The Manufacturers Life Insurance Company Sells 745,789 Shares of Tencent Music Entertainment Group Sponsored ADR $TME

Key Points

• The Manufacturers Life Insurance Company cut its Tencent Music stake by 65.3% in the first quarter, selling 745,789 shares and retaining 396,895 shares valued at approximately $3.68 million.
• Analyst sentiment is mixed, with six Buy ratings and eight Holds; the consensus rating is Hold, with an average price target of $21.44. JPMorgan and Mizuho recently lowered their targets.
• TME opened at $9.52 and is down 0.8%, while the company reported quarterly revenue of $1.15 billion and EPS of $0.11. Analysts expect full-year EPS of $0.89.

The Manufacturers Life Insurance Company cut its stake in Tencent Music Entertainment Group Sponsored ADR (NYSE:TME - Free Report) by 65.3% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 396,895 shares of the company's stock after selling 745,789 shares during the period. The Manufacturers Life Insurance Company's holdings in Tencent Music Entertainment Group were worth $3,683,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of the stock. Allworth Financial LP increased its position in shares of Tencent Music Entertainment Group by 63.2% in the third quarter. Allworth Financial LP now owns 1,480 shares of the company's stock worth $35,000 after purchasing an additional 573 shares during the period. Caitong International Asset Management Co. Ltd lifted its position in Tencent Music Entertainment Group by 5,777.1% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 2,057 shares of the company's stock worth $36,000 after purchasing an additional 2,022 shares during the period. Smartleaf Asset Management LLC lifted its position 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 during the period. Kestra Advisory Services LLC acquired a new stake in Tencent Music Entertainment Group during the fourth quarter worth about $46,000. Finally, EverSource Wealth Advisors LLC grew its stake 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 buying an additional 1,363 shares in the last quarter. 24.32% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on TME. JPMorgan Chase & Co. dropped 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 report on Thursday, May 14th. 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. Zacks Research raised shares of Tencent Music Entertainment Group from a "strong sell" rating to a "hold" rating in a research note on Tuesday, May 19th. Finally, Mizuho lowered 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 report on Wednesday, May 13th. Six investment analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the stock. According to MarketBeat, Tencent Music Entertainment Group presently has an average rating of "Hold" and an average target price of $21.44.

Tencent Music Entertainment Group Stock Down 0.8%

TME stock opened at $9.52 on Friday. The firm has a 50-day moving average price of $8.99 and a 200-day moving average price of $10.99. 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 stock has a market capitalization of $14.98 billion, a P/E ratio of 11.89, a price-to-earnings-growth ratio of 0.63 and a beta of 0.84.

Tencent Music Entertainment Group (NYSE:TME - Get Free Report) last released its quarterly earnings data on Tuesday, March 31st. The company reported $0.11 earnings per share (EPS) for the quarter. Tencent Music Entertainment Group had a net margin of 26.45% and a return on equity of 11.20%. The business had revenue of $1.15 billion during the quarter. As a group, equities research analysts anticipate that Tencent Music Entertainment Group Sponsored ADR will post 0.89 EPS for the current fiscal year.

Tencent Music Entertainment Group 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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