Tencent Music Entertainment Group Sponsored ADR $TME Shares Sold by Sumitomo Mitsui Trust Group Inc.

Key Points

• Sumitomo Mitsui Trust Group sharply cut its Tencent Music Entertainment position by 77.4% in the first quarter, selling 4.46 million shares and ending with 1.30 million shares valued at about $12.1 million.
• Wall Street sentiment is mixed: the stock has an overall Hold rating, with six Buy ratings and eight Hold ratings, and the average price target stands at $21.44 despite several recent target cuts.
• Tencent Music reported Q1 EPS of $0.11 on revenue of $1.15 billion; the stock recently traded at $8.79, near its 52-week low of $7.94 and well below its 52-week high of $26.70.

Sumitomo Mitsui Trust Group Inc. reduced its position in Tencent Music Entertainment Group Sponsored ADR (NYSE:TME - Free Report) by 77.4% during the 1st quarter, according to its most recent filing with the SEC. The firm owned 1,302,541 shares of the company's stock after selling 4,461,780 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned about 0.08% of Tencent Music Entertainment Group worth $12,088,000 as of its most recent filing with the SEC.

Other institutional investors also recently bought and sold shares of the company. Allworth Financial LP lifted its stake in shares of Tencent Music Entertainment Group by 63.2% in the 3rd quarter. Allworth Financial LP now owns 1,480 shares of the company's stock worth $35,000 after acquiring an additional 573 shares during the period. O Shaughnessy Asset Management LLC increased its stake in shares of Tencent Music Entertainment Group by 0.5% during the fourth quarter. O Shaughnessy Asset Management LLC now owns 132,635 shares of the company's stock worth $2,325,000 after acquiring an additional 610 shares during the period. Vise Technologies Inc. raised its holdings in Tencent Music Entertainment Group by 5.0% during the fourth quarter. Vise Technologies Inc. now owns 14,648 shares of the company's stock worth $257,000 after purchasing an additional 692 shares in the last quarter. Smartleaf Asset Management LLC raised its holdings in 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 purchasing an additional 807 shares in the last quarter. Finally, Cerity Partners LLC raised its holdings in Tencent Music Entertainment Group by 1.8% during the fourth quarter. Cerity Partners LLC now owns 52,583 shares of the company's stock worth $922,000 after purchasing an additional 929 shares in the last quarter. 24.32% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages have weighed in on TME. Zacks Research raised Tencent Music Entertainment Group from a "strong sell" rating to a "hold" rating in a report on Tuesday, May 19th. Mizuho cut 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 note on Wednesday, May 13th. 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. Daiwa Securities Group restated a "hold" rating and issued a $12.00 price target on shares of Tencent Music Entertainment Group in a research note on Wednesday, March 18th. Finally, UBS Group reaffirmed a "neutral" rating and set a $13.00 price objective (down from $26.00) on shares of Tencent Music Entertainment Group in a report on Wednesday, March 18th. Six equities research analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company's stock. According to MarketBeat, the company has an average rating of "Hold" and an average price target of $21.44.

Tencent Music Entertainment Group Price Performance

Shares of NYSE:TME opened at $8.79 on Wednesday. The business's 50 day simple moving average is $8.92 and its 200-day simple moving average is $11.99. The firm has a market capitalization of $13.84 billion, a price-to-earnings ratio of 10.99, a price-to-earnings-growth ratio of 0.57 and a beta of 0.82. 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 12 month low of $7.94 and a 12 month high of $26.70.

Tencent Music Entertainment Group (NYSE:TME - Get Free Report) last issued its quarterly earnings data on Tuesday, March 31st. The company reported $0.11 earnings per share (EPS) for the quarter. The firm 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, equities analysts forecast that Tencent Music Entertainment Group Sponsored ADR will post 0.9 earnings per share 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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