Tencent Music Entertainment Group Sponsored ADR $TME Shares Sold by Swiss National Bank

Key Points

• Swiss National Bank reduced its Tencent Music stake by 11.6% in the first quarter, selling 145,200 shares and retaining 1.11 million shares valued at approximately $10.3 million. Institutional investors collectively own 24.32% of the company.
• TME shares opened at $8.86, near the lower end of their 12-month range of $7.94 to $26.70. The company reported quarterly revenue of $1.15 billion, EPS of $0.11, a 26.45% net margin, and analysts expect $0.89 in full-year EPS.
• Analyst sentiment is mixed, with six Buy ratings and eight Hold ratings; the consensus rating is Hold with a $21.44 price target. JPMorgan lowered its target to $10, while Mizuho maintained an Outperform rating with an $18 target.

Swiss National Bank trimmed its holdings in Tencent Music Entertainment Group Sponsored ADR (NYSE:TME - Free Report) by 11.6% in the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 1,108,430 shares of the company's stock after selling 145,200 shares during the period. Swiss National Bank owned approximately 0.07% of Tencent Music Entertainment Group worth $10,286,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Allworth Financial LP raised its position in Tencent Music Entertainment Group by 63.2% in the third quarter. Allworth Financial LP now owns 1,480 shares of the company's stock valued at $35,000 after purchasing an additional 573 shares during the period. O Shaughnessy Asset Management LLC grew its holdings in shares of Tencent Music Entertainment Group by 0.5% during the 4th quarter. O Shaughnessy Asset Management LLC now owns 132,635 shares of the company's stock worth $2,325,000 after purchasing an additional 610 shares during the period. Vise Technologies Inc. grew its holdings in shares of Tencent Music Entertainment Group by 5.0% during the 4th quarter. Vise Technologies Inc. now owns 14,648 shares of the company's stock worth $257,000 after purchasing an additional 692 shares during the period. Smartleaf Asset Management LLC increased its position in shares of Tencent Music Entertainment Group by 61.3% during the 4th quarter. Smartleaf Asset Management LLC now owns 2,123 shares of the company's stock worth $37,000 after purchasing an additional 807 shares during the last quarter. Finally, Cerity Partners LLC increased its position in shares of Tencent Music Entertainment Group by 1.8% during the 4th quarter. Cerity Partners LLC now owns 52,583 shares of the company's stock worth $922,000 after purchasing an additional 929 shares during the last quarter. Institutional investors and hedge funds own 24.32% of the company's stock.

Tencent Music Entertainment Group Price Performance

TME stock opened at $8.86 on Monday. The business's fifty day moving average price is $8.90 and its 200 day moving average price is $11.49. Tencent Music Entertainment Group Sponsored ADR has a 12-month low of $7.94 and a 12-month high of $26.70. The company has a current ratio of 2.09, a quick ratio of 2.08 and a debt-to-equity ratio of 0.06. The company has a market capitalization of $13.94 billion, a PE ratio of 11.07, a P/E/G ratio of 0.58 and a beta of 0.82.

Tencent Music Entertainment Group (NYSE:TME - Get Free Report) last announced 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%. On average, sell-side analysts anticipate that Tencent Music Entertainment Group Sponsored ADR will post 0.89 EPS for the current year.

Wall Street Analyst Weigh In

A number of research analysts have commented on the stock. Zacks Research raised shares of Tencent Music Entertainment Group from a "strong sell" rating to a "hold" rating in a research report on Tuesday, May 19th. Weiss Ratings upgraded shares of Tencent Music Entertainment Group from a "hold (c-)" rating to a "hold (c)" rating in a research report on Wednesday, July 1st. JPMorgan Chase & Co. reduced 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. Finally, Mizuho decreased their price objective 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. Six equities research analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus 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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