Sumitomo Mitsui Trust Holdings Inc. increases its equity holdings in Tencent Music Entertainment Group (NYSE:TME)


Sumitomo Mitsui Trust Holdings Inc. increased its position in shares of Tencent Music Entertainment Group (NYSE:TME – Get Rating) by 12.0% in Q1, according to the company in its latest filing to the Securities & Exchange Commission. The company held 1,598,252 shares of the company after purchasing an additional 170,947 shares during the period. Sumitomo Mitsui Trust Holdings Inc.’s holdings in Tencent Music Entertainment Group were worth $7,783,000 when it last filed with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also changed their holdings in the company. Pendal Group Ltd increased its position in Tencent Music Entertainment Group shares by 25.6% during the first quarter. Pendal Group Ltd now owns 3,344,694 shares in the company worth $16,289,000 after purchasing an additional 680,726 shares during the period. Zurcher Kantonalbank Zurcher Kantonalbank increased its position in shares of Tencent Music Entertainment Group by 4.4% during the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 154,322 shares of the company worth $752,000 after purchasing an additional 6,498 shares during the period. IFM Investors Pty Ltd bought a new position in shares of Tencent Music Entertainment Group during the first quarter for a value of $172,000. E Fund Management Hong Kong Co. Ltd. increased its position in Tencent Music Entertainment Group shares by 136.0% in the first quarter. E Fund Management Hong Kong Co. Ltd. now owns 391,594 shares of the company worth $1,942,000 after purchasing an additional 225,634 shares during the period. Finally, SPRINGS CAPITAL HONG KONG Ltd bought a new stock position in Tencent Music Entertainment Group during the fourth quarter worth $377,000.

Tencent Music Entertainment Group Stock Up 2.3%

Shares of Tencent Music Entertainment Group opened at $4.44 on Tuesday. Tencent Music Entertainment Group has a 1-year minimum of $2.95 and a 1-year maximum of $11.91. The company has a debt ratio of 0.10, a current ratio of 2.28 and a quick ratio of 2.28. The stock has a market capitalization of $7.45 billion, a PE ratio of 17.08, a P/E/G ratio of 1.31 and a beta of 0.85. The stock’s fifty-day moving average is $4.43 and its two-hundred-day moving average is $5.01.

Tencent Music Entertainment Group (NYSE:TME – Get Rating) last released its quarterly results on Monday, May 16. The company reported earnings per share of $0.07 for the quarter, beating consensus analyst estimates of $0.06 by $0.01. Tencent Music Entertainment Group achieved a return on equity of 6.21% and a net margin of 9.01%. The company posted revenue of $6.64 billion for the quarter, versus $6.65 billion expected by analysts. During the same period last year, the company earned earnings per share of $0.09. Tencent Music Entertainment Group’s quarterly revenue fell 15.1% year-on-year. On average, sell-side analysts expect Tencent Music Entertainment Group to post EPS of 0.24 for the current fiscal year.

Analyst upgrades and downgrades

TME has been the subject of a number of recent research reports. Goldman Sachs Group launched a cover story on Tencent Music Entertainment Group in a report on Sunday, April 10. They issued a “sell” rating and a target price of $5.60 for the company. HSBC reduced its target price on Tencent Music Entertainment Group from $5.10 to $3.90 in a Tuesday, May 17 report. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and two have assigned the company a buy rating. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $8.59.

About Tencent Music Entertainment Group

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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 which allow users to discover and listen to music in a personalized way. and WeSing, which allows users to have fun singing and interacting with friends, sharing their singing performances with friends, and discovering songs that others have sung.

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Institutional ownership by quarter for Tencent Music Entertainment Group (NYSE:TME)



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