Handelsbanken Fonder AB Reduces Position in Tencent Music Entertainment Group (NYSE:TME)

Handelsbanken Fonder AB cut its stake in Tencent Music Entertainment Group (NYSE:TME - Free Report) by 25.6% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 183,416 shares of the company's stock after selling 63,184 shares during the quarter. Handelsbanken Fonder AB's holdings in Tencent Music Entertainment Group were worth $1,653,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Nordea Investment Management AB grew its stake in shares of Tencent Music Entertainment Group by 25.1% during the fourth quarter. Nordea Investment Management AB now owns 1,321,517 shares of the company's stock valued at $11,735,000 after buying an additional 265,093 shares during the last quarter. China Universal Asset Management Co. Ltd. grew its position in Tencent Music Entertainment Group by 2,115.4% in the 4th quarter. China Universal Asset Management Co. Ltd. now owns 230,400 shares of the company's stock valued at $2,076,000 after acquiring an additional 220,000 shares during the last quarter. Ballentine Partners LLC increased its stake in Tencent Music Entertainment Group by 33.9% in the fourth quarter. Ballentine Partners LLC now owns 15,132 shares of the company's stock worth $136,000 after purchasing an additional 3,835 shares during the period. SG Americas Securities LLC lifted its position in shares of Tencent Music Entertainment Group by 14.3% during the fourth quarter. SG Americas Securities LLC now owns 325,588 shares of the company's stock worth $2,934,000 after purchasing an additional 40,765 shares during the last quarter. Finally, Deutsche Bank AG boosted its stake in shares of Tencent Music Entertainment Group by 262.6% during the third quarter. Deutsche Bank AG now owns 2,344,133 shares of the company's stock valued at $14,956,000 after purchasing an additional 1,697,604 shares during the period. 24.32% of the stock is owned by hedge funds and other institutional investors.

Tencent Music Entertainment Group Stock Up 1.6 %

Shares of NYSE TME traded up $0.20 during mid-day trading on Friday, reaching $12.88. 6,008,560 shares of the company were exchanged, compared to its average volume of 6,313,834. Tencent Music Entertainment Group has a 1 year low of $5.70 and a 1 year high of $12.93. The firm has a 50-day moving average of $11.01 and a 200 day moving average of $9.34. The stock has a market cap of $22.10 billion, a price-to-earnings ratio of 29.27, a P/E/G ratio of 0.79 and a beta of 0.81. The company has a quick ratio of 2.49, a current ratio of 2.49 and a debt-to-equity ratio of 0.10.

Tencent Music Entertainment Group (NYSE:TME - Get Free Report) last announced its earnings results on Tuesday, March 19th. The company reported $0.13 EPS for the quarter, topping analysts' consensus estimates of $0.12 by $0.01. Tencent Music Entertainment Group had a net margin of 17.71% and a return on equity of 9.67%. The business had revenue of $971.00 million during the quarter, compared to the consensus estimate of $925.06 million. On average, research analysts expect that Tencent Music Entertainment Group will post 0.58 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on TME. CLSA initiated coverage on shares of Tencent Music Entertainment Group in a report on Monday, February 5th. They set an "outperform" rating and a $10.50 price objective for the company. The Goldman Sachs Group upgraded Tencent Music Entertainment Group from a "neutral" rating to a "buy" rating and set a $14.00 price target for the company in a report on Wednesday, March 20th. Redburn Atlantic began coverage on Tencent Music Entertainment Group in a research note on Monday, February 5th. They issued a "buy" rating and a $12.00 price objective on the stock. Citigroup raised Tencent Music Entertainment Group from a "neutral" rating to a "buy" rating and lifted their target price for the company from $9.00 to $13.00 in a research report on Wednesday, March 20th. Finally, Mizuho upped their target price on Tencent Music Entertainment Group from $12.00 to $13.00 and gave the stock a "buy" rating in a report on Wednesday, March 20th. Two analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $11.63.

Tencent Music Entertainment Group Company Profile

Tencent Music Entertainment Group operates online music entertainment platforms to provide music streaming, online karaoke, and live streaming services in the People's Republic of China. It offers QQ Music, Kugou Music, and Kuwo Music that enable users to discover music in personalized ways; and WeSing, which enables users to sing from its library of karaoke songs and share their performances in audio or video formats with friends.