Tencent Music Entertainment Group (NYSE:TME) Shares Sold by APG Asset Management N.V.

APG Asset Management N.V. reduced its holdings in Tencent Music Entertainment Group (NYSE:TME) by 35.2% in the 2nd quarter, Holdings Channel reports. The institutional investor owned 231,471 shares of the company’s stock after selling 125,754 shares during the quarter. APG Asset Management N.V.’s holdings in Tencent Music Entertainment Group were worth $3,034,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of TME. Aspex Management HK Ltd acquired a new stake in shares of Tencent Music Entertainment Group in the 4th quarter valued at approximately $81,542,000. Ninety One UK Ltd acquired a new position in Tencent Music Entertainment Group during the second quarter worth $122,775,000. Goldman Sachs Group Inc. raised its holdings in Tencent Music Entertainment Group by 78.2% during the fourth quarter. Goldman Sachs Group Inc. now owns 13,871,935 shares of the company’s stock worth $124,986,000 after purchasing an additional 6,088,504 shares during the last quarter. Acadian Asset Management LLC raised its holdings in Tencent Music Entertainment Group by 18,902.2% during the second quarter. Acadian Asset Management LLC now owns 4,468,752 shares of the company’s stock worth $62,765,000 after purchasing an additional 4,445,235 shares during the last quarter. Finally, Bamco Inc. NY acquired a new position in Tencent Music Entertainment Group during the first quarter worth $40,857,000. 24.32% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the company. Daiwa Capital Markets cut Tencent Music Entertainment Group from an “outperform” rating to a “neutral” rating in a report on Tuesday, August 13th. Mizuho reduced their price objective on Tencent Music Entertainment Group from $17.00 to $16.00 and set an “outperform” rating for the company in a report on Wednesday, August 14th. Bank of America reduced their price objective on Tencent Music Entertainment Group from $18.00 to $15.00 and set a “buy” rating for the company in a report on Wednesday, August 14th. Morgan Stanley cut Tencent Music Entertainment Group from an “overweight” rating to an “equal weight” rating and cut their price target for the stock from $15.00 to $13.00 in a report on Wednesday, September 25th. Finally, Benchmark cut 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. Four investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $12.67.

Tencent Music Entertainment Group Price Performance

Shares of NYSE:TME opened at $12.28 on Monday. The company has a market cap of $21.07 billion, a P/E ratio of 26.70, a P/E/G ratio of 0.88 and a beta of 0.65. The company has a quick ratio of 2.34, a current ratio of 2.34 and a debt-to-equity ratio of 0.09. Tencent Music Entertainment Group has a 52 week low of $6.09 and a 52 week high of $15.77. The business has a fifty day simple moving average of $11.50 and a 200-day simple moving average of $12.70.

Tencent Music Entertainment Group (NYSE:TME) last announced its quarterly earnings data on Tuesday, August 13th. The company reported $0.15 EPS for the quarter, missing analysts’ consensus estimates of $0.16 by ($0.01). The business had revenue of $985.00 million during the quarter, compared to analysts’ expectations of $1 billion. Tencent Music Entertainment Group had a net margin of 20.35% and a return on equity of 10.11%. Equities research analysts forecast that Tencent Music Entertainment Group will post 0.63 EPS for the current year.

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.