Tencent Music Entertainment Group (NYSE:TME) Shares Sold by Westpac Banking Corp

Westpac Banking Corp trimmed its position in Tencent Music Entertainment Group (NYSE:TME - Free Report) by 35.7% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 466,618 shares of the company's stock after selling 258,796 shares during the quarter. Westpac Banking Corp's holdings in Tencent Music Entertainment Group were worth $4,204,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. QRG Capital Management Inc. grew its position in Tencent Music Entertainment Group by 24.7% in the fourth quarter. QRG Capital Management Inc. now owns 14,624 shares of the company's stock worth $132,000 after acquiring an additional 2,898 shares in the last quarter. Teacher Retirement System of Texas grew its position in Tencent Music Entertainment Group by 205.0% in the fourth quarter. Teacher Retirement System of Texas now owns 453,563 shares of the company's stock worth $4,087,000 after acquiring an additional 304,876 shares in the last quarter. E Fund Management Co. Ltd. grew its position in Tencent Music Entertainment Group by 2.6% in the fourth quarter. E Fund Management Co. Ltd. now owns 4,276,150 shares of the company's stock worth $38,528,000 after acquiring an additional 109,422 shares in the last quarter. Origin Asset Management LLP purchased a new position in Tencent Music Entertainment Group in the fourth quarter worth about $20,470,000. Finally, Blue Creek Capital Management Ltd purchased a new position in Tencent Music Entertainment Group in the fourth quarter worth about $4,440,000. 24.32% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on TME shares. Mizuho lifted their price target on Tencent Music Entertainment Group from $13.00 to $15.00 and gave the stock a "buy" rating in a research report on Friday, May 10th. Morgan Stanley boosted their target price on Tencent Music Entertainment Group from $11.00 to $13.50 and gave the company an "overweight" rating in a research report on Wednesday, March 20th. UBS Group upgraded Tencent Music Entertainment Group from a "neutral" rating to a "buy" rating and set a $10.50 target price for the company in a research report on Wednesday, January 24th. Benchmark boosted their target price on Tencent Music Entertainment Group from $14.00 to $19.00 and gave the company a "buy" rating in a research report on Tuesday. Finally, The Goldman Sachs Group upgraded Tencent Music Entertainment Group from a "neutral" rating to a "buy" rating and set a $14.00 target price for the company in a research report on Wednesday, March 20th. Two investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat, Tencent Music Entertainment Group currently has a consensus rating of "Moderate Buy" and a consensus price target of $12.17.

Tencent Music Entertainment Group Trading Up 4.8 %

Shares of NYSE TME traded up $0.70 during trading hours on Wednesday, reaching $15.36. The stock had a trading volume of 9,145,866 shares, compared to its average volume of 8,582,547. The company has a current ratio of 2.49, a quick ratio of 2.49 and a debt-to-equity ratio of 0.10. The firm has a market cap of $26.36 billion, a price-to-earnings ratio of 34.91, a P/E/G ratio of 0.91 and a beta of 0.77. The business's fifty day moving average price is $11.78 and its two-hundred day moving average price is $9.89. Tencent Music Entertainment Group has a 52-week low of $5.70 and a 52-week high of $15.44.

Tencent Music Entertainment Group (NYSE:TME - Get Free Report) last announced its quarterly earnings results on Tuesday, March 19th. The company reported $0.13 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.12 by $0.01. The firm had revenue of $971.00 million during the quarter, compared to analyst estimates of $925.06 million. Tencent Music Entertainment Group had a return on equity of 10.07% and a net margin of 18.88%. Analysts expect that Tencent Music Entertainment Group will post 0.58 EPS for the current fiscal year.

About Tencent Music Entertainment Group

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.