Ballentine Partners LLC Sells 1,452 Shares of Tencent Music Entertainment Group (NYSE:TME)

Ballentine Partners LLC cut its stake in Tencent Music Entertainment Group (NYSE:TME) by 6.5% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 20,745 shares of the company’s stock after selling 1,452 shares during the period. Ballentine Partners LLC’s holdings in Tencent Music Entertainment Group were worth $250,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of TME. QRG Capital Management Inc. lifted its holdings in shares of Tencent Music Entertainment Group by 5.7% during the 2nd quarter. QRG Capital Management Inc. now owns 15,843 shares of the company’s stock worth $223,000 after acquiring an additional 860 shares during the period. DekaBank Deutsche Girozentrale boosted its stake in Tencent Music Entertainment Group by 0.9% during the 2nd quarter. DekaBank Deutsche Girozentrale now owns 101,442 shares of the company’s stock worth $1,403,000 after acquiring an additional 922 shares during the last quarter. Tobam boosted its stake in Tencent Music Entertainment Group by 37.7% during the 2nd quarter. Tobam now owns 3,498 shares of the company’s stock worth $49,000 after acquiring an additional 957 shares during the last quarter. Atomi Financial Group Inc. boosted its stake in Tencent Music Entertainment Group by 6.1% during the 2nd quarter. Atomi Financial Group Inc. now owns 26,996 shares of the company’s stock worth $379,000 after acquiring an additional 1,561 shares during the last quarter. Finally, Ashton Thomas Private Wealth LLC bought a new position in Tencent Music Entertainment Group during the 2nd quarter worth approximately $37,000. 24.32% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

TME has been the topic of a number of research reports. Bank of America cut their price target on shares of Tencent Music Entertainment Group from $18.00 to $15.00 and set a “buy” rating on the stock in a research note on Wednesday, August 14th. Morgan Stanley lowered shares of Tencent Music Entertainment Group from an “overweight” rating to an “equal weight” rating and cut their price target for the company from $15.00 to $13.00 in a research note on Wednesday, September 25th. Benchmark lowered their price objective on shares of Tencent Music Entertainment Group from $19.00 to $15.00 and set a “buy” rating on the stock in a report on Wednesday, August 14th. Daiwa Capital Markets downgraded shares of Tencent Music Entertainment Group from an “outperform” rating to a “neutral” rating in a report on Tuesday, August 13th. Finally, Mizuho lowered their target price on shares of Tencent Music Entertainment Group from $17.00 to $16.00 and set an “outperform” rating on the stock in a report on Wednesday, August 14th. Four investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat.com, Tencent Music Entertainment Group currently has an average rating of “Moderate Buy” and a consensus target price of $12.67.

Tencent Music Entertainment Group Trading Down 2.4 %

TME opened at $11.55 on Wednesday. The company’s 50 day moving average is $11.23 and its 200-day moving average is $12.87. Tencent Music Entertainment Group has a 1-year low of $6.76 and a 1-year high of $15.77. The company has a current ratio of 2.34, a quick ratio of 2.34 and a debt-to-equity ratio of 0.09. The company has a market cap of $19.82 billion, a P/E ratio of 25.11, a PEG ratio of 0.85 and a beta of 0.66.

Tencent Music Entertainment Group (NYSE:TME) last issued its quarterly earnings data on Tuesday, August 13th. The company reported $0.15 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.16 by ($0.01). The business had revenue of $985.00 million during the quarter, compared to the consensus estimate of $1 billion. Tencent Music Entertainment Group had a net margin of 20.35% and a return on equity of 10.11%. Equities research analysts predict that Tencent Music Entertainment Group will post 0.63 earnings per share for the current fiscal year.

About Tencent Music Entertainment Group

Tencent Music Entertainment Group operates online music entertainment platforms to provide 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 music in personalized ways; long-form audio content, including audiobooks, podcasts and talk shows, as well as music-oriented video content comprising music videos, live performances, and short videos; and WeSing, which enables users to sing along from its library of karaoke songs and share their performances in audio or video formats with friends.