Krane Funds Advisors LLC Sells 950,482 Shares of Tencent Music Entertainment Group (NYSE:TME)

Krane Funds Advisors LLC decreased its holdings in Tencent Music Entertainment Group (NYSE:TME) by 5.5% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 16,295,499 shares of the company’s stock after selling 950,482 shares during the quarter. Tencent Music Entertainment Group accounts for about 7.1% of Krane Funds Advisors LLC’s portfolio, making the stock its 7th largest holding. Krane Funds Advisors LLC’s holdings in Tencent Music Entertainment Group were worth $196,361,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently made changes to their positions in the business. Allspring Global Investments Holdings LLC grew its position in Tencent Music Entertainment Group by 14.4% during the third quarter. Allspring Global Investments Holdings LLC now owns 5,973,760 shares of the company’s stock worth $71,984,000 after buying an additional 753,383 shares in the last quarter. Blue Trust Inc. grew its stake in Tencent Music Entertainment Group by 31.5% during the third quarter. Blue Trust Inc. now owns 21,258 shares of the company’s stock worth $256,000 after buying an additional 5,092 shares in the last quarter. Harbour Capital Advisors LLC bought a new position in Tencent Music Entertainment Group in the 3rd quarter valued at about $378,000. Perpetual Ltd lifted its holdings in shares of Tencent Music Entertainment Group by 6.7% during the 3rd quarter. Perpetual Ltd now owns 1,556,751 shares of the company’s stock worth $18,759,000 after acquiring an additional 97,298 shares during the period. Finally, Handelsbanken Fonder AB increased its stake in Tencent Music Entertainment Group by 2.4% in the third quarter. Handelsbanken Fonder AB now owns 179,636 shares of the company’s stock valued at $2,165,000 after acquiring an additional 4,265 shares during the last quarter. Institutional investors and hedge funds own 24.32% of the company’s stock.

Tencent Music Entertainment Group Trading Up 0.2 %

TME opened at $11.79 on Tuesday. The company has a market cap of $20.23 billion, a P/E ratio of 25.59, a price-to-earnings-growth ratio of 0.89 and a beta of 0.66. The company has a fifty day moving average price of $11.13 and a two-hundred day moving average price of $12.88. The company has a current ratio of 2.34, a quick ratio of 2.34 and a debt-to-equity ratio of 0.09. Tencent Music Entertainment Group has a 1-year low of $6.55 and a 1-year high of $15.77.

Tencent Music Entertainment Group (NYSE:TME) last announced its quarterly earnings results on Tuesday, August 13th. The company reported $0.15 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.16 by ($0.01). The firm had revenue of $985.00 million during the quarter, compared to the consensus estimate of $1 billion. Tencent Music Entertainment Group had a return on equity of 10.11% and a net margin of 20.35%. Analysts predict that Tencent Music Entertainment Group will post 0.62 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on TME shares. Bank of America reduced their target price on Tencent Music Entertainment Group from $18.00 to $15.00 and set a “buy” rating on the stock in a report on Wednesday, August 14th. Daiwa America lowered Tencent Music Entertainment Group from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, August 13th. Daiwa Capital Markets downgraded Tencent Music Entertainment Group from an “outperform” rating to a “neutral” rating in a research note on Tuesday, August 13th. Benchmark dropped their price target on Tencent Music Entertainment Group from $19.00 to $15.00 and set a “buy” rating for the company in a research note on Wednesday, August 14th. Finally, Mizuho reduced their price target on 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 equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $12.67.

Tencent Music Entertainment Group Profile

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.