Sumitomo Mitsui Trust Group Inc. Reduces Position in Tencent Music Entertainment Group Sponsored ADR $TME

Sumitomo Mitsui Trust Group Inc. trimmed its stake in Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) by 77.4% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,302,541 shares of the company’s stock after selling 4,461,780 shares during the quarter. Sumitomo Mitsui Trust Group Inc.’s holdings in Tencent Music Entertainment Group were worth $12,088,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Royal Bank of Canada increased its position in Tencent Music Entertainment Group by 9.0% during the 1st quarter. Royal Bank of Canada now owns 144,475 shares of the company’s stock worth $2,082,000 after purchasing an additional 11,979 shares in the last quarter. AQR Capital Management LLC raised its position in shares of Tencent Music Entertainment Group by 107.5% in the first quarter. AQR Capital Management LLC now owns 85,450 shares of the company’s stock valued at $1,231,000 after buying an additional 44,265 shares during the last quarter. Jones Financial Companies Lllp acquired a new position in shares of Tencent Music Entertainment Group in the first quarter valued at approximately $985,000. Acadian Asset Management LLC lifted its stake in shares of Tencent Music Entertainment Group by 385,900.0% during the first quarter. Acadian Asset Management LLC now owns 50,180 shares of the company’s stock valued at $722,000 after buying an additional 50,167 shares during the period. Finally, EverSource Wealth Advisors LLC boosted its position in Tencent Music Entertainment Group by 83.0% during the second quarter. EverSource Wealth Advisors LLC now owns 3,005 shares of the company’s stock worth $59,000 after acquiring an additional 1,363 shares during the last quarter. 24.32% of the stock is currently owned by hedge funds and other institutional investors.

Tencent Music Entertainment Group Stock Down 0.4%

Shares of NYSE TME opened at $8.79 on Wednesday. Tencent Music Entertainment Group Sponsored ADR has a 52-week low of $7.94 and a 52-week high of $26.70. The firm has a fifty day moving average of $8.92 and a 200-day moving average of $11.99. The stock has a market capitalization of $13.84 billion, a PE ratio of 10.99, a P/E/G ratio of 0.57 and a beta of 0.82. The company has a quick ratio of 2.08, a current ratio of 2.09 and a debt-to-equity ratio of 0.06.

Tencent Music Entertainment Group (NYSE:TME) last issued its 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 business had revenue of $1.15 billion for the quarter. On average, analysts anticipate that Tencent Music Entertainment Group Sponsored ADR will post 0.9 EPS for the current year.

Analyst Ratings Changes

Several research analysts have weighed in on the company. Barclays cut their price target on Tencent Music Entertainment Group from $28.00 to $20.00 and set an “overweight” rating for the company in a report on Thursday, March 19th. JPMorgan Chase & Co. lowered their price objective on Tencent Music Entertainment Group from $12.00 to $10.00 and set a “neutral” rating for the company in a research report on Thursday, May 14th. Mizuho dropped their target price on Tencent Music Entertainment Group from $23.00 to $18.00 and set an “outperform” rating for the company in a research note on Wednesday, May 13th. UBS Group reiterated a “neutral” rating and set a $13.00 target price (down from $26.00) on shares of Tencent Music Entertainment Group in a research report on Wednesday, March 18th. Finally, Daiwa Securities Group reissued a “hold” rating and issued a $12.00 price target on shares of Tencent Music Entertainment Group in a research note on Wednesday, March 18th. Six analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company. According to MarketBeat.com, Tencent Music Entertainment Group has an average rating of “Hold” and a consensus 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.