Sumitomo Mitsui DS Asset Management Company Ltd Decreases Position in Tencent Music Entertainment Group (NYSE:TME)

Sumitomo Mitsui DS Asset Management Company Ltd reduced its stake in Tencent Music Entertainment Group (NYSE:TME) by 5.0% during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 49,713 shares of the company’s stock after selling 2,600 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd’s holdings in Tencent Music Entertainment Group were worth $599,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Ninety One UK Ltd acquired a new position in shares of Tencent Music Entertainment Group in the 2nd quarter valued at $122,775,000. Acadian Asset Management LLC grew its holdings in shares of 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. Bamco Inc. NY acquired a new stake in shares of Tencent Music Entertainment Group during the first quarter worth about $40,857,000. Principal Financial Group Inc. increased its position in shares of Tencent Music Entertainment Group by 116.5% during the second quarter. Principal Financial Group Inc. now owns 5,266,424 shares of the company’s stock worth $73,993,000 after purchasing an additional 2,834,212 shares in the last quarter. Finally, Ninety One North America Inc. purchased a new stake in shares of Tencent Music Entertainment Group in the 2nd quarter valued at about $34,757,000. Institutional investors and hedge funds own 24.32% of the company’s stock.

Analyst Ratings Changes

A number of research analysts recently issued reports on TME shares. Daiwa Capital Markets downgraded Tencent Music Entertainment Group from an “outperform” rating to a “neutral” rating in a research note on Tuesday, August 13th. Benchmark lowered their target price on shares of Tencent Music Entertainment Group from $19.00 to $15.00 and set a “buy” rating on the stock in a research report on Wednesday, August 14th. Morgan Stanley downgraded shares of Tencent Music Entertainment Group from an “overweight” rating to an “equal weight” rating and reduced their price target for the company from $15.00 to $13.00 in a research report on Wednesday, September 25th. Mizuho lowered their price objective 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. Finally, Daiwa America lowered shares of Tencent Music Entertainment Group from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, August 13th. Four analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat, Tencent Music Entertainment Group has an average rating of “Moderate Buy” and an average price target of $12.67.

Tencent Music Entertainment Group Stock Up 0.3 %

TME opened at $11.80 on Wednesday. Tencent Music Entertainment Group has a 12 month low of $6.55 and a 12 month high of $15.77. The business has a 50-day moving average of $11.14 and a two-hundred day moving average of $12.88. The company has a debt-to-equity ratio of 0.09, a current ratio of 2.34 and a quick ratio of 2.34. The stock has a market capitalization of $20.25 billion, a price-to-earnings ratio of 25.65, a price-to-earnings-growth ratio of 0.89 and a beta of 0.66.

Tencent Music Entertainment Group (NYSE:TME) last released its earnings results on Tuesday, August 13th. The company reported $0.15 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.16 by ($0.01). The company 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%. On average, research analysts expect that Tencent Music Entertainment Group will post 0.62 earnings per share 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; 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.