Envestnet Asset Management Inc. Has $3.98 Million Position in Tencent Music Entertainment Group (NYSE:TME)

Envestnet Asset Management Inc. lessened its stake in Tencent Music Entertainment Group (NYSE:TME - Free Report) by 21.0% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 350,322 shares of the company's stock after selling 93,306 shares during the period. Envestnet Asset Management Inc.'s holdings in Tencent Music Entertainment Group were worth $3,976,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of TME. JPMorgan Chase & Co. increased its position in shares of Tencent Music Entertainment Group by 558.2% in the fourth quarter. JPMorgan Chase & Co. now owns 11,773,523 shares of the company's stock worth $133,629,000 after acquiring an additional 9,984,690 shares in the last quarter. Artisan Partners Limited Partnership bought a new position in shares of Tencent Music Entertainment Group in the 4th quarter valued at approximately $113,031,000. Norges Bank acquired a new position in Tencent Music Entertainment Group in the 4th quarter valued at $99,539,000. Mawer Investment Management Ltd. increased its stake in shares of Tencent Music Entertainment Group by 152.2% in the fourth quarter. Mawer Investment Management Ltd. now owns 11,467,410 shares of the company's stock worth $130,155,000 after purchasing an additional 6,919,574 shares during the period. Finally, Schroder Investment Management Group lifted its position in shares of Tencent Music Entertainment Group by 6.7% during the 4th quarter. Schroder Investment Management Group now owns 63,064,552 shares of the company's stock worth $715,783,000 after purchasing an additional 3,987,116 shares during the last quarter. Institutional investors own 24.32% of the company's stock.

Analyst Ratings Changes

Several research analysts have commented on the company. Nomura Securities raised Tencent Music Entertainment Group to a "strong-buy" rating in a research report on Tuesday, April 8th. Morgan Stanley reaffirmed an "overweight" rating on shares of Tencent Music Entertainment Group in a research report on Tuesday, March 18th. Mizuho boosted their price objective on shares of Tencent Music Entertainment Group from $16.00 to $17.00 and gave the stock an "outperform" rating in a report on Wednesday, March 19th. Finally, Deutsche Bank Aktiengesellschaft upgraded shares of Tencent Music Entertainment Group from a "hold" rating to a "buy" rating in a research note on Wednesday, March 26th. Two research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $15.00.

Tencent Music Entertainment Group Price Performance

Tencent Music Entertainment Group stock traded up $0.10 during trading hours on Monday, hitting $13.46. 1,348,312 shares of the stock were exchanged, compared to its average volume of 8,299,424. The stock has a market capitalization of $23.09 billion, a P/E ratio of 24.94, a P/E/G ratio of 0.77 and a beta of 0.50. The business's 50-day moving average is $13.17 and its two-hundred day moving average is $12.20. The company has a debt-to-equity ratio of 0.09, a quick ratio of 2.34 and a current ratio of 2.34. Tencent Music Entertainment Group has a 12 month low of $9.41 and a 12 month high of $15.77.

Tencent Music Entertainment Group Increases Dividend

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

Tencent Music Entertainment Group Company Profile

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.