Marshall Wace LLP Cuts Holdings in Tencent Music Entertainment Group (NYSE:TME)

Marshall Wace LLP lowered its position in Tencent Music Entertainment Group (NYSE:TME) by 70.2% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 3,818,652 shares of the company’s stock after selling 9,014,995 shares during the quarter. Marshall Wace LLP’s holdings in Tencent Music Entertainment Group were worth $53,652,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently added to or reduced their stakes in the company. Ashton Thomas Private Wealth LLC acquired a new position in shares of Tencent Music Entertainment Group in the 2nd quarter valued at about $37,000. Tobam lifted its position in Tencent Music Entertainment Group by 37.7% during the second quarter. Tobam now owns 3,498 shares of the company’s stock valued at $49,000 after buying an additional 957 shares in the last quarter. SageView Advisory Group LLC acquired a new position in Tencent Music Entertainment Group during the fourth quarter valued at approximately $90,000. Parallel Advisors LLC increased its position in shares of Tencent Music Entertainment Group by 27.1% in the fourth quarter. Parallel Advisors LLC now owns 10,927 shares of the company’s stock worth $98,000 after acquiring an additional 2,328 shares in the last quarter. Finally, iA Global Asset Management Inc. raised its stake in shares of Tencent Music Entertainment Group by 728.9% in the 1st quarter. iA Global Asset Management Inc. now owns 11,687 shares of the company’s stock valued at $131,000 after acquiring an additional 10,277 shares during the period. Hedge funds and other institutional investors own 24.32% of the company’s stock.

Tencent Music Entertainment Group Trading Down 4.9 %

Shares of NYSE TME opened at $11.27 on Thursday. The company has a quick ratio of 2.34, a current ratio of 2.34 and a debt-to-equity ratio of 0.09. The stock’s 50 day moving average price is $11.66 and its two-hundred day moving average price is $12.67. Tencent Music Entertainment Group has a 52-week low of $6.09 and a 52-week high of $15.77. The stock has a market capitalization of $19.34 billion, a P/E ratio of 24.50, a PEG ratio of 0.76 and a beta of 0.65.

Tencent Music Entertainment Group (NYSE:TME) last posted its quarterly earnings results on Tuesday, August 13th. The company reported $0.15 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.16 by ($0.01). Tencent Music Entertainment Group had a net margin of 20.35% and a return on equity of 10.11%. The firm had revenue of $985.00 million for the quarter, compared to analyst estimates of $1 billion. On average, analysts anticipate that Tencent Music Entertainment Group will post 0.63 earnings per share for the current fiscal year.

Analyst Ratings Changes

TME has been the subject of a number of research reports. Morgan Stanley cut shares of Tencent Music Entertainment Group from an “overweight” rating to an “equal weight” rating and decreased their price target for the stock from $15.00 to $13.00 in a research report on Wednesday. Daiwa America lowered Tencent Music Entertainment Group from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, August 13th. Bank of America dropped their target price on Tencent Music Entertainment Group from $18.00 to $15.00 and set a “buy” rating on the stock in a report on Wednesday, August 14th. Benchmark decreased their price target on Tencent Music Entertainment Group from $19.00 to $15.00 and set a “buy” rating for the company in a report on Wednesday, August 14th. Finally, Mizuho reduced their target price on shares of Tencent Music Entertainment Group from $17.00 to $16.00 and set an “outperform” rating on the stock in a research report on Wednesday, August 14th. Four analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $12.67.

Tencent Music Entertainment Group Company 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; long-form audio content, including audiobooks, podcasts and talk shows, as well as music-oriented video content comprising music videos, live performances, and short videos; and WeSing, which enables users to sing along from its library of karaoke songs and share their performances in audio or video formats with friends.