Handelsbanken Fonder AB Decreases Holdings in Tencent Music Entertainment Group (NYSE:TME)

Handelsbanken Fonder AB trimmed its holdings in shares of Tencent Music Entertainment Group (NYSE:TME) by 25.6% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 183,416 shares of the company’s stock after selling 63,184 shares during the quarter. Handelsbanken Fonder AB’s holdings in Tencent Music Entertainment Group were worth $1,653,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Nordea Investment Management AB grew its holdings in Tencent Music Entertainment Group by 25.1% during the 4th quarter. Nordea Investment Management AB now owns 1,321,517 shares of the company’s stock valued at $11,735,000 after purchasing an additional 265,093 shares during the last quarter. China Universal Asset Management Co. Ltd. grew its holdings in Tencent Music Entertainment Group by 2,115.4% during the 4th quarter. China Universal Asset Management Co. Ltd. now owns 230,400 shares of the company’s stock valued at $2,076,000 after purchasing an additional 220,000 shares during the last quarter. Ballentine Partners LLC grew its holdings in Tencent Music Entertainment Group by 33.9% during the 4th quarter. Ballentine Partners LLC now owns 15,132 shares of the company’s stock valued at $136,000 after purchasing an additional 3,835 shares during the last quarter. SG Americas Securities LLC grew its holdings in Tencent Music Entertainment Group by 14.3% during the 4th quarter. SG Americas Securities LLC now owns 325,588 shares of the company’s stock valued at $2,934,000 after purchasing an additional 40,765 shares during the last quarter. Finally, Deutsche Bank AG grew its holdings in Tencent Music Entertainment Group by 262.6% during the 3rd quarter. Deutsche Bank AG now owns 2,344,133 shares of the company’s stock valued at $14,956,000 after purchasing an additional 1,697,604 shares during the last quarter. 24.32% of the stock is currently owned by hedge funds and other institutional investors.

Tencent Music Entertainment Group Price Performance

NYSE TME opened at $12.88 on Friday. 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 firm’s 50 day moving average price is $11.01 and its 200-day moving average price is $9.32. Tencent Music Entertainment Group has a 52-week low of $5.70 and a 52-week high of $12.93. The company has a market cap of $22.10 billion, a PE ratio of 29.27, a P/E/G ratio of 0.79 and a beta of 0.81.

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

Wall Street Analyst Weigh In

Several equities analysts recently commented on the stock. Citigroup upgraded shares of Tencent Music Entertainment Group from a “neutral” rating to a “buy” rating and upped their price target for the company from $9.00 to $13.00 in a report on Wednesday, March 20th. CLSA assumed coverage on shares of Tencent Music Entertainment Group in a report on Monday, February 5th. They set an “outperform” rating and a $10.50 price target on the stock. Mizuho upped their price target on shares of Tencent Music Entertainment Group from $12.00 to $13.00 and gave the company a “buy” rating in a report on Wednesday, March 20th. Benchmark upped their price target on shares of Tencent Music Entertainment Group from $9.00 to $14.00 and gave the company a “buy” rating in a report on Wednesday, March 20th. Finally, Morgan Stanley upped their target price on shares of Tencent Music Entertainment Group from $11.00 to $13.50 and gave the stock an “overweight” rating in a research note on Wednesday, March 20th. Two analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. According to MarketBeat, Tencent Music Entertainment Group currently has an average rating of “Moderate Buy” and an average target price 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.