Prudential PLC Has $9.42 Million Position in Tencent Music Entertainment Group Sponsored ADR $TME

Prudential PLC boosted its holdings in Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) by 27.0% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 537,244 shares of the company’s stock after purchasing an additional 114,054 shares during the quarter. Prudential PLC’s holdings in Tencent Music Entertainment Group were worth $9,418,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of TME. Smartleaf Asset Management LLC acquired a new stake in Tencent Music Entertainment Group in the 3rd quarter valued at $31,000. Allworth Financial LP grew its position 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 valued at $35,000 after purchasing an additional 573 shares during the period. Jones Financial Companies Lllp grew its position in Tencent Music Entertainment Group by 137.4% in the 3rd quarter. Jones Financial Companies Lllp now owns 2,414 shares of the company’s stock valued at $57,000 after purchasing an additional 1,397 shares during the period. EverSource Wealth Advisors LLC grew its position 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 valued at $59,000 after purchasing an additional 1,363 shares during the period. Finally, Hantz Financial Services Inc. grew its position in Tencent Music Entertainment Group by 69.3% in the 3rd quarter. Hantz Financial Services Inc. now owns 4,087 shares of the company’s stock valued at $95,000 after purchasing an additional 1,673 shares during the period. Institutional investors and hedge funds own 24.32% of the company’s stock.

Analyst Ratings Changes

Several analysts recently issued reports on the stock. Weiss Ratings downgraded shares of Tencent Music Entertainment Group from a “hold (c)” rating to a “hold (c-)” rating in a research report on Tuesday. Benchmark reissued a “hold” rating on shares of Tencent Music Entertainment Group in a research report on Wednesday, March 18th. Morgan Stanley reissued an “equal weight” rating on shares of Tencent Music Entertainment Group in a research report on Thursday, March 19th. Jefferies Financial Group restated a “buy” rating and set a $23.00 price objective on shares of Tencent Music Entertainment Group in a research note on Tuesday, March 17th. Finally, JPMorgan Chase & Co. dropped their price objective on Tencent Music Entertainment Group from $12.00 to $10.00 and set a “neutral” rating on the stock in a research note on Thursday, May 14th. Six equities research analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $21.44.

Tencent Music Entertainment Group Price Performance

Shares of NYSE:TME opened at $9.10 on Friday. The company has a current ratio of 2.09, a quick ratio of 2.08 and a debt-to-equity ratio of 0.06. The stock’s fifty day simple moving average is $9.28 and its two-hundred day simple moving average is $13.82. Tencent Music Entertainment Group Sponsored ADR has a 1-year low of $8.44 and a 1-year high of $26.70. The stock has a market cap of $14.09 billion, a PE ratio of 11.37, a price-to-earnings-growth ratio of 0.60 and a beta of 0.80.

Tencent Music Entertainment Group (NYSE:TME) last issued its quarterly earnings data on Tuesday, March 31st. The company reported $0.11 earnings per share for the quarter. Tencent Music Entertainment Group had a return on equity of 11.20% and a net margin of 26.45%.The business had revenue of $1.15 billion for the quarter. As a group, analysts forecast 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 announced an annual dividend, which was paid on Thursday, April 23rd. Stockholders of record on Thursday, April 2nd were paid a dividend of $0.24 per share. This represents a dividend yield of 262.0%. The ex-dividend date was Thursday, April 2nd. This is a positive change from Tencent Music Entertainment Group’s previous annual dividend of $0.18. 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.