Amundi Increases Stock Holdings in Tencent Music Entertainment Group Sponsored ADR $TME

Key Points

• Amundi increased its Tencent Music stake by 13.6% in the first quarter, acquiring 401,396 additional shares and bringing its holdings to 3.35 million shares valued at approximately $31.1 million.
• Several other institutional investors also expanded their positions, led by Schroder Investment Management Group with an increase of 30%; institutional investors collectively own 24.32% of Tencent Music.
• Tencent Music reported quarterly revenue of $1.15 billion and EPS of $0.11. Analysts maintain a consensus “Hold” rating, with an average price target of $21.44 versus the stock’s reported opening price of $9.53.

Amundi boosted its stake in shares of Tencent Music Entertainment Group Sponsored ADR (NYSE:TME - Free Report) by 13.6% during the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 3,350,991 shares of the company's stock after buying an additional 401,396 shares during the period. Amundi owned approximately 0.22% of Tencent Music Entertainment Group worth $31,097,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of the company. Schroder Investment Management Group raised its position in Tencent Music Entertainment Group by 30.0% in the 4th quarter. Schroder Investment Management Group now owns 80,480,078 shares of the company's stock worth $1,410,816,000 after purchasing an additional 18,554,567 shares during the period. Vanguard Group Inc. boosted its position in shares of 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 buying an additional 293,385 shares during the period. Krane Funds Advisors LLC grew its stake in shares of Tencent Music Entertainment Group by 5.4% during the fourth quarter. Krane Funds Advisors LLC now owns 20,047,192 shares of the company's stock valued at $351,427,000 after buying an additional 1,026,551 shares during the last quarter. Cantillon Capital Management LLC grew its stake in shares of Tencent Music Entertainment Group by 1.4% during the fourth quarter. Cantillon Capital Management LLC now owns 18,708,502 shares of the company's stock valued at $327,960,000 after buying an additional 256,286 shares during the last quarter. Finally, Overlook Investments LP purchased a new stake in shares of Tencent Music Entertainment Group in the fourth quarter worth approximately $278,022,000. Institutional investors own 24.32% of the company's stock.

Tencent Music Entertainment Group Stock Performance

Shares of NYSE:TME opened at $9.53 on Tuesday. The firm's 50 day simple moving average is $8.96 and its 200-day simple moving average is $11.16. The company has a debt-to-equity ratio of 0.06, a quick ratio of 2.08 and a current ratio of 2.09. Tencent Music Entertainment Group Sponsored ADR has a one year low of $7.94 and a one year high of $26.70. The firm has a market cap of $14.99 billion, a PE ratio of 11.91, a price-to-earnings-growth ratio of 0.62 and a beta of 0.84.

Tencent Music Entertainment Group (NYSE:TME - Get Free Report) last announced its quarterly earnings results on Tuesday, March 31st. The company reported $0.11 earnings per share (EPS) 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, equities analysts predict that Tencent Music Entertainment Group Sponsored ADR will post 0.89 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on TME. JPMorgan Chase & Co. decreased their price target 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 raised Tencent Music Entertainment Group from a "strong sell" rating to a "hold" rating in a research report on Tuesday, May 19th. Weiss Ratings upgraded Tencent Music Entertainment Group from a "hold (c-)" rating to a "hold (c)" rating in a research note on Wednesday, July 1st. Finally, Mizuho decreased their target price on Tencent Music Entertainment Group from $23.00 to $18.00 and set an "outperform" rating for the company in a research report on Wednesday, May 13th. Six analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price 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.

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