Hsbc Holdings PLC Lowers Stock Position in Tencent Music Entertainment Group Sponsored ADR $TME

Hsbc Holdings PLC cut its stake in shares of Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) by 11.8% in the first quarter, Holdings Channel.com reports. The fund owned 2,754,314 shares of the company’s stock after selling 368,635 shares during the period. Hsbc Holdings PLC’s holdings in Tencent Music Entertainment Group were worth $25,566,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Summit Securities Group LLC acquired a new position in shares of Tencent Music Entertainment Group in the 1st quarter worth approximately $110,000. Swedbank AB increased its holdings in Tencent Music Entertainment Group by 6.7% in the 1st quarter. Swedbank AB now owns 651,685 shares of the company’s stock valued at $6,048,000 after purchasing an additional 40,766 shares during the last quarter. Y Intercept Hong Kong Ltd raised its position in Tencent Music Entertainment Group by 75.0% in the first quarter. Y Intercept Hong Kong Ltd now owns 763,551 shares of the company’s stock valued at $7,086,000 after purchasing an additional 327,295 shares during the period. Leonteq Securities AG raised its position in Tencent Music Entertainment Group by 341.1% in the first quarter. Leonteq Securities AG now owns 226,689 shares of the company’s stock valued at $2,104,000 after purchasing an additional 175,292 shares during the period. Finally, Union Bancaire Privee UBP SA lifted its stake in Tencent Music Entertainment Group by 45.1% during the first quarter. Union Bancaire Privee UBP SA now owns 190,612 shares of the company’s stock worth $1,769,000 after purchasing an additional 59,264 shares in the last quarter. 24.32% of the stock is owned by hedge funds and other institutional investors.

Tencent Music Entertainment Group Trading Down 2.4%

NYSE:TME opened at $8.95 on Wednesday. Tencent Music Entertainment Group Sponsored ADR has a 1 year low of $7.94 and a 1 year high of $26.70. The stock has a market cap of $14.09 billion, a P/E ratio of 11.19, a P/E/G ratio of 0.60 and a beta of 0.82. The company has a debt-to-equity ratio of 0.06, a quick ratio of 2.08 and a current ratio of 2.09. The stock has a 50-day simple moving average of $8.90 and a 200-day simple moving average of $11.69.

Tencent Music Entertainment Group (NYSE:TME) last posted its earnings results on Tuesday, March 31st. The company reported $0.11 earnings per share for the quarter. The firm had revenue of $1.15 billion during the quarter. Tencent Music Entertainment Group had a return on equity of 11.20% and a net margin of 26.45%. As a group, 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

A number of equities research analysts have recently weighed in on TME shares. Weiss Ratings raised Tencent Music Entertainment Group from a “hold (c-)” rating to a “hold (c)” rating in a research note on Wednesday, July 1st. JPMorgan Chase & Co. decreased their target price on Tencent Music Entertainment Group from $12.00 to $10.00 and set a “neutral” rating on the stock in a research note on Thursday, May 14th. Mizuho lowered their target price on Tencent Music Entertainment Group from $23.00 to $18.00 and set an “outperform” rating for the company in a report on Wednesday, May 13th. Finally, Zacks Research raised Tencent Music Entertainment Group from a “strong sell” rating to a “hold” rating in a research report on Tuesday, May 19th. Six analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the stock. According to data from MarketBeat, Tencent Music Entertainment Group presently has an average rating of “Hold” and an average price target of $21.44.

About Tencent Music Entertainment Group

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.