Goldman Sachs Group Inc. Increases Stock Position in Tencent Music Entertainment Group (NYSE:TME)

Goldman Sachs Group Inc. increased its position in Tencent Music Entertainment Group (NYSE:TME) by 78.2% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 13,871,935 shares of the company’s stock after acquiring an additional 6,088,504 shares during the period. Goldman Sachs Group Inc. owned about 0.81% of Tencent Music Entertainment Group worth $124,986,000 at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. Tobam bought a new stake in shares of Tencent Music Entertainment Group during the 4th quarter valued at $36,000. Headinvest LLC bought a new stake in shares of Tencent Music Entertainment Group during the 3rd quarter valued at $39,000. Lindbrook Capital LLC grew its position in shares of Tencent Music Entertainment Group by 40.9% during the 4th quarter. Lindbrook Capital LLC now owns 7,036 shares of the company’s stock valued at $63,000 after acquiring an additional 2,044 shares during the period. QRG Capital Management Inc. bought a new stake in shares of Tencent Music Entertainment Group during the 3rd quarter valued at $75,000. Finally, Parallel Advisors LLC grew its position in shares of Tencent Music Entertainment Group by 27.1% during the 4th quarter. Parallel Advisors LLC now owns 10,927 shares of the company’s stock valued at $98,000 after acquiring an additional 2,328 shares during the period. 24.32% of the stock is currently owned by hedge funds and other institutional investors.

Tencent Music Entertainment Group Price Performance

TME stock traded down $0.05 during mid-day trading on Friday, hitting $14.80. The company had a trading volume of 15,860,500 shares, compared to its average volume of 7,172,582. The company has a market capitalization of $25.40 billion, a price-to-earnings ratio of 32.17, a P/E/G ratio of 1.11 and a beta of 0.72. Tencent Music Entertainment Group has a 12-month low of $5.70 and a 12-month high of $15.77. 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 company has a 50-day moving average price of $13.53 and a 200 day moving average price of $10.95.

Tencent Music Entertainment Group (NYSE:TME) last announced its quarterly earnings results on Monday, May 13th. The company reported $0.14 EPS for the quarter, topping the consensus estimate of $0.13 by $0.01. The business had revenue of $937.00 million for the quarter, compared to analysts’ expectations 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, research analysts anticipate that Tencent Music Entertainment Group will post 0.62 earnings per share for the current year.

Tencent Music Entertainment Group Announces Dividend

The firm also recently announced an annual dividend, which will be paid on Thursday, June 27th. Stockholders of record on Friday, May 31st will be given a dividend of $0.121 per share. This represents a dividend yield of 0.78%. The ex-dividend date of this dividend is Friday, May 31st. Tencent Music Entertainment Group’s dividend payout ratio is 26.09%.

Analyst Ratings Changes

A number of brokerages have recently issued reports on TME. Bank of America boosted their price objective on shares of Tencent Music Entertainment Group from $10.50 to $12.30 and gave the company a “buy” rating in a research report on Wednesday, March 20th. Benchmark upped their target price on shares of Tencent Music Entertainment Group from $14.00 to $19.00 and gave the stock a “buy” rating in a report on Tuesday, May 14th. Citigroup raised shares of Tencent Music Entertainment Group from a “neutral” rating to a “buy” rating and upped their target price for the stock from $9.00 to $13.00 in a report on Wednesday, March 20th. The Goldman Sachs Group raised shares of Tencent Music Entertainment Group from a “neutral” rating to a “buy” rating and set a $14.00 target price for the company in a report on Wednesday, March 20th. Finally, Mizuho upped their target price on shares of Tencent Music Entertainment Group from $13.00 to $15.00 and gave the stock a “buy” rating in a report on Friday, May 10th. One analyst has rated the stock with a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $12.75.

Tencent Music Entertainment Group Company 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.