Lazard Asset Management LLC Decreases Holdings in Tencent Music Entertainment Group Sponsored ADR $TME

Lazard Asset Management LLC lowered its position in Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) by 94.4% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 60,263 shares of the company’s stock after selling 1,007,011 shares during the period. Lazard Asset Management LLC’s holdings in Tencent Music Entertainment Group were worth $559,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of the company. Morningstar Investment Management LLC raised its holdings in Tencent Music Entertainment Group by 825.1% during the first quarter. Morningstar Investment Management LLC now owns 154,998 shares of the company’s stock worth $1,438,000 after purchasing an additional 138,244 shares during the last quarter. Public Employees Retirement System of Ohio grew its holdings in Tencent Music Entertainment Group by 47.6% in the first quarter. Public Employees Retirement System of Ohio now owns 2,214,815 shares of the company’s stock valued at $20,553,000 after purchasing an additional 714,637 shares during the last quarter. Sei Investments Co. grew its holdings in Tencent Music Entertainment Group by 10.4% in the first quarter. Sei Investments Co. now owns 3,980,820 shares of the company’s stock valued at $36,942,000 after purchasing an additional 374,586 shares during the last quarter. NewEdge Wealth LLC purchased a new position in shares of Tencent Music Entertainment Group in the first quarter valued at $106,000. Finally, First Trust Advisors LP increased its position in shares of Tencent Music Entertainment Group by 1,023.3% in the first quarter. First Trust Advisors LP now owns 554,438 shares of the company’s stock valued at $5,145,000 after buying an additional 505,080 shares in the last quarter. 24.32% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on TME shares. JPMorgan Chase & Co. decreased their price objective on shares of Tencent Music Entertainment Group from $12.00 to $10.00 and set a “neutral” rating on the stock in a research report on Thursday, May 14th. Mizuho dropped their target price on shares of Tencent Music Entertainment Group from $23.00 to $18.00 and set an “outperform” rating for the company in a report on Wednesday, May 13th. Weiss Ratings upgraded shares of Tencent Music Entertainment Group from a “hold (c-)” rating to a “hold (c)” rating in a research report on Wednesday, July 1st. Finally, Zacks Research raised shares of Tencent Music Entertainment Group from a “strong sell” rating to a “hold” rating in a report on Tuesday, May 19th. Six research analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company. According to MarketBeat.com, Tencent Music Entertainment Group has an average rating of “Hold” and a consensus target price of $21.44.

Tencent Music Entertainment Group Price Performance

Shares of NYSE:TME opened at $9.61 on Friday. 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 business’s fifty day moving average price is $8.98 and its two-hundred day moving average price is $11.00. The stock has a market cap of $15.12 billion, a PE ratio of 12.01, a price-to-earnings-growth ratio of 0.63 and a beta of 0.84. Tencent Music Entertainment Group Sponsored ADR has a one year low of $7.94 and a one year high of $26.70.

Tencent Music Entertainment Group (NYSE:TME) last released its quarterly earnings results on Tuesday, March 31st. The company reported $0.11 earnings per share for the quarter. Tencent Music Entertainment Group had a return on equity of 11.20% and a net margin of 26.45%.The company had revenue of $1.15 billion during the quarter. On average, analysts forecast that Tencent Music Entertainment Group Sponsored ADR will post 0.89 EPS for the current fiscal 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.