Royal Bank of Canada Has $670,000 Holdings in Tencent Music Entertainment Group Sponsored ADR $TME

Royal Bank of Canada cut its holdings in shares of Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) by 54.7% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 72,091 shares of the company’s stock after selling 87,074 shares during the quarter. Royal Bank of Canada’s holdings in Tencent Music Entertainment Group were worth $670,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Allworth Financial LP grew its position in Tencent Music Entertainment Group by 63.2% during the third quarter. Allworth Financial LP now owns 1,480 shares of the company’s stock worth $35,000 after buying an additional 573 shares in the last quarter. Caitong International Asset Management Co. Ltd increased its stake in Tencent Music Entertainment Group by 5,777.1% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 2,057 shares of the company’s stock worth $36,000 after acquiring an additional 2,022 shares during the period. Smartleaf Asset Management LLC raised its holdings in Tencent Music Entertainment Group by 61.3% in the 4th quarter. Smartleaf Asset Management LLC now owns 2,123 shares of the company’s stock valued at $37,000 after acquiring an additional 807 shares in the last quarter. Kestra Advisory Services LLC bought a new stake in shares of Tencent Music Entertainment Group during the 4th quarter valued at $46,000. Finally, EverSource Wealth Advisors LLC grew its holdings in shares of Tencent Music Entertainment Group by 83.0% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 3,005 shares of the company’s stock worth $59,000 after purchasing an additional 1,363 shares in the last quarter. 24.32% of the stock is currently owned by institutional investors and hedge funds.

Tencent Music Entertainment Group Price Performance

Shares of TME stock opened at $8.80 on Monday. The company has a quick ratio of 1.74, a current ratio of 1.74 and a debt-to-equity ratio of 0.13. Tencent Music Entertainment Group Sponsored ADR has a twelve month low of $7.94 and a twelve month high of $26.70. The company has a market cap of $13.85 billion, a P/E ratio of 10.86, a P/E/G ratio of 1.54 and a beta of 0.84. The business has a fifty day simple moving average of $8.92 and a 200 day simple moving average of $10.41.

Tencent Music Entertainment Group (NYSE:TME) last released its quarterly earnings data on Tuesday, June 30th. The company reported $0.25 earnings per share for the quarter. Tencent Music Entertainment Group had a return on equity of 11.53% and a net margin of 26.27%.The business had revenue of $1.31 billion for the quarter. On average, sell-side analysts forecast that Tencent Music Entertainment Group Sponsored ADR will post 0.87 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of research analysts recently commented on TME shares. JPMorgan Chase & Co. dropped their price target on Tencent Music Entertainment Group from $12.00 to $10.00 and set a “neutral” rating for the company in a research note on Thursday, May 14th. Mizuho decreased their target price on shares of Tencent Music Entertainment Group from $18.00 to $15.00 and set an “outperform” rating on the stock in a report on Wednesday, August 12th. UBS Group set a $15.00 target price on shares of Tencent Music Entertainment Group in a research report on Wednesday, August 12th. China Renaissance downgraded shares of Tencent Music Entertainment Group from a “buy” rating to a “hold” rating and set a $9.30 price target for the company. in a report on Wednesday, August 12th. Finally, Weiss Ratings upgraded shares of Tencent Music Entertainment Group from a “hold (c-)” rating to a “hold (c)” rating in a research report on Wednesday, July 1st. Three analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the company’s stock. Based on data from MarketBeat, Tencent Music Entertainment Group has a consensus rating of “Hold” and a consensus price target of $17.21.

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.