Tencent Music Entertainment Group (NYSE:TME) Shares Sold by River Global Investors LLP

River Global Investors LLP lowered its position in shares of Tencent Music Entertainment Group (NYSE:TME) by 81.5% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 32,833 shares of the company’s stock after selling 144,569 shares during the quarter. River Global Investors LLP’s holdings in Tencent Music Entertainment Group were worth $296,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its stake in Tencent Music Entertainment Group by 0.8% during the third quarter. Vanguard Group Inc. now owns 24,944,394 shares of the company’s stock worth $159,145,000 after buying an additional 207,197 shares during the last quarter. Invesco Ltd. boosted its stake in shares of Tencent Music Entertainment Group by 17.6% in the third quarter. Invesco Ltd. now owns 11,648,403 shares of the company’s stock valued at $74,317,000 after purchasing an additional 1,747,251 shares during the period. Wellington Management Group LLP grew its holdings in shares of Tencent Music Entertainment Group by 65.3% in the third quarter. Wellington Management Group LLP now owns 10,928,746 shares of the company’s stock valued at $69,725,000 after purchasing an additional 4,317,720 shares in the last quarter. Matthews International Capital Management LLC increased its stake in Tencent Music Entertainment Group by 32.2% during the 4th quarter. Matthews International Capital Management LLC now owns 4,523,020 shares of the company’s stock worth $40,752,000 after buying an additional 1,101,370 shares during the period. Finally, E Fund Management Co. Ltd. lifted its holdings in Tencent Music Entertainment Group by 0.6% during the 3rd quarter. E Fund Management Co. Ltd. now owns 4,166,728 shares of the company’s stock worth $26,584,000 after buying an additional 25,400 shares in the last quarter. Institutional investors and hedge funds own 24.32% of the company’s stock.

Tencent Music Entertainment Group Stock Up 0.2 %

Shares of NYSE TME traded up $0.03 during midday trading on Monday, reaching $13.53. 2,831,182 shares of the company’s stock were exchanged, compared to its average volume of 8,439,908. The stock has a market capitalization of $23.22 billion, a PE ratio of 30.68, a price-to-earnings-growth ratio of 0.83 and a beta of 0.77. The company has a debt-to-equity ratio of 0.10, a quick ratio of 2.49 and a current ratio of 2.49. The business’s fifty day moving average price is $11.28 and its two-hundred day moving average price is $9.55. Tencent Music Entertainment Group has a 52-week low of $5.70 and a 52-week high of $13.66.

Tencent Music Entertainment Group (NYSE:TME) last issued its earnings results on Tuesday, March 19th. The company reported $0.13 earnings per share for the quarter, topping the consensus estimate of $0.12 by $0.01. Tencent Music Entertainment Group had a return on equity of 9.67% and a net margin of 17.71%. The firm had revenue of $971.00 million for the quarter, compared to analyst estimates of $925.06 million. Analysts forecast that Tencent Music Entertainment Group will post 0.58 EPS for the current year.

Wall Street Analyst Weigh In

Several research firms have commented on TME. UBS Group upgraded shares of Tencent Music Entertainment Group from a “neutral” rating to a “buy” rating and set a $10.50 price target for the company in a report on Wednesday, January 24th. The Goldman Sachs Group raised Tencent Music Entertainment Group from a “neutral” rating to a “buy” rating and set a $14.00 price target on the stock in a research report on Wednesday, March 20th. Morgan Stanley increased their price objective on Tencent Music Entertainment Group from $11.00 to $13.50 and gave the stock an “overweight” rating in a research report on Wednesday, March 20th. Citigroup upgraded shares of Tencent Music Entertainment Group from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $9.00 to $13.00 in a research note on Wednesday, March 20th. Finally, HSBC boosted their target price on shares of Tencent Music Entertainment Group from $9.50 to $10.40 and gave the stock a “hold” rating in a research report on Wednesday, March 20th. Two analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $11.63.

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; and WeSing, which enables users to sing from its library of karaoke songs and share their performances in audio or video formats with friends.