Cantillon Capital Management LLC Cuts Stock Position in Tencent Music Entertainment Group Sponsored ADR $TME

Key Points

• Cantillon Capital Management reduced its Tencent Music Entertainment Group stake by 28.5% in the first quarter, selling 5.33 million shares and leaving it with 13.38 million shares worth about $124.2 million.
• Other institutional investors also adjusted their positions, and hedge funds now own about 24.32% of Tencent Music’s stock.
• Analyst sentiment is mixed: the stock has a Hold consensus rating with a $21.44 average price target, while shares recently traded around $9.13 after the company reported $0.11 EPS and $1.15 billion in quarterly revenue.

Cantillon Capital Management LLC cut its stake in shares of Tencent Music Entertainment Group Sponsored ADR (NYSE:TME - Free Report) by 28.5% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 13,382,595 shares of the company's stock after selling 5,325,907 shares during the quarter. Cantillon Capital Management LLC owned 0.86% of Tencent Music Entertainment Group worth $124,190,000 as of its most recent SEC filing.

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

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on TME shares. Zacks Research upgraded shares of Tencent Music Entertainment Group from a "strong sell" rating to a "hold" rating in a research report on Tuesday, May 19th. Mizuho dropped their target price on 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. Weiss Ratings raised Tencent Music Entertainment Group from a "hold (c-)" rating to a "hold (c)" rating in a research note on Wednesday, July 1st. Finally, JPMorgan Chase & Co. reduced their price target on 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. Six analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of $21.44.

Tencent Music Entertainment Group Stock Up 0.1%

Shares of NYSE TME opened at $9.13 on Monday. The stock has a market capitalization of $14.37 billion, a price-to-earnings ratio of 11.41, a price-to-earnings-growth ratio of 0.59 and a beta of 0.82. Tencent Music Entertainment Group Sponsored ADR has a 52 week low of $7.94 and a 52 week high of $26.70. The firm has a 50-day moving average price of $8.90 and a 200 day moving average price of $11.81. 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 - Get Free Report) last issued its earnings results on Tuesday, March 31st. The company reported $0.11 earnings per share for the quarter. Tencent Music Entertainment Group had a net margin of 26.45% and a return on equity of 11.20%. The company had revenue of $1.15 billion for the quarter. Equities research analysts anticipate that Tencent Music Entertainment Group Sponsored ADR will post 0.9 EPS for the current fiscal year.

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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