Canada Pension Plan Investment Board Sells 13,482,749 Shares of Tencent Music Entertainment Group (NYSE:TME)

Canada Pension Plan Investment Board cut its stake in shares of Tencent Music Entertainment Group (NYSE:TME) by 91.0% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,332,290 shares of the company’s stock after selling 13,482,749 shares during the quarter. Canada Pension Plan Investment Board’s holdings in Tencent Music Entertainment Group were worth $18,719,000 as of its most recent SEC filing.

Other large investors have also recently modified their holdings of the company. Vanguard Group Inc. grew its position in Tencent Music Entertainment Group by 0.3% during the 1st quarter. Vanguard Group Inc. now owns 25,057,674 shares of the company’s stock valued at $280,395,000 after purchasing an additional 84,131 shares during the last quarter. Goldman Sachs Group Inc. grew its holdings in shares of 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 valued at $124,986,000 after buying an additional 6,088,504 shares during the last quarter. Hsbc Holdings PLC increased its position in shares of Tencent Music Entertainment Group by 234.7% during the fourth quarter. Hsbc Holdings PLC now owns 10,116,989 shares of the company’s stock valued at $91,012,000 after acquiring an additional 7,094,511 shares in the last quarter. Aspex Management HK Ltd purchased a new position in Tencent Music Entertainment Group in the 4th quarter worth approximately $81,542,000. Finally, Ninety One UK Ltd bought a new position in Tencent Music Entertainment Group in the 2nd quarter valued at approximately $122,775,000. Hedge funds and other institutional investors own 24.32% of the company’s stock.

Tencent Music Entertainment Group Stock Down 0.7 %

Shares of TME stock opened at $9.86 on Monday. The company has a current ratio of 2.34, a quick ratio of 2.34 and a debt-to-equity ratio of 0.09. Tencent Music Entertainment Group has a 12 month low of $5.96 and a 12 month high of $15.77. The stock has a market cap of $16.92 billion, a P/E ratio of 21.44, a P/E/G ratio of 0.70 and a beta of 0.65. The company has a 50 day simple moving average of $11.82 and a two-hundred day simple moving average of $12.67.

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

Wall Street Analyst Weigh In

TME has been the subject of a number of research analyst reports. Bank of America reduced their target price 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. Daiwa Capital Markets cut Tencent Music Entertainment Group from an “outperform” rating to a “neutral” rating in a research report on Tuesday, August 13th. Daiwa America lowered Tencent Music Entertainment Group from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, August 13th. Benchmark dropped their price target on shares of Tencent Music Entertainment Group from $19.00 to $15.00 and set a “buy” rating on the stock in a report on Wednesday, August 14th. Finally, Mizuho reduced their price target on shares of Tencent Music Entertainment Group from $17.00 to $16.00 and set an “outperform” rating for the company in a research note on Wednesday, August 14th. Three analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to MarketBeat, Tencent Music Entertainment Group currently has an average rating of “Moderate Buy” and a consensus target price of $12.72.

About Tencent Music Entertainment Group

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.