Tencent Music Entertainment Group (NYSE:TME) Shares Sold by Krane Funds Advisors LLC

by · The Markets Daily

Krane Funds Advisors LLC lessened its position in Tencent Music Entertainment Group (NYSE:TME – Free Report) by 5.5% during the 3rd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 16,295,499 shares of the company’s stock after selling 950,482 shares during the period. Tencent Music Entertainment Group comprises approximately 7.1% of Krane Funds Advisors LLC’s holdings, making the stock its 7th biggest holding. Krane Funds Advisors LLC owned about 0.95% of Tencent Music Entertainment Group worth $196,361,000 as of its most recent filing with the SEC.

Other hedge funds have also made changes to their positions in the company. Ashton Thomas Private Wealth LLC bought a new position in shares of Tencent Music Entertainment Group in the second quarter valued at about $37,000. Tobam boosted its holdings in Tencent Music Entertainment Group by 37.7% in the second quarter. Tobam now owns 3,498 shares of the company’s stock valued at $49,000 after acquiring an additional 957 shares during the last quarter. iA Global Asset Management Inc. increased its position in Tencent Music Entertainment Group by 728.9% in the first quarter. iA Global Asset Management Inc. now owns 11,687 shares of the company’s stock worth $131,000 after purchasing an additional 10,277 shares during the period. Wrapmanager Inc. acquired a new position in Tencent Music Entertainment Group during the 2nd quarter valued at about $192,000. Finally, Beverly Hills Private Wealth LLC bought a new position in shares of Tencent Music Entertainment Group in the 2nd quarter valued at about $214,000. Institutional investors and hedge funds own 24.32% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on TME shares. Morgan Stanley cut shares of Tencent Music Entertainment Group from an “overweight” rating to an “equal weight” rating and reduced their price objective for the company from $15.00 to $13.00 in a research note on Wednesday, September 25th. Bank of America decreased their target price on Tencent Music Entertainment Group from $18.00 to $15.00 and set a “buy” rating for the company in a research report on Wednesday, August 14th. Daiwa America downgraded shares of Tencent Music Entertainment Group from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, August 13th. Benchmark decreased their price objective on shares of 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, Daiwa Capital Markets cut shares of Tencent Music Entertainment Group from an “outperform” rating to a “neutral” rating in a research report on Tuesday, August 13th. Four investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $12.67.

Read Our Latest Stock Analysis on TME

Tencent Music Entertainment Group Stock Performance

TME opened at $11.79 on Tuesday. 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 12-month low of $6.55 and a 12-month high of $15.77. The business has a 50 day moving average of $11.13 and a 200-day moving average of $12.88. The stock has a market cap of $20.23 billion, a price-to-earnings ratio of 25.59, a PEG ratio of 0.89 and a beta of 0.66.

Tencent Music Entertainment Group (NYSE:TME – Get Free Report) last released 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 company had revenue of $985.00 million for the quarter, compared to the consensus estimate of $1 billion. Tencent Music Entertainment Group had a return on equity of 10.11% and a net margin of 20.35%. On average, equities research analysts expect that Tencent Music Entertainment Group will post 0.62 earnings per share for the current year.

Tencent Music Entertainment Group Profile

(Free Report)

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.

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