Swiss National Bank Sells 82,800 Shares of Tencent Music Entertainment Group (NYSE:TME)

Swiss National Bank reduced its holdings in Tencent Music Entertainment Group (NYSE:TME - Free Report) by 4.7% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,686,630 shares of the company's stock after selling 82,800 shares during the quarter. Swiss National Bank owned 0.10% of Tencent Music Entertainment Group worth $15,197,000 at the end of the most recent quarter.

A number of other large investors have also recently added to or reduced their stakes in TME. Beck Bode LLC bought a new stake in shares of Tencent Music Entertainment Group during the 4th quarter worth $230,000. Signaturefd LLC raised its holdings in Tencent Music Entertainment Group by 5.1% during the 4th quarter. Signaturefd LLC now owns 33,465 shares of the company's stock worth $302,000 after buying an additional 1,628 shares during the period. Lindbrook Capital LLC lifted its stake in Tencent Music Entertainment Group by 40.9% during the fourth quarter. Lindbrook Capital LLC now owns 7,036 shares of the company's stock valued at $63,000 after buying an additional 2,044 shares in the last quarter. abrdn plc boosted its holdings in shares of Tencent Music Entertainment Group by 2.8% in the fourth quarter. abrdn plc now owns 256,107 shares of the company's stock worth $2,308,000 after buying an additional 6,931 shares during the period. Finally, Federated Hermes Inc. purchased a new position in shares of Tencent Music Entertainment Group in the fourth quarter worth approximately $2,690,000. 24.32% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

TME has been the topic of several recent analyst reports. Redburn Atlantic initiated coverage on shares of Tencent Music Entertainment Group in a research note on Monday, February 5th. They set a "buy" rating and a $12.00 target price on the stock. Morgan Stanley upped their target price on Tencent Music Entertainment Group from $11.00 to $13.50 and gave the company an "overweight" rating in a report on Wednesday, March 20th. HSBC boosted their price objective on shares of Tencent Music Entertainment Group from $9.50 to $10.40 and gave the company a "hold" rating in a research report on Wednesday, March 20th. CLSA started coverage on shares of Tencent Music Entertainment Group in a research note on Monday, February 5th. They set an "outperform" rating and a $10.50 target price for the company. Finally, UBS Group raised shares of Tencent Music Entertainment Group from a "neutral" rating to a "buy" rating and set a $10.50 price target on the stock in a research note on Wednesday, January 24th. Two investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $11.78.

Tencent Music Entertainment Group Stock Performance

Shares of TME stock traded down $0.04 during trading on Friday, reaching $13.34. The company had a trading volume of 7,821,458 shares, compared to its average volume of 8,428,953. The company has a market capitalization of $22.89 billion, a PE ratio of 30.32, a PEG ratio of 0.83 and a beta of 0.77. The company has a debt-to-equity ratio of 0.10, a current ratio of 2.49 and a quick ratio of 2.49. The firm's 50 day simple moving average is $11.52 and its two-hundred day simple moving average is $9.70. Tencent Music Entertainment Group has a one year low of $5.70 and a one year high of $13.66.

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

Tencent Music Entertainment Group 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.