Shell Asset Management Co. Cuts Stock Holdings in Tencent Music Entertainment Group (NYSE:TME)

Shell Asset Management Co. lowered its stake in shares of Tencent Music Entertainment Group (NYSE:TME) by 10.4% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 44,286 shares of the company’s stock after selling 5,115 shares during the quarter. Shell Asset Management Co.’s holdings in Tencent Music Entertainment Group were worth $496,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also modified their holdings of the company. Tobam purchased a new position in Tencent Music Entertainment Group in the fourth quarter valued at $36,000. Lindbrook Capital LLC increased its holdings in Tencent Music Entertainment Group by 40.9% in the fourth quarter. Lindbrook Capital LLC now owns 7,036 shares of the company’s stock valued at $63,000 after buying an additional 2,044 shares during the last quarter. SageView Advisory Group LLC purchased a new position in Tencent Music Entertainment Group in the fourth quarter valued at $90,000. Parallel Advisors LLC increased its holdings in Tencent Music Entertainment Group by 27.1% in the fourth 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. Finally, QRG Capital Management Inc. increased its holdings in Tencent Music Entertainment Group by 24.7% in the fourth quarter. QRG Capital Management Inc. now owns 14,624 shares of the company’s stock valued at $132,000 after buying an additional 2,898 shares during the last quarter. Hedge funds and other institutional investors own 24.32% of the company’s stock.

Tencent Music Entertainment Group Stock Performance

Shares of TME traded down $0.34 during mid-day trading on Friday, hitting $14.09. 2,517,255 shares of the company’s stock were exchanged, compared to its average volume of 8,143,456. Tencent Music Entertainment Group has a fifty-two week low of $5.70 and a fifty-two week high of $15.77. The firm has a market capitalization of $24.18 billion, a P/E ratio of 31.38, a P/E/G ratio of 1.10 and a beta of 0.68. The business’s 50 day moving average is $14.61 and its two-hundred day moving average is $12.15. The company has a current ratio of 2.67, a quick ratio of 2.67 and a debt-to-equity ratio of 0.09.

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

Tencent Music Entertainment Group Dividend Announcement

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

Wall Street Analysts Forecast Growth

Several research firms have issued reports on TME. Benchmark upped their price objective on shares of 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. Mizuho upped their price objective on shares of Tencent Music Entertainment Group from $13.00 to $15.00 and gave the company a “buy” rating in a research note on Friday, May 10th. One investment analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $12.75.

Tencent Music Entertainment Group Profile

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.