Canada Pension Plan Investment Board Reduces Stock Holdings in Tencent Music Entertainment Group (NYSE:TME)

Canada Pension Plan Investment Board lessened its position in shares of Tencent Music Entertainment Group (NYSE:TME) by 36.5% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 17,148,557 shares of the company’s stock after selling 9,849,113 shares during the period. Canada Pension Plan Investment Board owned 1.02% of Tencent Music Entertainment Group worth $351,374,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. FMR LLC bought a new stake in shares of Tencent Music Entertainment Group in the first quarter valued at approximately $21,905,000. First Trust Advisors LP purchased a new stake in shares of Tencent Music Entertainment Group in the first quarter worth $468,000. Amundi Pioneer Asset Management Inc. bought a new position in Tencent Music Entertainment Group in the 1st quarter worth about $4,169,000. FIL Ltd purchased a new stake in shares of Tencent Music Entertainment Group in the 4th quarter valued at about $2,476,000. Finally, Wells Fargo & Company MN grew its holdings in shares of Tencent Music Entertainment Group by 4.0% during the fourth quarter. Wells Fargo & Company MN now owns 145,218 shares of the company’s stock worth $2,793,000 after purchasing an additional 5,593 shares in the last quarter. 31.09% of the stock is owned by institutional investors.

Shares of NYSE:TME traded down $0.01 during midday trading on Thursday, reaching $11.66. 286,039 shares of the company’s stock traded hands, compared to its average volume of 14,993,925. The company has a debt-to-equity ratio of 0.10, a quick ratio of 3.06 and a current ratio of 3.06. The stock has a market cap of $19.56 billion, a P/E ratio of 28.88, a P/E/G ratio of 2.59 and a beta of 1.04. Tencent Music Entertainment Group has a 1 year low of $11.24 and a 1 year high of $32.25. The company has a fifty day simple moving average of $14.71.

Tencent Music Entertainment Group (NYSE:TME) last announced its quarterly earnings data on Sunday, May 16th. The company reported $0.69 EPS for the quarter, topping the Zacks’ consensus estimate of $0.10 by $0.59. The firm had revenue of $7.82 billion for the quarter, compared to the consensus estimate of $7.77 billion. Tencent Music Entertainment Group had a return on equity of 8.96% and a net margin of 13.67%. The firm’s revenue was up 23.9% compared to the same quarter last year. During the same quarter last year, the business posted $0.66 earnings per share. On average, sell-side analysts forecast that Tencent Music Entertainment Group will post 0.36 earnings per share for the current fiscal year.

A number of equities research analysts recently weighed in on the stock. Zacks Investment Research downgraded shares of Tencent Music Entertainment Group from a “hold” rating to a “sell” rating in a research note on Tuesday, April 27th. The Goldman Sachs Group lowered shares of Tencent Music Entertainment Group from a “buy” rating to a “neutral” rating in a research report on Wednesday, March 24th. HSBC decreased their price objective on Tencent Music Entertainment Group from $26.00 to $22.00 and set a “buy” rating on the stock in a report on Thursday, July 8th. TheStreet downgraded Tencent Music Entertainment Group from a “b-” rating to a “c+” rating in a research report on Thursday, April 8th. Finally, Needham & Company LLC began coverage on Tencent Music Entertainment Group in a research note on Friday, July 9th. They set a “buy” rating and a $25.00 target price on the stock. Two research analysts have rated the stock with a sell rating, four have given a hold rating and nine have assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average price target of $24.56.

About Tencent Music Entertainment Group

Tencent Music Entertainment Group operates online music entertainment platforms that provides 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 and listen to music in personalized ways; and WeSing, which enables users to have fun by singing and interacting with friends, sharing their singing performances with friends, and discovering songs that others have sung.

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Institutional Ownership by Quarter for Tencent Music Entertainment Group (NYSE:TME)

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