Tencent Music Entertainment Group Sponsored ADR $TME Shares Sold by Fullerton Fund Management Co Ltd.

Fullerton Fund Management Co Ltd. lowered its position in shares of Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) by 53.0% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 844,961 shares of the company’s stock after selling 952,497 shares during the quarter. Tencent Music Entertainment Group makes up about 0.6% of Fullerton Fund Management Co Ltd.’s holdings, making the stock its 27th largest holding. Fullerton Fund Management Co Ltd.’s holdings in Tencent Music Entertainment Group were worth $14,812,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in TME. Smartleaf Asset Management LLC acquired a new position in shares of Tencent Music Entertainment Group during the third quarter valued at approximately $31,000. Allworth Financial LP raised its holdings in shares of Tencent Music Entertainment Group by 63.2% during the third quarter. Allworth Financial LP now owns 1,480 shares of the company’s stock valued at $35,000 after acquiring an additional 573 shares during the last quarter. Caitong International Asset Management Co. Ltd grew its position in shares of Tencent Music Entertainment Group by 5,777.1% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 2,057 shares of the company’s stock valued at $36,000 after purchasing an additional 2,022 shares in the last quarter. Kestra Advisory Services LLC purchased a new stake in shares of Tencent Music Entertainment Group in the fourth quarter valued at approximately $46,000. Finally, Jones Financial Companies Lllp grew its position in shares of Tencent Music Entertainment Group by 137.4% in the third quarter. Jones Financial Companies Lllp now owns 2,414 shares of the company’s stock valued at $57,000 after purchasing an additional 1,397 shares in the last quarter. Institutional investors and hedge funds own 24.32% of the company’s stock.

Analyst Ratings Changes

TME has been the subject of a number of analyst reports. Daiwa Securities Group restated a “hold” rating and issued a $12.00 price target on shares of Tencent Music Entertainment Group in a research report on Wednesday, March 18th. Jefferies Financial Group restated a “buy” rating and issued a $23.00 price target on shares of Tencent Music Entertainment Group in a research report on Tuesday, March 17th. Weiss Ratings lowered Tencent Music Entertainment Group from a “hold (c)” rating to a “hold (c-)” rating in a research report on Tuesday, June 2nd. Zacks Research upgraded Tencent Music Entertainment Group from a “strong sell” rating to a “hold” rating in a research report on Tuesday, May 19th. Finally, Mizuho dropped their price target on 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 equities research analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $21.44.

Tencent Music Entertainment Group Trading Down 3.3%

Shares of Tencent Music Entertainment Group stock opened at $8.93 on Wednesday. The firm has a market capitalization of $14.05 billion, a price-to-earnings ratio of 11.16, a PEG ratio of 0.60 and a beta of 0.80. Tencent Music Entertainment Group Sponsored ADR has a fifty-two week low of $8.44 and a fifty-two week high of $26.70. The company has a debt-to-equity ratio of 0.06, a quick ratio of 2.08 and a current ratio of 2.09. The stock has a 50 day moving average of $9.26 and a 200 day moving average of $13.33.

Tencent Music Entertainment Group (NYSE:TME) last issued its quarterly earnings data on Tuesday, March 31st. The company reported $0.11 earnings per share for the quarter. The company had revenue of $1.15 billion during the quarter. Tencent Music Entertainment Group had a return on equity of 11.20% and a net margin of 26.45%. As a group, research analysts predict that Tencent Music Entertainment Group Sponsored ADR will post 0.9 earnings per share for the current year.

About Tencent Music Entertainment Group

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.