Sei Investments Co. Grows Stake in Tencent Music Entertainment Group Sponsored ADR $TME

Key Points

• Sei Investments increased its Tencent Music stake by 10.4% during the first quarter, adding 374,586 shares to own 3.98 million shares valued at approximately $36.9 million. Institutional investors and hedge funds collectively own 24.32% of TME.
• Analyst sentiment remains mixed: JPMorgan and Mizuho lowered their price targets, while Zacks upgraded the stock to “hold.” Six analysts rate TME a Buy and eight rate it a Hold, producing an average rating of “Hold” and a consensus target price of $21.44.
• TME shares opened at $8.86, near the lower end of their $7.94–$26.70 one-year range. The company reported quarterly EPS of $0.11 on $1.15 billion in revenue, with a 26.45% net margin.

Sei Investments Co. increased its holdings in shares of Tencent Music Entertainment Group Sponsored ADR (NYSE:TME - Free Report) by 10.4% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 3,980,820 shares of the company's stock after purchasing an additional 374,586 shares during the quarter. Sei Investments Co. owned approximately 0.26% of Tencent Music Entertainment Group worth $36,942,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. NewEdge Wealth LLC purchased a new position in Tencent Music Entertainment Group in the first quarter valued at approximately $106,000. First Trust Advisors LP lifted its position in shares of Tencent Music Entertainment Group by 1,023.3% during the 1st quarter. First Trust Advisors LP now owns 554,438 shares of the company's stock worth $5,145,000 after buying an additional 505,080 shares during the last quarter. Barometer Capital Management Inc. purchased a new stake in shares of Tencent Music Entertainment Group during the 1st quarter worth approximately $745,000. XY Capital Ltd boosted its holdings in shares of Tencent Music Entertainment Group by 251.3% in the 1st quarter. XY Capital Ltd now owns 338,618 shares of the company's stock valued at $3,142,000 after buying an additional 242,218 shares in the last quarter. Finally, KBC Group NV boosted its holdings in shares of Tencent Music Entertainment Group by 42.5% in the 1st quarter. KBC Group NV now owns 40,034 shares of the company's stock valued at $372,000 after buying an additional 11,944 shares in the last quarter. 24.32% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

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

Tencent Music Entertainment Group Price Performance

Shares of NYSE:TME opened at $8.86 on Monday. Tencent Music Entertainment Group Sponsored ADR has a one year low of $7.94 and a one year high of $26.70. The stock has a market capitalization of $13.94 billion, a price-to-earnings ratio of 11.07, a PEG ratio of 0.58 and a beta of 0.82. The company has a 50-day simple moving average of $8.90 and a 200-day simple moving average of $11.49. 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 (NYSE:TME - Get Free Report) last released its quarterly earnings results on Tuesday, March 31st. The company reported $0.11 earnings per share (EPS) for the quarter. The firm 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%. On average, analysts predict that Tencent Music Entertainment Group Sponsored ADR will post 0.89 EPS for the current 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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