Tencent Music Entertainment Group (NYSE:TME) Shares Sold by Lazard Asset Management LLC

Lazard Asset Management LLC lowered its position in shares of Tencent Music Entertainment Group (NYSE:TME) by 9.9% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 998,364 shares of the company’s stock after selling 109,793 shares during the period. Lazard Asset Management LLC owned 0.06% of Tencent Music Entertainment Group worth $11,331,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. SBI Securities Co. Ltd. acquired a new position in shares of Tencent Music Entertainment Group during the fourth quarter worth $110,000. Oppenheimer Asset Management Inc. acquired a new position in Tencent Music Entertainment Group in the fourth quarter valued at $114,000. PNC Financial Services Group Inc. boosted its stake in Tencent Music Entertainment Group by 10.9% in the fourth quarter. PNC Financial Services Group Inc. now owns 11,138 shares of the company’s stock valued at $126,000 after acquiring an additional 1,094 shares in the last quarter. Unigestion Holding SA acquired a new position in Tencent Music Entertainment Group in the fourth quarter valued at $161,000. Finally, Diametric Capital LP acquired a new position in Tencent Music Entertainment Group in the fourth quarter valued at $162,000. Institutional investors and hedge funds own 24.32% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have issued reports on TME. Deutsche Bank Aktiengesellschaft upgraded shares of Tencent Music Entertainment Group from a “hold” rating to a “buy” rating in a research note on Wednesday, March 26th. Nomura Securities upgraded shares of Tencent Music Entertainment Group to a “strong-buy” rating in a research note on Tuesday, April 8th. Sanford C. Bernstein restated an “outperform” rating on shares of Tencent Music Entertainment Group in a research note on Wednesday. Morgan Stanley restated an “overweight” rating on shares of Tencent Music Entertainment Group in a research note on Tuesday. Finally, Mizuho upped their price objective on shares of Tencent Music Entertainment Group from $16.00 to $17.00 and gave the company an “outperform” rating in a research note on Wednesday, March 19th. Two investment analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Tencent Music Entertainment Group has an average rating of “Moderate Buy” and an average target price of $15.00.

Tencent Music Entertainment Group Price Performance

Shares of TME opened at $16.95 on Thursday. Tencent Music Entertainment Group has a fifty-two week low of $9.41 and a fifty-two week high of $17.05. The company has a market capitalization of $29.09 billion, a price-to-earnings ratio of 31.39, a price-to-earnings-growth ratio of 0.77 and a beta of 0.46. The firm has a 50-day simple moving average of $13.49 and a 200-day simple moving average of $12.40. The company has a debt-to-equity ratio of 0.09, a quick ratio of 2.34 and a current ratio of 2.34.

Tencent Music Entertainment Group Increases Dividend

The firm also recently announced an annual dividend, which was paid on Thursday, April 24th. Stockholders of record on Thursday, April 3rd were paid a dividend of $0.18 per share. This is an increase from Tencent Music Entertainment Group’s previous annual dividend of $0.12. The ex-dividend date was Thursday, April 3rd. This represents a dividend yield of 0.9%. Tencent Music Entertainment Group’s dividend payout ratio is 28.81%.

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.