Lazard Asset Management LLC Cuts Stock Holdings in Tencent Music Entertainment Group (NYSE:TME)

Lazard Asset Management LLC reduced its position in shares of Tencent Music Entertainment Group (NYSE:TME) by 9.9% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 998,364 shares of the company’s stock after selling 109,793 shares during the period. Lazard Asset Management LLC’s holdings in Tencent Music Entertainment Group were worth $11,331,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in TME. SBI Securities Co. Ltd. purchased a new position in Tencent Music Entertainment Group during the fourth quarter worth about $110,000. Oppenheimer Asset Management Inc. purchased a new position in Tencent Music Entertainment Group during the fourth quarter worth about $114,000. PNC Financial Services Group Inc. raised its holdings 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 worth $126,000 after purchasing an additional 1,094 shares in the last quarter. Unigestion Holding SA purchased a new position in Tencent Music Entertainment Group in the fourth quarter valued at about $161,000. Finally, Diametric Capital LP purchased a new position in Tencent Music Entertainment Group in the fourth quarter valued at about $162,000. 24.32% of the stock is owned by hedge funds and other institutional investors.

Tencent Music Entertainment Group Trading Up 15.4%

Shares of Tencent Music Entertainment Group stock opened at $16.95 on Thursday. The company has a debt-to-equity ratio of 0.09, a current ratio of 2.34 and a quick ratio of 2.34. Tencent Music Entertainment Group has a 1 year low of $9.41 and a 1 year high of $17.05. The company has a market capitalization of $29.09 billion, a P/E ratio of 31.39, a P/E/G ratio of 0.77 and a beta of 0.46. The business has a 50 day moving average price of $13.49 and a 200 day moving average price of $12.40.

Tencent Music Entertainment Group Increases Dividend

The business also recently disclosed an annual dividend, which was paid on Thursday, April 24th. Investors of record on Thursday, April 3rd were given a dividend of $0.18 per share. This is an increase from Tencent Music Entertainment Group’s previous annual dividend of $0.12. This represents a dividend yield of 0.9%. The ex-dividend date was Thursday, April 3rd. Tencent Music Entertainment Group’s payout ratio is currently 28.81%.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on TME shares. Nomura Securities raised shares of Tencent Music Entertainment Group to a “strong-buy” rating in a report on Tuesday, April 8th. Deutsche Bank Aktiengesellschaft raised shares of Tencent Music Entertainment Group from a “hold” rating to a “buy” rating in a report on Wednesday, March 26th. Sanford C. Bernstein reaffirmed an “outperform” rating on shares of Tencent Music Entertainment Group in a report on Wednesday. Mizuho increased their target price on shares of Tencent Music Entertainment Group from $16.00 to $17.00 and gave the company an “outperform” rating in a report on Wednesday, March 19th. Finally, Morgan Stanley reaffirmed an “overweight” rating on shares of Tencent Music Entertainment Group in a report on Tuesday. Two analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Tencent Music Entertainment Group has an average rating of “Moderate Buy” and an average target price of $15.00.

About Tencent Music Entertainment Group

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.