Wellington Management Group LLP Sells 1,649,856 Shares of Tencent Music Entertainment Group (NYSE:TME)

Wellington Management Group LLP lowered its holdings in Tencent Music Entertainment Group (NYSE:TME) by 24.9% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 4,972,787 shares of the company’s stock after selling 1,649,856 shares during the period. Wellington Management Group LLP’s holdings in Tencent Music Entertainment Group were worth $41,175,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Connor Clark & Lunn Investment Management Ltd. grew its stake in Tencent Music Entertainment Group by 161.8% during the first quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,105,728 shares of the company’s stock worth $9,155,000 after buying an additional 683,316 shares in the last quarter. abrdn plc lifted its stake in Tencent Music Entertainment Group by 19.7% during the fourth quarter. abrdn plc now owns 161,958 shares of the company’s stock worth $1,341,000 after purchasing an additional 26,625 shares during the last quarter. Vestmark Advisory Solutions Inc. acquired a new stake in shares of Tencent Music Entertainment Group in the 1st quarter valued at $207,000. Vinva Investment Management Ltd bought a new position in shares of Tencent Music Entertainment Group in the 1st quarter valued at $97,000. Finally, New York State Common Retirement Fund lifted its position in shares of Tencent Music Entertainment Group by 84.9% during the 1st quarter. New York State Common Retirement Fund now owns 693,958 shares of the company’s stock worth $5,746,000 after buying an additional 318,579 shares during the last quarter. 23.59% of the stock is owned by institutional investors.

Tencent Music Entertainment Group Price Performance

Shares of TME opened at $6.68 on Friday. The business has a 50-day moving average of $6.82 and a 200-day moving average of $7.35. Tencent Music Entertainment Group has a 1 year low of $3.14 and a 1 year high of $9.29. The company has a market capitalization of $11.45 billion, a price-to-earnings ratio of 15.89, a price-to-earnings-growth ratio of 0.77 and a beta of 0.81. The company has a debt-to-equity ratio of 0.11, a current ratio of 2.50 and a quick ratio of 2.50.

Tencent Music Entertainment Group (NYSE:TME) last issued its quarterly earnings results on Tuesday, August 15th. The company reported $0.82 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.88 by ($0.06). Tencent Music Entertainment Group had a return on equity of 9.87% and a net margin of 16.00%. The firm had revenue of $7.29 billion during the quarter, compared to analyst estimates of $7.30 billion. During the same quarter last year, the firm posted $0.07 EPS. The firm’s revenue for the quarter was up 5.5% on a year-over-year basis. As a group, equities research analysts anticipate that Tencent Music Entertainment Group will post 0.46 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on TME shares. JPMorgan Chase & Co. reiterated a “neutral” rating and issued a $7.50 target price on shares of Tencent Music Entertainment Group in a research report on Wednesday, July 26th. Mizuho raised their target price on shares of Tencent Music Entertainment Group from $10.00 to $11.00 in a research report on Wednesday, May 17th. Bank of America lowered their price target on shares of Tencent Music Entertainment Group from $10.00 to $8.80 and set a “buy” rating for the company in a report on Wednesday, August 16th. 888 restated a “maintains” rating on shares of Tencent Music Entertainment Group in a research report on Wednesday, May 17th. Finally, Citigroup dropped their target price on Tencent Music Entertainment Group from $7.50 to $7.00 and set a “neutral” rating for the company in a research report on Wednesday, August 16th. Five research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $8.72.

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.