Renaissance Technologies LLC Reduces Holdings in Tencent Music Entertainment Group Sponsored ADR $TME

Renaissance Technologies LLC reduced its holdings in shares of Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) by 22.2% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 6,570,344 shares of the company’s stock after selling 1,879,808 shares during the period. Renaissance Technologies LLC owned about 0.42% of Tencent Music Entertainment Group worth $60,973,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Robeco Institutional Asset Management B.V. raised its holdings in Tencent Music Entertainment Group by 7.3% in the 4th quarter. Robeco Institutional Asset Management B.V. now owns 5,706,740 shares of the company’s stock worth $100,039,000 after purchasing an additional 387,109 shares during the period. SG Americas Securities LLC lifted its position in Tencent Music Entertainment Group by 85.7% during the fourth quarter. SG Americas Securities LLC now owns 542,198 shares of the company’s stock valued at $9,505,000 after purchasing an additional 250,261 shares in the last quarter. Vanguard Group Inc. grew its holdings in Tencent Music Entertainment Group by 1.4% during the fourth quarter. Vanguard Group Inc. now owns 21,455,738 shares of the company’s stock valued at $376,119,000 after purchasing an additional 293,385 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in Tencent Music Entertainment Group by 414.3% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,130,608 shares of the company’s stock valued at $19,820,000 after purchasing an additional 910,767 shares during the period. Finally, Goldman Sachs Group Inc. increased its position in Tencent Music Entertainment Group by 7.3% in the fourth quarter. Goldman Sachs Group Inc. now owns 7,863,263 shares of the company’s stock worth $137,843,000 after buying an additional 537,047 shares in the last quarter. 24.32% of the stock is currently owned by institutional investors.

Tencent Music Entertainment Group Price Performance

NYSE:TME opened at $8.86 on Monday. The business’s 50-day simple moving average is $8.90 and its two-hundred day simple moving average is $11.49. Tencent Music Entertainment Group Sponsored ADR has a 52 week low of $7.94 and a 52 week high of $26.70. The stock has a market cap of $13.94 billion, a PE ratio of 11.07, a P/E/G ratio of 0.58 and a beta of 0.82. The company has a quick ratio of 2.08, a current ratio of 2.09 and a debt-to-equity ratio of 0.06.

Tencent Music Entertainment Group (NYSE:TME) last released its quarterly earnings data on Tuesday, March 31st. The company reported $0.11 earnings per share for the quarter. Tencent Music Entertainment Group had a return on equity of 11.20% and a net margin of 26.45%.The firm had revenue of $1.15 billion during the quarter. As a group, analysts forecast that Tencent Music Entertainment Group Sponsored ADR will post 0.89 EPS for the current fiscal year.

Wall Street Analyst Weigh In

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

Tencent Music Entertainment Group Profile

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.