Sumitomo Mitsui Trust Holdings Inc. Sells 51,182 Shares of Tencent Music Entertainment Group (NYSE:TME)

Sumitomo Mitsui Trust Holdings Inc. lessened its position in shares of Tencent Music Entertainment Group (NYSE:TME) by 2.9% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,697,287 shares of the company’s stock after selling 51,182 shares during the period. Sumitomo Mitsui Trust Holdings Inc. owned approximately 0.10% of Tencent Music Entertainment Group worth $15,293,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in TME. Tobam bought a new stake in shares of Tencent Music Entertainment Group during the fourth quarter worth approximately $36,000. Headinvest LLC bought a new stake in shares of Tencent Music Entertainment Group during the third quarter worth approximately $39,000. GABELLI & Co INVESTMENT ADVISERS INC. bought a new stake in shares of Tencent Music Entertainment Group during the third quarter worth approximately $64,000. PDS Planning Inc bought a new stake in shares of Tencent Music Entertainment Group during the third quarter worth approximately $65,000. Finally, China Universal Asset Management Co. Ltd. bought a new stake in shares of Tencent Music Entertainment Group during the third quarter worth approximately $66,000. Institutional investors own 24.32% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on TME. Morgan Stanley boosted their price objective on Tencent Music Entertainment Group from $11.00 to $13.50 and gave the stock an “overweight” rating in a report on Wednesday, March 20th. CLSA began coverage on shares of Tencent Music Entertainment Group in a research report on Monday, February 5th. They issued an “outperform” rating and a $10.50 price target for the company. HSBC lifted their price target on shares of Tencent Music Entertainment Group from $9.50 to $10.40 and gave the company a “hold” rating in a research report on Wednesday, March 20th. Mizuho lifted their price target on shares of Tencent Music Entertainment Group from $12.00 to $13.00 and gave the company a “buy” rating in a research report on Wednesday, March 20th. Finally, The Goldman Sachs Group upgraded shares of Tencent Music Entertainment Group from a “neutral” rating to a “buy” rating and set a $14.00 price target for the company in a research report on Wednesday, March 20th. Two equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to MarketBeat, Tencent Music Entertainment Group has an average rating of “Moderate Buy” and an average target price of $11.63.

Tencent Music Entertainment Group Stock Up 3.7 %

Shares of TME opened at $11.78 on Tuesday. Tencent Music Entertainment Group has a one year low of $5.70 and a one year high of $12.00. The company has a market cap of $20.22 billion, a P/E ratio of 26.77, a P/E/G ratio of 0.70 and a beta of 0.81. The company has a debt-to-equity ratio of 0.10, a current ratio of 2.49 and a quick ratio of 2.49. The firm has a 50 day simple moving average of $10.80 and a two-hundred day simple moving average of $9.17.

Tencent Music Entertainment Group (NYSE:TME) last announced its quarterly earnings data on Tuesday, March 19th. The company reported $0.13 EPS for the quarter, beating the consensus estimate of $0.12 by $0.01. Tencent Music Entertainment Group had a net margin of 17.71% and a return on equity of 9.67%. The business had revenue of $971.00 million during the quarter, compared to the consensus estimate of $925.06 million. Research analysts forecast that Tencent Music Entertainment Group will post 0.58 EPS for the current fiscal 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; and WeSing, which enables users to sing from its library of karaoke songs and share their performances in audio or video formats with friends.