Jennison Associates LLC Buys 282,379 Shares of Tencent Music Entertainment Group Sponsored ADR $TME

Jennison Associates LLC increased its stake in shares of Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) by 23.0% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 1,508,978 shares of the company’s stock after acquiring an additional 282,379 shares during the quarter. Jennison Associates LLC’s holdings in Tencent Music Entertainment Group were worth $26,452,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the stock. Vanguard Group Inc. raised its stake in Tencent Music Entertainment Group by 1.4% during 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 in the last quarter. Krane Funds Advisors LLC raised its stake in Tencent Music Entertainment Group by 25.4% during the third quarter. Krane Funds Advisors LLC now owns 19,020,641 shares of the company’s stock valued at $421,593,000 after purchasing an additional 3,856,410 shares in the last quarter. Baillie Gifford & Co. raised its stake in Tencent Music Entertainment Group by 0.3% during the fourth quarter. Baillie Gifford & Co. now owns 13,042,381 shares of the company’s stock valued at $228,633,000 after purchasing an additional 35,182 shares in the last quarter. State Street Corp raised its stake in Tencent Music Entertainment Group by 1.3% during the second quarter. State Street Corp now owns 12,553,992 shares of the company’s stock valued at $244,677,000 after purchasing an additional 155,692 shares in the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. raised its stake in Tencent Music Entertainment Group by 312.3% during the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 5,764,321 shares of the company’s stock valued at $101,049,000 after purchasing an additional 4,366,226 shares in the last quarter. Institutional investors own 24.32% of the company’s stock.

Wall Street Analyst Weigh In

TME has been the topic of a number of recent research reports. Daiwa Securities Group reaffirmed a “hold” rating and set a $12.00 price target on shares of Tencent Music Entertainment Group in a research note on Wednesday, March 18th. UBS Group reaffirmed a “neutral” rating and set a $13.00 price target (down from $26.00) on shares of Tencent Music Entertainment Group in a research note on Wednesday, March 18th. Mizuho decreased their price target on shares of Tencent Music Entertainment Group from $28.00 to $23.00 and set an “outperform” rating on the stock in a research note on Wednesday, March 18th. Benchmark reaffirmed a “hold” rating on shares of Tencent Music Entertainment Group in a research note on Wednesday, March 18th. Finally, Morgan Stanley reaffirmed an “equal weight” rating on shares of Tencent Music Entertainment Group in a research note on Thursday, March 19th. Six equities research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Tencent Music Entertainment Group presently has an average rating of “Hold” and a consensus target price of $22.03.

Tencent Music Entertainment Group Trading Down 0.9%

Shares of TME opened at $9.09 on Friday. Tencent Music Entertainment Group Sponsored ADR has a twelve month low of $8.78 and a twelve month high of $26.70. The company has a market cap of $14.08 billion, a P/E ratio of 9.18, a P/E/G ratio of 0.60 and a beta of 0.81. The company has a current ratio of 2.22, a quick ratio of 2.22 and a debt-to-equity ratio of 0.04. The company’s fifty day simple moving average is $11.19 and its 200-day simple moving average is $16.04.

Tencent Music Entertainment Group Increases Dividend

The company also recently announced an annual dividend, which was paid on Thursday, April 23rd. Stockholders of record on Thursday, April 2nd were paid a $0.24 dividend. This is an increase from Tencent Music Entertainment Group’s previous annual dividend of $0.18. This represents a dividend yield of 262.0%. The ex-dividend date of this dividend was Thursday, April 2nd. Tencent Music Entertainment Group’s payout ratio is currently 23.23%.

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.