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

Canada Pension Plan Investment Board reduced its stake in shares of Tencent Music Entertainment Group (NYSE:TME) by 91.0% in the second quarter, according to its most recent filing with the SEC. The fund owned 1,332,290 shares of the company’s stock after selling 13,482,749 shares during the period. Canada Pension Plan Investment Board owned approximately 0.08% of Tencent Music Entertainment Group worth $18,719,000 as of its most recent SEC filing.

A number of other large investors also recently added to or reduced their stakes in TME. Mirae Asset Global Investments Co. Ltd. grew its stake in shares of Tencent Music Entertainment Group by 238.1% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,805,479 shares of the company’s stock valued at $19,847,000 after buying an additional 1,271,426 shares during the last quarter. Capital Wealth Planning LLC purchased a new position in Tencent Music Entertainment Group in the 1st quarter worth approximately $2,588,000. Swedbank AB purchased a new position in Tencent Music Entertainment Group in the 1st quarter worth approximately $1,980,000. Banque Cantonale Vaudoise lifted its position in Tencent Music Entertainment Group by 1,027.8% in the first quarter. Banque Cantonale Vaudoise now owns 202,999 shares of the company’s stock valued at $2,271,000 after purchasing an additional 185,000 shares during the last quarter. Finally, Goldman Sachs Group Inc. boosted its stake 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 purchasing an additional 6,088,504 shares during the period. Hedge funds and other institutional investors own 24.32% of the company’s stock.

Wall Street Analysts Forecast Growth

TME has been the topic of several analyst reports. Benchmark decreased 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 note on Wednesday, August 14th. Bank of America decreased their price objective on shares of Tencent Music Entertainment Group from $18.00 to $15.00 and set a “buy” rating on the stock in a research report on Wednesday, August 14th. Daiwa Capital Markets lowered shares of Tencent Music Entertainment Group from an “outperform” rating to a “neutral” rating in a report on Tuesday, August 13th. Mizuho reduced their price target on Tencent Music Entertainment Group from $17.00 to $16.00 and set an “outperform” rating on the stock in a report on Wednesday, August 14th. Finally, Daiwa America cut Tencent Music Entertainment Group from a “strong-buy” rating to a “hold” rating in a report on Tuesday, August 13th. Three equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat, Tencent Music Entertainment Group currently has an average rating of “Moderate Buy” and a consensus price target of $12.72.

Tencent Music Entertainment Group Trading Down 0.7 %

TME opened at $9.86 on Monday. The stock has a market cap of $16.92 billion, a PE ratio of 21.44, a PEG ratio of 0.70 and a beta of 0.65. The business has a 50 day moving average of $11.82 and a 200-day moving average of $12.67. Tencent Music Entertainment Group has a 52 week low of $5.96 and a 52 week high of $15.77. 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 (NYSE:TME) last announced its earnings results 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 for the quarter, compared to the consensus estimate 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 predict that Tencent Music Entertainment Group will post 0.63 earnings per share for the current fiscal year.

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.