Tencent Music Entertainment Group (NYSE:TME) Stake Cut by Sequoia Financial Advisors LLC

Sequoia Financial Advisors LLC reduced its holdings in Tencent Music Entertainment Group (NYSE:TME) by 7.6% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 17,568 shares of the company’s stock after selling 1,439 shares during the period. Sequoia Financial Advisors LLC’s holdings in Tencent Music Entertainment Group were worth $212,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of the business. Vanguard Group Inc. lifted its stake in Tencent Music Entertainment Group by 0.3% in the 1st quarter. Vanguard Group Inc. now owns 25,057,674 shares of the company’s stock worth $280,395,000 after acquiring an additional 84,131 shares in the last quarter. Ninety One UK Ltd purchased a new stake in Tencent Music Entertainment Group in the 2nd quarter worth about $122,775,000. Driehaus Capital Management LLC lifted its stake in Tencent Music Entertainment Group by 37.0% in the 2nd quarter. Driehaus Capital Management LLC now owns 7,129,342 shares of the company’s stock worth $100,167,000 after acquiring an additional 1,925,124 shares in the last quarter. The Manufacturers Life Insurance Company raised its stake in shares of Tencent Music Entertainment Group by 58.6% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 6,180,406 shares of the company’s stock worth $86,835,000 after purchasing an additional 2,284,347 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC raised its stake in shares of Tencent Music Entertainment Group by 14.4% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 5,973,760 shares of the company’s stock worth $71,984,000 after purchasing an additional 753,383 shares in the last quarter. 24.32% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on TME. Mizuho cut their price target 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. Bank of America cut their price target on Tencent Music Entertainment Group from $18.00 to $15.00 and set a “buy” rating for the company in a research note on Wednesday, August 14th. Morgan Stanley downgraded Tencent Music Entertainment Group from an “overweight” rating to an “equal weight” rating and cut their price target for the stock from $15.00 to $13.00 in a research note on Wednesday, September 25th. 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 research note on Wednesday, August 14th. Finally, Daiwa America lowered Tencent Music Entertainment Group from a “strong-buy” rating to a “hold” rating in a report on Tuesday, August 13th. Four analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $12.67.

Tencent Music Entertainment Group Stock Performance

TME opened at $11.55 on Wednesday. The firm has a market capitalization of $19.82 billion, a P/E ratio of 25.11, a price-to-earnings-growth ratio of 0.85 and a beta of 0.66. The stock’s 50 day moving average price is $11.23 and its two-hundred day moving average price is $12.87. 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 $6.76 and a 12-month 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 (EPS) for the quarter, missing analysts’ consensus estimates of $0.16 by ($0.01). The business 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%. On average, equities analysts forecast that Tencent Music Entertainment Group will post 0.63 earnings per share for the current year.

Tencent Music Entertainment Group Company 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.