The institutional investor owned 2,305,413 shares of the company’s stock after selling 559,011 shares during the period. Tencent Music Entertainment Group makes up approximately 1.6% of Marathon Asset Management Ltd’s portfolio, making the stock its 25th largest position. Marathon Asset Management Ltd’s holdings in Tencent Music Entertainment Group were worth $40,414,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Robeco Institutional Asset Management B.V. grew its position in Tencent Music Entertainment Group by 7.3% during the fourth quarter. Robeco Institutional Asset Management B.V. now owns 5,706,740 shares of the company’s stock valued at $100,039,000 after buying an additional 387,109 shares during the period. SG Americas Securities LLC grew its position in Tencent Music Entertainment Group by 85.7% during the fourth quarter. SG Americas Securities LLC now owns 542,198 shares of the company’s stock valued at $9,505,000 after buying an additional 250,261 shares during the period. Green Court Capital Management Ltd grew its position in Tencent Music Entertainment Group by 93.1% during the third quarter. Green Court Capital Management Ltd now owns 1,039,078 shares of the company’s stock valued at $24,252,000 after buying an additional 501,078 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank grew 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 purchasing an additional 910,767 shares during the period. Finally, Vanguard Group Inc. grew 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 purchasing an additional 293,385 shares during the period. Institutional investors and hedge funds own 24.32% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on TME shares. Jefferies Financial Group reiterated a “buy” rating and issued a $23.00 target price on shares of Tencent Music Entertainment Group in a research report on Tuesday, March 17th. Barclays dropped their target price on shares of Tencent Music Entertainment Group from $28.00 to $20.00 and set an “overweight” rating on the stock in a research report on Thursday, March 19th. UBS Group reiterated a “neutral” rating and issued a $13.00 target price (down from $26.00) on shares of Tencent Music Entertainment Group in a research report on Wednesday, March 18th. Morgan Stanley reiterated an “equal weight” rating on shares of Tencent Music Entertainment Group in a research report on Thursday, March 19th. Finally, 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. Six research analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $21.44.

Tencent Music Entertainment Group Stock Performance

TME opened at $9.14 on Wednesday. The firm has a market capitalization of $14.16 billion, a PE ratio of 11.43, a PEG ratio of 0.59 and a beta of 0.81. Tencent Music Entertainment Group Sponsored ADR has a twelve month low of $8.44 and a twelve month high of $26.70. The firm’s 50-day moving average price is $10.01 and its 200 day moving average price is $14.87. The company has a current ratio of 2.09, a quick ratio of 2.08 and a debt-to-equity ratio of 0.06.

Tencent Music Entertainment Group (NYSE:TME) last posted its quarterly earnings results on Tuesday, March 31st. The company reported $0.11 earnings per share for the quarter. The firm had revenue of $1.15 billion for the quarter. Tencent Music Entertainment Group had a net margin of 26.45% and a return on equity of 11.20%. As a group, sell-side analysts expect that Tencent Music Entertainment Group Sponsored ADR will post 0.9 EPS for the current fiscal year.

Tencent Music Entertainment Group Increases Dividend

The firm also recently declared an annual dividend, which was paid on Thursday, April 23rd. Investors of record on Thursday, April 2nd were given a dividend of $0.24 per share. The ex-dividend date was Thursday, April 2nd. This is a boost from Tencent Music Entertainment Group’s previous annual dividend of $0.18. This represents a yield of 262.0%. Tencent Music Entertainment Group’s dividend payout ratio (DPR) is presently 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.