Baillie Gifford & Co. Reduces Stock Holdings in Tencent Music Entertainment Group (NYSE:TME)

Baillie Gifford & Co. reduced its stake in Tencent Music Entertainment Group (NYSE:TME - Free Report) by 2.7% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 21,520,498 shares of the company's stock after selling 595,424 shares during the period. Baillie Gifford & Co. owned approximately 1.25% of Tencent Music Entertainment Group worth $259,322,000 at the end of the most recent reporting period.

Several other large investors also recently added to or reduced their stakes in TME. Janney Montgomery Scott LLC increased its holdings in Tencent Music Entertainment Group by 10.5% during the 1st quarter. Janney Montgomery Scott LLC now owns 54,547 shares of the company's stock valued at $610,000 after purchasing an additional 5,175 shares during the period. Swiss National Bank increased its stake in shares of Tencent Music Entertainment Group by 0.3% in the 1st quarter. Swiss National Bank now owns 1,691,130 shares of the company's stock worth $18,924,000 after purchasing an additional 4,500 shares in the last quarter. Atomi Financial Group Inc. boosted its holdings in Tencent Music Entertainment Group by 12.0% in the 1st quarter. Atomi Financial Group Inc. now owns 25,435 shares of the company's stock worth $285,000 after buying an additional 2,727 shares during the period. Sei Investments Co. boosted its holdings in shares of Tencent Music Entertainment Group by 115.9% during the 1st quarter. Sei Investments Co. now owns 1,846,116 shares of the company's stock valued at $20,658,000 after purchasing an additional 991,056 shares during the last quarter. Finally, Russell Investments Group Ltd. boosted its holdings in shares of Tencent Music Entertainment Group by 102.8% during the 1st quarter. Russell Investments Group Ltd. now owns 707,683 shares of the company's stock valued at $7,919,000 after purchasing an additional 358,694 shares during the last quarter. Institutional investors own 24.32% of the company's stock.

Tencent Music Entertainment Group Stock Performance

Shares of NYSE TME traded down $0.73 during trading hours on Tuesday, reaching $10.82. 9,350,318 shares of the stock were exchanged, compared to its average volume of 8,622,694. The stock's fifty day simple moving average is $11.41 and its 200 day simple moving average is $12.85. Tencent Music Entertainment Group has a 52 week low of $6.76 and a 52 week high of $15.77. The company has a debt-to-equity ratio of 0.09, a quick ratio of 2.34 and a current ratio of 2.34. The firm has a market capitalization of $18.57 billion, a price-to-earnings ratio of 21.36, a P/E/G ratio of 0.84 and a beta of 0.67.

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

Analyst Ratings Changes

A number of analysts recently weighed in on the stock. Bank of America reduced their price objective on shares of Tencent Music Entertainment Group from $18.00 to $15.00 and set a "buy" rating on the stock in a research report on Wednesday, August 14th. Barclays began coverage on shares of Tencent Music Entertainment Group in a report on Wednesday, November 6th. They issued an "overweight" rating and a $16.00 price target on the stock. Morgan Stanley downgraded shares of Tencent Music Entertainment Group from an "overweight" rating to an "equal weight" rating and reduced their price target for the stock from $15.00 to $13.00 in a research report on Wednesday, September 25th. Daiwa Capital Markets cut shares of Tencent Music Entertainment Group from an "outperform" rating to a "neutral" rating in a research note on Tuesday, August 13th. Finally, Sanford C. Bernstein initiated coverage on shares of Tencent Music Entertainment Group in a research note on Monday, November 4th. They issued an "outperform" rating and a $14.00 price target for the company. Four equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $13.03.

Tencent Music Entertainment Group Company 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.