Norges Bank Invests $94.36 Million in Tencent Music Entertainment Group Sponsored ADR $TME

Norges Bank acquired a new stake in Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 5,382,762 shares of the company’s stock, valued at approximately $94,360,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its stake in shares of Tencent Music Entertainment Group by 1.4% in the 4th 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 during the last quarter. Krane Funds Advisors LLC increased its position in shares of Tencent Music Entertainment Group by 25.4% during the 3rd quarter. Krane Funds Advisors LLC now owns 19,020,641 shares of the company’s stock worth $421,593,000 after purchasing an additional 3,856,410 shares during the last quarter. Baillie Gifford & Co. increased its position in shares of Tencent Music Entertainment Group by 0.3% during the 4th quarter. Baillie Gifford & Co. now owns 13,042,381 shares of the company’s stock worth $228,633,000 after purchasing an additional 35,182 shares during the last quarter. State Street Corp raised its holdings in Tencent Music Entertainment Group by 1.3% in the 2nd quarter. State Street Corp now owns 12,553,992 shares of the company’s stock valued at $244,677,000 after buying an additional 155,692 shares during the period. Finally, Green Court Capital Management Ltd lifted its position in Tencent Music Entertainment Group by 467.2% in the fourth quarter. Green Court Capital Management Ltd now owns 5,893,162 shares of the company’s stock valued at $108,729,000 after buying an additional 4,854,084 shares during the last quarter. Institutional investors and hedge funds own 24.32% of the company’s stock.

Tencent Music Entertainment Group Stock Down 2.2%

Shares of NYSE:TME opened at $9.10 on Friday. The company has a debt-to-equity ratio of 0.06, a current ratio of 2.09 and a quick ratio of 2.08. The firm has a market capitalization 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. The firm’s 50-day moving average is $9.28 and its two-hundred day 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.

Tencent Music Entertainment Group (NYSE:TME) last issued its quarterly earnings results on Tuesday, March 31st. The company reported $0.11 earnings per share (EPS) for the quarter. The company had revenue of $1.15 billion for the quarter. Tencent Music Entertainment Group had a net margin of 26.45% and a return on equity of 11.20%. Analysts predict that Tencent Music Entertainment Group Sponsored ADR will post 0.9 EPS for the current year.

Tencent Music Entertainment Group Increases Dividend

The firm also recently declared an annual dividend, which was paid on Thursday, April 23rd. Shareholders of record on Thursday, April 2nd were paid a dividend of $0.24 per share. This represents a yield of 262.0%. This is a boost from Tencent Music Entertainment Group’s previous annual dividend of $0.18. The ex-dividend date was Thursday, April 2nd. Tencent Music Entertainment Group’s payout ratio is currently 28.75%.

Analyst Ratings Changes

Several research analysts have weighed in on TME shares. Morgan Stanley reaffirmed an “equal weight” rating on shares of Tencent Music Entertainment Group in a research note on Thursday, March 19th. Daiwa Securities Group restated a “hold” rating and issued a $12.00 price objective on shares of Tencent Music Entertainment Group in a report on Wednesday, March 18th. Weiss Ratings cut shares of Tencent Music Entertainment Group from a “hold (c)” rating to a “hold (c-)” rating in a research report on Tuesday. UBS Group reiterated a “neutral” rating and issued a $13.00 target price (down from $26.00) on shares of Tencent Music Entertainment Group in a report on Wednesday, March 18th. Finally, Jefferies Financial Group reissued a “buy” rating and issued a $23.00 target price on shares of Tencent Music Entertainment Group in a research report on Tuesday, March 17th. Six equities research analysts have rated the stock with a Buy rating and eight have given a Hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $21.44.

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.