Tencent Music Entertainment Group Sponsored ADR $TME Shares Sold by Swiss National Bank

Swiss National Bank lessened its holdings in Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) by 11.6% in the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 1,108,430 shares of the company’s stock after selling 145,200 shares during the quarter. Swiss National Bank’s holdings in Tencent Music Entertainment Group were worth $10,286,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of the business. AIA Group Ltd boosted its holdings in Tencent Music Entertainment Group by 38.7% in the first quarter. AIA Group Ltd now owns 358,975 shares of the company’s stock valued at $3,331,000 after purchasing an additional 100,070 shares during the period. Mediolanum International Funds Ltd acquired a new position in Tencent Music Entertainment Group during the 1st quarter worth $273,000. Assetmark Inc. increased its holdings in Tencent Music Entertainment Group by 22.8% during the 1st quarter. Assetmark Inc. now owns 127,173 shares of the company’s stock worth $1,180,000 after purchasing an additional 23,617 shares during the period. Allspring Global Investments Holdings LLC increased its holdings in Tencent Music Entertainment Group by 21.3% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 4,246,363 shares of the company’s stock worth $39,024,000 after purchasing an additional 744,490 shares during the period. Finally, Principal Financial Group Inc. raised its position in Tencent Music Entertainment Group by 12.5% in the 1st quarter. Principal Financial Group Inc. now owns 630,066 shares of the company’s stock valued at $5,847,000 after purchasing an additional 69,818 shares in the last quarter. Institutional investors and hedge funds own 24.32% of the company’s stock.

Tencent Music Entertainment Group Stock Performance

Shares of TME stock opened at $8.86 on Monday. The company has a market cap of $13.94 billion, a P/E ratio of 11.07, a PEG ratio of 0.58 and a beta of 0.82. The firm has a fifty day moving average price of $8.90 and a 200 day moving average price of $11.49. The company has a current ratio of 2.09, a quick ratio of 2.08 and a debt-to-equity ratio of 0.06. Tencent Music Entertainment Group Sponsored ADR has a 12 month low of $7.94 and a 12 month high of $26.70.

Tencent Music Entertainment Group (NYSE:TME) last posted its quarterly earnings results on Tuesday, March 31st. The company reported $0.11 earnings per share for the quarter. The company had revenue of $1.15 billion for the quarter. Tencent Music Entertainment Group had a return on equity of 11.20% and a net margin of 26.45%. Sell-side analysts predict that Tencent Music Entertainment Group Sponsored ADR will post 0.89 earnings per share for the current fiscal year.

Analyst Ratings Changes

TME has been the subject of several recent research reports. JPMorgan Chase & Co. decreased their price objective on Tencent Music Entertainment Group from $12.00 to $10.00 and set a “neutral” rating for the company in a research note on Thursday, May 14th. Zacks Research upgraded shares of Tencent Music Entertainment Group from a “strong sell” rating to a “hold” rating in a research note on Tuesday, May 19th. Mizuho reduced their target price on shares of Tencent Music Entertainment Group from $23.00 to $18.00 and set an “outperform” rating on the stock in a report on Wednesday, May 13th. Finally, Weiss Ratings upgraded shares of Tencent Music Entertainment Group from a “hold (c-)” rating to a “hold (c)” rating in a research note on Wednesday, July 1st. Six investment analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company’s stock. Based on data from MarketBeat, Tencent Music Entertainment Group presently has a consensus rating of “Hold” and an average price target of $21.44.

About Tencent Music Entertainment Group

Tencent Music Entertainment Group (NYSE: TME) is a China-based digital music and audio entertainment platform that operates a portfolio of leading music streaming and social entertainment services. Its core consumer-facing products include streaming apps, online karaoke (KTV) services and live music and entertainment broadcasts. The company monetizes its content through a mix of subscriptions, digital music sales, in-app purchases, virtual gifting, advertising and licensing arrangements with rights holders.

The company traces its roots to the consolidation of Tencent’s music assets and was established in the mid-2010s to unify several prominent music properties under a single operating entity.