154,926 Shares in Tencent Music Entertainment Group Sponsored ADR $TME Purchased by SEB Asset Management AB

Key Points

• SEB Asset Management AB disclosed a new first-quarter stake in Tencent Music Entertainment Group, buying 154,926 shares valued at about $1.44 million.
• The stock was trading around $8.77 and was down slightly, with Tencent Music showing a market cap of $13.8 billion and a 12-month range of $7.94 to $26.70.
• Analyst sentiment remains mixed: the stock has a consensus Hold rating, with six Buy ratings and eight Hold ratings, and a consensus price target of $21.44.

SEB Asset Management AB purchased a new stake in Tencent Music Entertainment Group Sponsored ADR (NYSE:TME - Free Report) during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 154,926 shares of the company's stock, valued at approximately $1,438,000.

Several other large investors have also recently bought and sold shares of the stock. Allworth Financial LP grew its position in shares of Tencent Music Entertainment Group by 63.2% in the third quarter. Allworth Financial LP now owns 1,480 shares of the company's stock valued at $35,000 after purchasing an additional 573 shares during the last quarter. Caitong International Asset Management Co. Ltd lifted its holdings in Tencent Music Entertainment Group by 5,777.1% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 2,057 shares of the company's stock worth $36,000 after purchasing an additional 2,022 shares during the last quarter. Smartleaf Asset Management LLC lifted its holdings in Tencent Music Entertainment Group by 61.3% during the 4th quarter. Smartleaf Asset Management LLC now owns 2,123 shares of the company's stock worth $37,000 after purchasing an additional 807 shares during the last quarter. Kestra Advisory Services LLC bought a new stake in Tencent Music Entertainment Group in the 4th quarter valued at $46,000. Finally, EverSource Wealth Advisors LLC boosted its stake in Tencent Music Entertainment Group by 83.0% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 3,005 shares of the company's stock valued at $59,000 after purchasing an additional 1,363 shares during the period. 24.32% of the stock is owned by institutional investors.

Tencent Music Entertainment Group Trading Down 0.2%

Shares of Tencent Music Entertainment Group stock opened at $8.77 on Friday. The company has a market capitalization of $13.80 billion, a price-to-earnings ratio of 10.96, a PEG ratio of 0.57 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 Sponsored ADR has a 12-month low of $7.94 and a 12-month high of $26.70. The firm's 50-day moving average price is $8.90 and its two-hundred day moving average price is $11.56.

Tencent Music Entertainment Group (NYSE:TME - Get Free Report) last released its earnings results on Tuesday, March 31st. The company reported $0.11 EPS for the quarter. Tencent Music Entertainment Group had a net margin of 26.45% and a return on equity of 11.20%. The firm had revenue of $1.15 billion for the quarter. On average, analysts forecast that Tencent Music Entertainment Group Sponsored ADR will post 0.9 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

TME has been the topic of several recent research reports. Zacks Research upgraded Tencent Music Entertainment Group from a "strong sell" rating to a "hold" rating in a research report on Tuesday, May 19th. Weiss Ratings raised shares of Tencent Music Entertainment Group from a "hold (c-)" rating to a "hold (c)" rating in a research report on Wednesday, July 1st. Mizuho lowered their price target on shares of Tencent Music Entertainment Group from $23.00 to $18.00 and set an "outperform" rating on the stock in a research report on Wednesday, May 13th. Finally, JPMorgan Chase & Co. dropped their price objective on shares of 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. Six equities research analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus 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.

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