CANADA LIFE ASSURANCE Co Grows Stock Holdings in Tencent Music Entertainment Group (NYSE:TME)

CANADA LIFE ASSURANCE Co raised its holdings in Tencent Music Entertainment Group (NYSE:TME) by 39.9% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 752,474 shares of the company’s stock after purchasing an additional 214,500 shares during the period. CANADA LIFE ASSURANCE Co’s holdings in Tencent Music Entertainment Group were worth $8,416,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently modified their holdings of TME. Norges Bank purchased a new stake in shares of Tencent Music Entertainment Group in the fourth quarter valued at about $105,328,000. Aspex Management HK Ltd purchased a new stake in shares of Tencent Music Entertainment Group in the fourth quarter valued at about $81,542,000. Hsbc Holdings PLC lifted its holdings in shares of Tencent Music Entertainment Group by 234.7% in the fourth quarter. Hsbc Holdings PLC now owns 10,116,989 shares of the company’s stock valued at $91,012,000 after purchasing an additional 7,094,511 shares in the last quarter. Goldman Sachs Group Inc. lifted its holdings in shares of Tencent Music Entertainment Group by 78.2% in the fourth quarter. Goldman Sachs Group Inc. now owns 13,871,935 shares of the company’s stock valued at $124,986,000 after purchasing an additional 6,088,504 shares in the last quarter. Finally, Pinebridge Investments L.P. lifted its holdings in shares of Tencent Music Entertainment Group by 379.5% in the fourth quarter. Pinebridge Investments L.P. now owns 3,111,619 shares of the company’s stock valued at $28,036,000 after purchasing an additional 2,462,732 shares in 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 stock opened at $14.44 on Friday. Tencent Music Entertainment Group has a one year low of $5.70 and a one year high of $15.77. The company has a debt-to-equity ratio of 0.09, a quick ratio of 2.67 and a current ratio of 2.67. The company has a 50 day moving average price of $14.61 and a 200 day moving average price of $12.15. The firm has a market capitalization of $24.77 billion, a price-to-earnings ratio of 31.38, a price-to-earnings-growth ratio of 1.10 and a beta of 0.68.

Tencent Music Entertainment Group (NYSE:TME) last released its quarterly earnings data 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. Tencent Music Entertainment Group had a net margin of 18.88% and a return on equity of 9.85%. The company had revenue of $937.00 million during the quarter, compared to the consensus estimate of $904.29 million. Sell-side analysts anticipate that Tencent Music Entertainment Group will post 0.62 EPS for the current year.

Tencent Music Entertainment Group Announces Dividend

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

Wall Street Analyst Weigh In

TME has been the topic of several recent research reports. Mizuho upped their price target on shares of Tencent Music Entertainment Group from $13.00 to $15.00 and gave the company a “buy” rating in a report on Friday, May 10th. Benchmark boosted 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 report on Tuesday, May 14th. One research analyst has rated the stock with a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average 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.