Shell Asset Management Co. Sells 5,115 Shares of Tencent Music Entertainment Group (NYSE:TME)

Shell Asset Management Co. lowered its holdings in shares of Tencent Music Entertainment Group (NYSE:TME) by 10.4% during the first quarter, Holdings Channel reports. The firm owned 44,286 shares of the company’s stock after selling 5,115 shares during the period. Shell Asset Management Co.’s holdings in Tencent Music Entertainment Group were worth $496,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Tobam bought a new position in shares of Tencent Music Entertainment Group during the 4th quarter valued at $36,000. Lindbrook Capital LLC grew its stake 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 valued at $63,000 after buying an additional 2,044 shares during the last quarter. SageView Advisory Group LLC acquired a new position in Tencent Music Entertainment Group in the 4th quarter valued at $90,000. Parallel Advisors LLC grew its stake 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. Finally, QRG Capital Management Inc. grew its stake in Tencent Music Entertainment Group by 24.7% in the 4th 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. Institutional investors own 24.32% of the company’s stock.

Tencent Music Entertainment Group Stock Performance

NYSE TME traded down $0.34 during midday trading on Friday, hitting $14.09. The company had a trading volume of 2,517,255 shares, compared to its average volume of 8,143,456. The company has a quick ratio of 2.67, a current ratio of 2.67 and a debt-to-equity ratio of 0.09. The stock has a market cap of $24.18 billion, a price-to-earnings ratio of 31.38, a P/E/G ratio of 1.10 and a beta of 0.68. The firm has a fifty day simple moving average of $14.61 and a two-hundred day simple moving average of $12.15. Tencent Music Entertainment Group has a fifty-two week low of $5.70 and a fifty-two week high of $15.77.

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

Tencent Music Entertainment Group Dividend Announcement

The firm also recently announced 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 was Friday, May 31st. This represents a dividend yield of 0.78%. Tencent Music Entertainment Group’s dividend payout ratio (DPR) is currently 28.26%.

Wall Street Analysts Forecast Growth

TME has been the topic of a number of research analyst reports. Mizuho raised their target price 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. Benchmark raised their target price 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. One research analyst has rated the stock with a hold rating and ten have given a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target 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.