Allspring Global Investments Holdings LLC Decreases Position in Tencent Music Entertainment Group (NYSE:TME)

Allspring Global Investments Holdings LLC reduced its stake in shares of Tencent Music Entertainment Group (NYSE:TME) by 14.7% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 7,773,841 shares of the company’s stock after selling 1,340,385 shares during the quarter. Allspring Global Investments Holdings LLC owned 0.45% of Tencent Music Entertainment Group worth $86,989,000 as of its most recent filing with the SEC.

Other hedge funds have also modified their holdings of the company. Janiczek Wealth Management LLC grew its position in Tencent Music Entertainment Group by 8.6% in the fourth quarter. Janiczek Wealth Management LLC now owns 16,559 shares of the company’s stock valued at $149,000 after acquiring an additional 1,311 shares in the last quarter. Signaturefd LLC grew its holdings in Tencent Music Entertainment Group by 5.1% during the 4th quarter. Signaturefd LLC now owns 33,465 shares of the company’s stock valued at $302,000 after purchasing an additional 1,628 shares in the last quarter. Cigna Investments Inc. New increased its stake in Tencent Music Entertainment Group by 13.6% during the 4th quarter. Cigna Investments Inc. New now owns 15,186 shares of the company’s stock worth $137,000 after buying an additional 1,817 shares during the period. Lindbrook Capital LLC lifted its holdings in Tencent Music Entertainment Group by 40.9% in the 4th quarter. Lindbrook Capital LLC now owns 7,036 shares of the company’s stock worth $63,000 after buying an additional 2,044 shares in the last quarter. Finally, Parallel Advisors LLC boosted its position in Tencent Music Entertainment Group by 27.1% in the 4th quarter. Parallel Advisors LLC now owns 10,927 shares of the company’s stock valued at $98,000 after buying an additional 2,328 shares during the last quarter. 24.32% of the stock is currently owned by hedge funds and other institutional investors.

Tencent Music Entertainment Group Stock Performance

TME traded down $0.14 on Tuesday, hitting $14.20. 385,356 shares of the company’s stock were exchanged, compared to its average volume of 8,229,361. The company has a current ratio of 2.67, a quick ratio of 2.67 and a debt-to-equity ratio of 0.09. The stock has a fifty day moving average of $14.07 and a two-hundred day moving average of $11.40. Tencent Music Entertainment Group has a twelve month low of $5.70 and a twelve month high of $15.77. The firm has a market cap of $24.37 billion, a PE ratio of 31.17, a P/E/G ratio of 1.05 and a beta of 0.68.

Tencent Music Entertainment Group (NYSE:TME) last announced its quarterly earnings results on Monday, May 13th. The company reported $0.14 earnings per share for the quarter, topping analysts’ consensus estimates of $0.13 by $0.01. Tencent Music Entertainment Group had a return on equity of 9.85% and a net margin of 18.88%. The business had revenue of $937.00 million for the quarter, compared to analysts’ expectations of $904.29 million. On average, research analysts anticipate that Tencent Music Entertainment Group will post 0.62 earnings per share for the current fiscal year.

Tencent Music Entertainment Group Dividend Announcement

The company also recently declared an annual dividend, which was paid on Thursday, June 27th. Stockholders of record on Friday, May 31st were given a dividend of $0.121 per share. The ex-dividend date of this dividend was Friday, May 31st. This represents a dividend yield of 0.78%. Tencent Music Entertainment Group’s dividend payout ratio is currently 28.26%.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on TME shares. Mizuho lifted their target price on Tencent Music Entertainment Group from $13.00 to $15.00 and gave the stock a “buy” rating in a research report on Friday, May 10th. Benchmark increased their target price on Tencent Music Entertainment Group from $14.00 to $19.00 and gave the company a “buy” rating in a research note on Tuesday, May 14th. Citigroup upgraded shares of Tencent Music Entertainment Group from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $9.00 to $13.00 in a research note on Wednesday, March 20th. Morgan Stanley increased their price objective on shares of Tencent Music Entertainment Group from $11.00 to $13.50 and gave the company an “overweight” rating in a research note on Wednesday, March 20th. Finally, Bank of America boosted their target price on shares of Tencent Music Entertainment Group from $10.50 to $12.30 and gave the stock a “buy” rating in a research report on Wednesday, March 20th. One investment analyst has rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat.com, Tencent Music Entertainment Group has a consensus rating of “Moderate Buy” and an average target price of $12.75.

About Tencent Music Entertainment Group

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.