Bank of New York Mellon Corp Trims Stock Holdings in Tencent Music Entertainment Group Sponsored ADR $TME

Bank of New York Mellon Corp lowered its stake in shares of Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) by 4.6% during the first quarter, Holdings Channel reports. The fund owned 1,498,216 shares of the company’s stock after selling 71,429 shares during the quarter. Bank of New York Mellon Corp’s holdings in Tencent Music Entertainment Group were worth $13,903,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in TME. Allworth Financial LP boosted its stake in shares of Tencent Music Entertainment Group by 63.2% during the 3rd quarter. Allworth Financial LP now owns 1,480 shares of the company’s stock worth $35,000 after purchasing an additional 573 shares during the last quarter. O Shaughnessy Asset Management LLC grew its holdings in shares of Tencent Music Entertainment Group by 0.5% during the fourth quarter. O Shaughnessy Asset Management LLC now owns 132,635 shares of the company’s stock worth $2,325,000 after buying an additional 610 shares in the last quarter. Vise Technologies Inc. raised its position in shares of Tencent Music Entertainment Group by 5.0% in the fourth quarter. Vise Technologies Inc. now owns 14,648 shares of the company’s stock valued at $257,000 after buying an additional 692 shares during the last quarter. Smartleaf Asset Management LLC raised its position in shares of Tencent Music Entertainment Group by 61.3% in the fourth quarter. Smartleaf Asset Management LLC now owns 2,123 shares of the company’s stock valued at $37,000 after buying an additional 807 shares during the last quarter. Finally, Cerity Partners LLC lifted its stake in shares of Tencent Music Entertainment Group by 1.8% during the fourth quarter. Cerity Partners LLC now owns 52,583 shares of the company’s stock valued at $922,000 after buying an additional 929 shares during the period. 24.32% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on TME. Mizuho decreased their target price on shares of Tencent Music Entertainment Group from $23.00 to $18.00 and set an “outperform” rating on the stock in a research report on Wednesday, May 13th. Zacks Research upgraded Tencent Music Entertainment Group from a “strong sell” rating to a “hold” rating in a report on Tuesday, May 19th. 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. Finally, JPMorgan Chase & Co. decreased their price objective on Tencent Music Entertainment Group from $12.00 to $10.00 and set a “neutral” rating on the stock in a report on Thursday, May 14th. Six analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $21.44.

Tencent Music Entertainment Group Price Performance

TME opened at $9.47 on Friday. Tencent Music Entertainment Group Sponsored ADR has a 1 year low of $7.94 and a 1 year high of $26.70. The company’s 50 day simple moving average is $8.93 and its 200 day simple moving average is $11.27. The stock has a market capitalization of $14.91 billion, a PE ratio of 11.84, a P/E/G ratio of 0.64 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.

Tencent Music Entertainment Group (NYSE:TME) last issued its quarterly earnings results on Tuesday, March 31st. The company reported $0.11 EPS for the quarter. The firm had revenue of $1.15 billion during the quarter. Tencent Music Entertainment Group had a net margin of 26.45% and a return on equity of 11.20%. As a group, sell-side analysts expect that Tencent Music Entertainment Group Sponsored ADR will post 0.89 EPS for the current year.

Tencent Music Entertainment Group Company 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.