Massachusetts Financial Services Co. MA Acquires 2,649,833 Shares of Tencent Music Entertainment Group Sponsored ADR $TME

Massachusetts Financial Services Co. MA boosted its position in Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) by 117.4% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 4,907,677 shares of the company’s stock after purchasing an additional 2,649,833 shares during the period. Massachusetts Financial Services Co. MA’s holdings in Tencent Music Entertainment Group were worth $86,032,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of the company. Corient Private Wealth LLC increased its holdings in Tencent Music Entertainment Group by 1.6% in the 2nd quarter. Corient Private Wealth LLC now owns 32,213 shares of the company’s stock worth $628,000 after purchasing an additional 498 shares in the last quarter. Allworth Financial LP increased its holdings in Tencent Music Entertainment Group by 63.2% in the 3rd 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. Smartleaf Asset Management LLC acquired a new position in Tencent Music Entertainment Group in the 3rd quarter worth about $31,000. Mariner LLC increased its holdings in Tencent Music Entertainment Group by 2.1% in the 3rd quarter. Mariner LLC now owns 64,795 shares of the company’s stock worth $1,512,000 after purchasing an additional 1,340 shares in the last quarter. Finally, EverSource Wealth Advisors LLC increased its holdings in Tencent Music Entertainment Group by 83.0% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 3,005 shares of the company’s stock worth $59,000 after purchasing an additional 1,363 shares in the last quarter. Institutional investors and hedge funds own 24.32% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have issued reports on the company. Barclays lowered their target price 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. Mizuho lowered their target price on Tencent Music Entertainment Group from $28.00 to $23.00 and set an “outperform” rating for the company in a report on Wednesday, March 18th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Tencent Music Entertainment Group in a report on Monday, December 29th. Morgan Stanley reaffirmed an “equal weight” rating on shares of Tencent Music Entertainment Group in a report on Thursday, March 19th. Finally, Jefferies Financial Group reiterated a “buy” rating and issued a $23.00 price target on shares of Tencent Music Entertainment Group in a research report on Tuesday, March 17th. Six research analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $22.03.

Tencent Music Entertainment Group Trading Up 0.8%

NYSE TME opened at $9.43 on Tuesday. The business’s 50-day moving average price is $12.85 and its two-hundred day moving average price is $17.18. Tencent Music Entertainment Group Sponsored ADR has a 12 month low of $8.78 and a 12 month high of $26.70. The firm has a market capitalization of $14.61 billion, a PE ratio of 9.53, a price-to-earnings-growth ratio of 0.61 and a beta of 0.80. The company has a current ratio of 2.22, a quick ratio of 2.22 and a debt-to-equity ratio of 0.04.

Tencent Music Entertainment Group Increases Dividend

The business also recently declared an annual dividend, which will be paid on Thursday, April 23rd. Shareholders of record on Thursday, April 2nd will be given a $0.24 dividend. This is a boost 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 262.0%. Tencent Music Entertainment Group’s dividend payout ratio is presently 23.23%.

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.