BNP Paribas Financial Markets Cuts Stake in Tencent Music Entertainment Group (NYSE:TME)

BNP Paribas Financial Markets reduced its stake in shares of Tencent Music Entertainment Group (NYSE:TME - Free Report) by 18.8% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,505,018 shares of the company's stock after selling 347,642 shares during the period. BNP Paribas Financial Markets owned 0.09% of Tencent Music Entertainment Group worth $13,560,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in TME. Nordea Investment Management AB lifted its position in shares of Tencent Music Entertainment Group by 25.1% in the fourth quarter. Nordea Investment Management AB now owns 1,321,517 shares of the company's stock valued at $11,735,000 after acquiring an additional 265,093 shares in the last quarter. Teacher Retirement System of Texas boosted its stake in Tencent Music Entertainment Group by 205.0% in the 4th quarter. Teacher Retirement System of Texas now owns 453,563 shares of the company's stock worth $4,087,000 after purchasing an additional 304,876 shares during the period. Federated Hermes Inc. purchased a new stake in Tencent Music Entertainment Group during the 4th quarter valued at approximately $2,690,000. China Universal Asset Management Co. Ltd. grew its holdings in Tencent Music Entertainment Group by 2,115.4% during 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 buying an additional 220,000 shares in the last quarter. Finally, Ballentine Partners LLC raised its position in shares of Tencent Music Entertainment Group by 33.9% during the fourth quarter. Ballentine Partners LLC now owns 15,132 shares of the company's stock valued at $136,000 after buying an additional 3,835 shares during the last quarter. 24.32% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several equities analysts recently weighed in on the stock. Benchmark raised their target price on shares of Tencent Music Entertainment Group from $14.00 to $19.00 and gave the company a "buy" rating in a research note on Tuesday. Mizuho lifted their target price on Tencent Music Entertainment Group from $13.00 to $15.00 and gave the stock a "buy" rating in a report on Friday, May 10th. CLSA started coverage on Tencent Music Entertainment Group in a research note on Monday, February 5th. They set an "outperform" rating and a $10.50 price target for the company. Morgan Stanley raised their price target 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. Finally, HSBC upped their price objective on Tencent Music Entertainment Group from $9.50 to $10.40 and gave the stock a "hold" rating in a report on Wednesday, March 20th. Two investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $12.17.

Tencent Music Entertainment Group Trading Up 0.9 %

TME stock traded up $0.13 during mid-day trading on Thursday, reaching $15.50. 6,822,689 shares of the stock traded hands, compared to its average volume of 8,564,119. Tencent Music Entertainment Group has a one year low of $5.70 and a one year high of $15.77. The stock has a market capitalization of $26.59 billion, a PE ratio of 35.22, a PEG ratio of 0.91 and a beta of 0.77. The company has a debt-to-equity ratio of 0.10, a quick ratio of 2.49 and a current ratio of 2.49. The business has a 50-day moving average price of $11.89 and a two-hundred day moving average price of $9.93.

Tencent Music Entertainment Group (NYSE:TME - Get Free Report) last released its quarterly 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 18.88% and a return on equity of 10.07%. The firm had revenue of $971.00 million during the quarter, compared to analysts' expectations of $925.06 million. Equities research analysts expect that Tencent Music Entertainment Group will post 0.58 EPS 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.