Krane Funds Advisors LLC Lowers Stock Position in Tencent Music Entertainment Group (NYSE:TME)

Krane Funds Advisors LLC decreased its position in Tencent Music Entertainment Group (NYSE:TME - Free Report) by 5.5% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 16,295,499 shares of the company's stock after selling 950,482 shares during the quarter. Tencent Music Entertainment Group accounts for approximately 7.1% of Krane Funds Advisors LLC's holdings, making the stock its 7th largest holding. Krane Funds Advisors LLC owned 0.95% of Tencent Music Entertainment Group worth $196,361,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of TME. Ballentine Partners LLC grew its position in Tencent Music Entertainment Group by 44.2% in the first quarter. Ballentine Partners LLC now owns 21,816 shares of the company's stock valued at $244,000 after purchasing an additional 6,684 shares in the last quarter. TB Alternative Assets Ltd. bought a new position in shares of Tencent Music Entertainment Group in the 1st quarter valued at about $1,203,000. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH acquired a new stake in shares of Tencent Music Entertainment Group in the first quarter valued at about $481,000. Sumitomo Mitsui Trust Holdings Inc. raised its holdings in Tencent Music Entertainment Group by 12.0% during the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,900,511 shares of the company's stock worth $21,267,000 after acquiring an additional 203,224 shares in the last quarter. Finally, Principal Financial Group Inc. acquired a new position in Tencent Music Entertainment Group during the first quarter valued at approximately $27,216,000. 24.32% of the stock is currently owned by institutional investors.

Tencent Music Entertainment Group Stock Performance

TME stock traded up $0.03 during mid-day trading on Tuesday, hitting $11.80. 4,127,319 shares of the company were exchanged, compared to its average volume of 8,826,656. Tencent Music Entertainment Group has a 1-year low of $6.55 and a 1-year high of $15.77. The business has a 50 day simple moving average of $11.13 and a 200-day simple moving average 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. The stock has a market capitalization of $20.25 billion, a PE ratio of 25.59, a price-to-earnings-growth ratio of 0.89 and a beta of 0.66.

Tencent Music Entertainment Group (NYSE:TME - Get Free Report) last released its quarterly earnings results on Tuesday, August 13th. The company reported $0.15 earnings per share for the quarter, missing the consensus estimate of $0.16 by ($0.01). Tencent Music Entertainment Group had a return on equity of 10.11% and a net margin of 20.35%. The firm had revenue of $985.00 million for the quarter, compared to analyst estimates of $1 billion. On average, equities analysts forecast that Tencent Music Entertainment Group will post 0.62 earnings per share for the current year.

Wall Street Analyst Weigh In

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

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.