Tencent Music Entertainment Group Sponsored ADR $TME Shares Sold by Lazard Asset Management LLC

Key Points

• Lazard Asset Management cut its Tencent Music stake by 94.4% in the first quarter, selling 1.01 million shares and retaining 60,263 shares valued at approximately $559,000.
• Other institutional investors were generally buyers, including Morningstar, Ohio’s public employees’ retirement system, Sei Investments and First Trust. Institutional and hedge-fund ownership totaled 24.32%.
• Analyst sentiment remains mixed: the stock has a consensus “Hold” rating and a $21.44 average price target, while TME recently traded at $9.61 after reporting quarterly revenue of $1.15 billion and EPS of $0.11.

Lazard Asset Management LLC lessened its stake in Tencent Music Entertainment Group Sponsored ADR (NYSE:TME - Free Report) by 94.4% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 60,263 shares of the company's stock after selling 1,007,011 shares during the period. Lazard Asset Management LLC's holdings in Tencent Music Entertainment Group were worth $559,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Morningstar Investment Management LLC grew its stake in shares of Tencent Music Entertainment Group by 825.1% in the 1st quarter. Morningstar Investment Management LLC now owns 154,998 shares of the company's stock valued at $1,438,000 after purchasing an additional 138,244 shares during the last quarter. Public Employees Retirement System of Ohio raised its stake in shares of Tencent Music Entertainment Group by 47.6% during the first quarter. Public Employees Retirement System of Ohio now owns 2,214,815 shares of the company's stock worth $20,553,000 after purchasing an additional 714,637 shares during the last quarter. Sei Investments Co. raised its stake in shares of Tencent Music Entertainment Group by 10.4% during the first quarter. Sei Investments Co. now owns 3,980,820 shares of the company's stock worth $36,942,000 after purchasing an additional 374,586 shares during the last quarter. NewEdge Wealth LLC acquired a new stake in shares of Tencent Music Entertainment Group during the first quarter worth $106,000. Finally, First Trust Advisors LP lifted its holdings in shares of Tencent Music Entertainment Group by 1,023.3% during the first quarter. First Trust Advisors LP now owns 554,438 shares of the company's stock worth $5,145,000 after purchasing an additional 505,080 shares during the period. 24.32% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on TME. Weiss Ratings raised shares of Tencent Music Entertainment Group from a "hold (c-)" rating to a "hold (c)" rating in a research note on Wednesday, July 1st. 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 research note on Thursday, May 14th. Mizuho lowered their target price on shares of Tencent Music Entertainment Group from $23.00 to $18.00 and set an "outperform" rating on the stock in a report on Wednesday, May 13th. Finally, Zacks Research raised shares of Tencent Music Entertainment Group from a "strong sell" rating to a "hold" rating in a report on Tuesday, May 19th. Six investment analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the stock. Based on data from MarketBeat.com, Tencent Music Entertainment Group has a consensus rating of "Hold" and a consensus price target of $21.44.

Tencent Music Entertainment Group Trading Up 0.8%

Shares of TME stock opened at $9.61 on Friday. The business's fifty day moving average price is $8.98 and its 200 day moving average price is $11.00. The firm has a market capitalization of $15.12 billion, a PE ratio of 12.01, a P/E/G ratio of 0.63 and a beta of 0.84. The company has a debt-to-equity ratio of 0.06, a current ratio of 2.09 and a quick ratio of 2.08. Tencent Music Entertainment Group Sponsored ADR has a 1-year low of $7.94 and a 1-year high of $26.70.

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. The company had revenue of $1.15 billion during the quarter. Tencent Music Entertainment Group had a return on equity of 11.20% and a net margin of 26.45%. As a group, sell-side analysts forecast that Tencent Music Entertainment Group Sponsored ADR will post 0.89 EPS for the current fiscal year.

Tencent Music Entertainment Group Company 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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