Coronation Fund Managers Ltd. Sells 78,508 Shares of Tencent Music Entertainment Group (NYSE:TME)

Coronation Fund Managers Ltd. lowered its stake in shares of Tencent Music Entertainment Group (NYSE:TME) by 2.5% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 3,063,852 shares of the company’s stock after selling 78,508 shares during the quarter. Tencent Music Entertainment Group comprises 1.9% of Coronation Fund Managers Ltd.’s portfolio, making the stock its 15th largest holding. Coronation Fund Managers Ltd. owned approximately 0.18% of Tencent Music Entertainment Group worth $43,047,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Aspex Management HK Ltd bought a new stake in shares of Tencent Music Entertainment Group in the fourth quarter valued at about $81,542,000. Ninety One UK Ltd bought a new stake in shares of Tencent Music Entertainment Group in the 2nd quarter worth about $122,775,000. Goldman Sachs Group Inc. increased its position in shares of Tencent Music Entertainment Group by 78.2% during the 4th 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 in the last quarter. Acadian Asset Management LLC boosted its position in Tencent Music Entertainment Group by 18,902.2% in the second quarter. Acadian Asset Management LLC now owns 4,468,752 shares of the company’s stock valued at $62,765,000 after buying an additional 4,445,235 shares in the last quarter. Finally, Bamco Inc. NY bought a new stake in Tencent Music Entertainment Group during the first quarter worth about $40,857,000. Institutional investors and hedge funds own 24.32% of the company’s stock.

Tencent Music Entertainment Group Stock Performance

Shares of Tencent Music Entertainment Group stock opened at $12.76 on Wednesday. The firm has a fifty day moving average of $11.40 and a two-hundred day moving average of $12.73. The company has a debt-to-equity ratio of 0.09, a quick ratio of 2.34 and a current ratio of 2.34. The stock has a market capitalization of $21.90 billion, a price-to-earnings ratio of 27.74, a PEG ratio of 0.89 and a beta of 0.65. Tencent Music Entertainment Group has a 52 week low of $6.09 and a 52 week high of $15.77.

Tencent Music Entertainment Group (NYSE:TME) last released its earnings results on Tuesday, August 13th. The company reported $0.15 earnings per share for the quarter, missing the consensus estimate of $0.16 by ($0.01). The company had revenue of $985.00 million during the quarter, compared to analyst estimates of $1 billion. Tencent Music Entertainment Group had a net margin of 20.35% and a return on equity of 10.11%. As a group, equities research analysts predict that Tencent Music Entertainment Group will post 0.62 EPS for the current year.

Wall Street Analysts Forecast Growth

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

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.