APG Asset Management N.V. Lowers Position in Tencent Music Entertainment Group (NYSE:TME)

APG Asset Management N.V. cut its holdings in shares of Tencent Music Entertainment Group (NYSE:TME) by 35.2% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 231,471 shares of the company’s stock after selling 125,754 shares during the quarter. APG Asset Management N.V.’s holdings in Tencent Music Entertainment Group were worth $3,034,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also modified their holdings of TME. Vanguard Group Inc. lifted its stake in Tencent Music Entertainment Group by 0.3% during the 1st quarter. Vanguard Group Inc. now owns 25,057,674 shares of the company’s stock worth $280,395,000 after acquiring an additional 84,131 shares in the last quarter. Goldman Sachs Group Inc. lifted its stake in Tencent Music Entertainment Group by 78.2% during the 4th quarter. Goldman Sachs Group Inc. now owns 13,871,935 shares of the company’s stock worth $124,986,000 after acquiring an additional 6,088,504 shares in the last quarter. Aspex Management HK Ltd acquired a new position in Tencent Music Entertainment Group during the 4th quarter worth about $81,542,000. Ninety One UK Ltd acquired a new position in Tencent Music Entertainment Group during the 2nd quarter worth about $122,775,000. Finally, Principal Financial Group Inc. lifted its stake in Tencent Music Entertainment Group by 116.5% during the 2nd quarter. Principal Financial Group Inc. now owns 5,266,424 shares of the company’s stock worth $73,993,000 after acquiring an additional 2,834,212 shares in the last quarter. 24.32% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms recently issued reports on TME. Bank of America decreased their target price on Tencent Music Entertainment Group from $18.00 to $15.00 and set a “buy” rating on the stock in a research note on Wednesday, August 14th. Morgan Stanley lowered Tencent Music Entertainment Group from an “overweight” rating to an “equal weight” rating and reduced their price target for the company from $15.00 to $13.00 in a research report on Wednesday, September 25th. Daiwa America lowered Tencent Music Entertainment Group from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, August 13th. Benchmark reduced their price target on Tencent Music Entertainment Group from $19.00 to $15.00 and set a “buy” rating on the stock in a research report on Wednesday, August 14th. Finally, Daiwa Capital Markets lowered Tencent Music Entertainment Group from an “outperform” rating to a “neutral” rating in a research report on Tuesday, August 13th. Four research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $12.67.

Tencent Music Entertainment Group Trading Up 0.1 %

TME opened at $12.28 on Monday. Tencent Music Entertainment Group has a one year low of $6.09 and a one year high of $15.77. The company has a market cap of $21.07 billion, a P/E ratio of 26.70, a PEG ratio of 0.88 and a beta of 0.65. The company has a debt-to-equity ratio of 0.09, a quick ratio of 2.34 and a current ratio of 2.34. The business’s 50-day simple moving average is $11.50 and its 200-day simple moving average is $12.70.

Tencent Music Entertainment Group (NYSE:TME) last released its quarterly earnings data on Tuesday, August 13th. The company reported $0.15 EPS for the quarter, missing analysts’ consensus estimates of $0.16 by ($0.01). The business had revenue of $985.00 million during the quarter, compared to analysts’ expectations of $1 billion. Tencent Music Entertainment Group had a net margin of 20.35% and a return on equity of 10.11%. As a group, equities research analysts expect that Tencent Music Entertainment Group will post 0.63 EPS for the current fiscal year.

About Tencent Music Entertainment Group

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.