Fullerton Fund Management Co Ltd. Lowers Stock Holdings in Tencent Music Entertainment Group Sponsored ADR $TME

Fullerton Fund Management Co Ltd. reduced its position in shares of Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) by 53.0% in the 4th quarter, HoldingsChannel reports. The institutional investor owned 844,961 shares of the company’s stock after selling 952,497 shares during the period. Tencent Music Entertainment Group makes up about 0.6% of Fullerton Fund Management Co Ltd.’s portfolio, making the stock its 27th biggest holding. Fullerton Fund Management Co Ltd.’s holdings in Tencent Music Entertainment Group were worth $14,812,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of TME. Schroder Investment Management Group boosted its position in shares of Tencent Music Entertainment Group by 30.0% during the fourth quarter. Schroder Investment Management Group now owns 80,480,078 shares of the company’s stock worth $1,410,816,000 after buying an additional 18,554,567 shares during the period. Norges Bank purchased a new position in shares of Tencent Music Entertainment Group during the fourth quarter worth $94,360,000. Green Court Capital Management Ltd boosted its position in shares of Tencent Music Entertainment Group by 467.2% during the fourth quarter. Green Court Capital Management Ltd now owns 5,893,162 shares of the company’s stock worth $108,729,000 after buying an additional 4,854,084 shares during the period. Sumitomo Mitsui Trust Group Inc. boosted its position in shares of Tencent Music Entertainment Group by 312.3% during the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 5,764,321 shares of the company’s stock worth $101,049,000 after buying an additional 4,366,226 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC purchased a new position in shares of Tencent Music Entertainment Group during the fourth quarter worth $72,897,000. 24.32% of the stock is currently owned by hedge funds and other institutional investors.

Tencent Music Entertainment Group Trading Down 3.3%

NYSE:TME opened at $8.93 on Wednesday. The firm has a market cap of $14.05 billion, a PE ratio of 11.16, a price-to-earnings-growth ratio of 0.60 and a beta of 0.80. The stock has a fifty day moving average price of $9.26 and a 200 day moving average price of $13.33. Tencent Music Entertainment Group Sponsored ADR has a 12-month low of $8.44 and a 12-month high of $26.70. The company has a current ratio of 2.09, a quick ratio of 2.08 and a debt-to-equity ratio of 0.06.

Tencent Music Entertainment Group (NYSE:TME) last posted its quarterly earnings results on Tuesday, March 31st. The company reported $0.11 earnings per share for the quarter. Tencent Music Entertainment Group had a return on equity of 11.20% and a net margin of 26.45%.The company had revenue of $1.15 billion for the quarter. Sell-side analysts anticipate that Tencent Music Entertainment Group Sponsored ADR will post 0.9 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on TME shares. Barclays lowered their price target on Tencent Music Entertainment Group from $28.00 to $20.00 and set an “overweight” rating for the company in a research report on Thursday, March 19th. JPMorgan Chase & Co. decreased their target price on Tencent Music Entertainment Group from $12.00 to $10.00 and set a “neutral” rating for the company in a report on Thursday, May 14th. Daiwa Securities Group reiterated a “hold” rating and issued a $12.00 target price on shares of Tencent Music Entertainment Group in a report on Wednesday, March 18th. Weiss Ratings lowered Tencent Music Entertainment Group from a “hold (c)” rating to a “hold (c-)” rating in a report on Tuesday, June 2nd. Finally, Zacks Research upgraded Tencent Music Entertainment Group from a “strong sell” rating to a “hold” rating in a report on Tuesday, May 19th. Six analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company’s stock. According to MarketBeat.com, Tencent Music Entertainment Group currently has an average rating of “Hold” and an average price target of $21.44.

Tencent Music Entertainment Group Profile

Tencent Music Entertainment Group (NYSE: TME) is a China-based digital music and audio entertainment platform that operates a portfolio of leading music streaming and social entertainment services. Its core consumer-facing products include streaming apps, online karaoke (KTV) services and live music and entertainment broadcasts. The company monetizes its content through a mix of subscriptions, digital music sales, in-app purchases, virtual gifting, advertising and licensing arrangements with rights holders.

The company traces its roots to the consolidation of Tencent’s music assets and was established in the mid-2010s to unify several prominent music properties under a single operating entity.