Swiss National Bank Sells 82,800 Shares of Tencent Music Entertainment Group (NYSE:TME)

Swiss National Bank trimmed its stake in Tencent Music Entertainment Group (NYSE:TME) by 4.7% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,686,630 shares of the company’s stock after selling 82,800 shares during the quarter. Swiss National Bank’s holdings in Tencent Music Entertainment Group were worth $15,197,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the stock. Wellington Management Group LLP grew its stake in Tencent Music Entertainment Group by 65.3% in the 3rd quarter. Wellington Management Group LLP now owns 10,928,746 shares of the company’s stock valued at $69,725,000 after buying an additional 4,317,720 shares during the last quarter. Invesco Ltd. lifted its holdings in Tencent Music Entertainment Group by 17.6% during the 3rd quarter. Invesco Ltd. now owns 11,648,403 shares of the company’s stock worth $74,317,000 after purchasing an additional 1,747,251 shares during the last quarter. Deutsche Bank AG lifted 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 worth $14,956,000 after purchasing an additional 1,697,604 shares during the last quarter. LSV Asset Management boosted its stake in Tencent Music Entertainment Group by 144.1% in the 3rd quarter. LSV Asset Management now owns 2,439,188 shares of the company’s stock valued at $15,562,000 after purchasing an additional 1,439,988 shares during the period. Finally, Principal Financial Group Inc. grew its holdings in Tencent Music Entertainment Group by 994.4% in the 3rd quarter. Principal Financial Group Inc. now owns 1,481,121 shares of the company’s stock valued at $9,450,000 after buying an additional 1,345,789 shares in the last quarter. Institutional investors and hedge funds own 24.32% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on TME. Mizuho boosted their target price on shares of Tencent Music Entertainment Group from $12.00 to $13.00 and gave the company a “buy” rating in a research report on Wednesday, March 20th. CLSA initiated coverage on shares of Tencent Music Entertainment Group in a research report on Monday, February 5th. They set an “outperform” rating and a $10.50 target price on the stock. Morgan Stanley lifted their price target on shares of Tencent Music Entertainment Group from $11.00 to $13.50 and gave the company an “overweight” rating in a research report on Wednesday, March 20th. Redburn Atlantic assumed coverage on Tencent Music Entertainment Group in a research note on Monday, February 5th. They set a “buy” rating and a $12.00 price objective on the stock. Finally, HSBC lifted their price objective on Tencent Music Entertainment Group from $9.50 to $10.40 and gave the company a “hold” rating in a report on Wednesday, March 20th. Two investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $11.63.

Tencent Music Entertainment Group Stock Up 1.0 %

Shares of NYSE TME opened at $13.38 on Friday. The company has a debt-to-equity ratio of 0.10, a current ratio of 2.49 and a quick ratio of 2.49. Tencent Music Entertainment Group has a 1 year low of $5.70 and a 1 year high of $13.66. The company has a 50 day simple moving average of $11.46 and a 200 day simple moving average of $9.67. The firm has a market cap of $22.96 billion, a PE ratio of 30.41, a price-to-earnings-growth ratio of 0.83 and a beta of 0.77.

Tencent Music Entertainment Group (NYSE:TME) last posted its quarterly earnings data on Tuesday, March 19th. The company reported $0.13 earnings per share for the quarter, beating analysts’ consensus estimates 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 business had revenue of $971.00 million during the quarter, compared to the consensus estimate of $925.06 million. On average, research analysts forecast that Tencent Music Entertainment Group will post 0.58 EPS for the current year.

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