Zurcher Kantonalbank Zurich Cantonalbank Purchases 910,767 Shares of Tencent Music Entertainment Group Sponsored ADR $TME

Zurcher Kantonalbank Zurich Cantonalbank increased its position in Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) by 414.3% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,130,608 shares of the company’s stock after purchasing an additional 910,767 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Tencent Music Entertainment Group were worth $19,820,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Smartleaf Asset Management LLC bought a new position in Tencent Music Entertainment Group in the 3rd quarter worth about $31,000. Allworth Financial LP boosted its stake 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. Global Retirement Partners LLC boosted its stake in Tencent Music Entertainment Group by 1,326.5% in the 3rd quarter. Global Retirement Partners LLC now owns 1,883 shares of the company’s stock worth $44,000 after purchasing an additional 1,751 shares in the last quarter. Jones Financial Companies Lllp boosted its stake 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 worth $57,000 after purchasing an additional 1,397 shares in the last quarter. Finally, EverSource Wealth Advisors LLC boosted its stake 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 own 24.32% of the company’s stock.

Analysts Set New Price Targets

TME has been the topic of a number of analyst reports. JPMorgan Chase & Co. reiterated a “neutral” rating and issued a $12.00 price target on shares of Tencent Music Entertainment Group in a research note on Wednesday, March 18th. 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. Mizuho decreased their target price on Tencent Music Entertainment Group from $28.00 to $23.00 and set an “outperform” rating for the company in a research report on Wednesday, March 18th. Benchmark reissued a “hold” rating on shares of Tencent Music Entertainment Group in a research report on Wednesday, March 18th. Finally, Barclays decreased their target price on Tencent Music Entertainment Group from $28.00 to $20.00 and set an “overweight” rating for the company in a research report on Thursday, March 19th. Six analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $22.03.

Tencent Music Entertainment Group Price Performance

Shares of NYSE:TME opened at $9.58 on Thursday. Tencent Music Entertainment Group Sponsored ADR has a fifty-two week low of $8.78 and a fifty-two week high of $26.70. The business has a 50-day simple moving average of $11.94 and a two-hundred day simple moving average of $16.57. The company has a debt-to-equity ratio of 0.04, a quick ratio of 2.22 and a current ratio of 2.22. The firm has a market cap of $14.83 billion, a price-to-earnings ratio of 9.67, a price-to-earnings-growth ratio of 0.63 and a beta of 0.80.

Tencent Music Entertainment Group Increases Dividend

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

Tencent Music Entertainment Group 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.