Renaissance Technologies LLC Cuts Stock Holdings in Tencent Music Entertainment Group Sponsored ADR $TME

Renaissance Technologies LLC reduced its stake in Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) by 22.2% during the first quarter, HoldingsChannel.com reports. The fund owned 6,570,344 shares of the company’s stock after selling 1,879,808 shares during the quarter. Renaissance Technologies LLC’s holdings in Tencent Music Entertainment Group were worth $60,973,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in TME. Morningstar Investment Management LLC lifted its position in shares of Tencent Music Entertainment Group by 825.1% in the first quarter. Morningstar Investment Management LLC now owns 154,998 shares of the company’s stock worth $1,438,000 after buying an additional 138,244 shares in the last quarter. Public Employees Retirement System of Ohio raised its holdings in shares of Tencent Music Entertainment Group by 47.6% during the 1st quarter. Public Employees Retirement System of Ohio now owns 2,214,815 shares of the company’s stock worth $20,553,000 after acquiring an additional 714,637 shares in the last quarter. Sei Investments Co. boosted its position in shares of Tencent Music Entertainment Group by 10.4% during the 1st quarter. Sei Investments Co. now owns 3,980,820 shares of the company’s stock valued at $36,942,000 after acquiring an additional 374,586 shares during the last quarter. NewEdge Wealth LLC bought a new position in shares of Tencent Music Entertainment Group during the 1st quarter valued at approximately $106,000. Finally, First Trust Advisors LP grew its holdings in shares of Tencent Music Entertainment Group by 1,023.3% in the first quarter. First Trust Advisors LP now owns 554,438 shares of the company’s stock valued at $5,145,000 after purchasing an additional 505,080 shares in the last quarter. Institutional investors own 24.32% of the company’s stock.

Tencent Music Entertainment Group Stock Down 0.1%

NYSE TME opened at $8.86 on Monday. The company has a quick ratio of 2.08, a current ratio of 2.09 and a debt-to-equity ratio of 0.06. The company has a fifty day moving average of $8.90 and a two-hundred day moving average of $11.49. The firm has a market capitalization of $13.94 billion, a price-to-earnings ratio of 11.07, a PEG ratio of 0.58 and a beta of 0.82. Tencent Music Entertainment Group Sponsored ADR has a 52 week low of $7.94 and a 52 week high of $26.70.

Tencent Music Entertainment Group (NYSE:TME) last announced its earnings results on Tuesday, March 31st. The company reported $0.11 earnings per share for the quarter. The business had revenue of $1.15 billion for the quarter. Tencent Music Entertainment Group had a net margin of 26.45% and a return on equity of 11.20%. On average, analysts predict that Tencent Music Entertainment Group Sponsored ADR will post 0.89 earnings per share for the current year.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on TME shares. Mizuho reduced their price target on shares of Tencent Music Entertainment Group from $23.00 to $18.00 and set an “outperform” rating on the stock in a research report on Wednesday, May 13th. Zacks Research raised shares of Tencent Music Entertainment Group from a “strong sell” rating to a “hold” rating in a research note on Tuesday, May 19th. Weiss Ratings upgraded shares of Tencent Music Entertainment Group from a “hold (c-)” rating to a “hold (c)” rating in a report on Wednesday, July 1st. Finally, JPMorgan Chase & Co. decreased their target price on shares of Tencent Music Entertainment Group from $12.00 to $10.00 and set a “neutral” rating on the stock in a research report on Thursday, May 14th. Six analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $21.44.

Tencent Music Entertainment Group Company Profile

Tencent Music Entertainment Group (NYSE: TME) is a China-based digital music and audio entertainment platform that operates a portfolio of leading music streaming and social entertainment services. Its core consumer-facing products include streaming apps, online karaoke (KTV) services and live music and entertainment broadcasts. The company monetizes its content through a mix of subscriptions, digital music sales, in-app purchases, virtual gifting, advertising and licensing arrangements with rights holders.

The company traces its roots to the consolidation of Tencent’s music assets and was established in the mid-2010s to unify several prominent music properties under a single operating entity.