Federated Hermes Inc. Reduces Stock Position in Tencent Music Entertainment Group (NYSE:TME)

Federated Hermes Inc. cut its holdings in shares of Tencent Music Entertainment Group (NYSE:TME) by 32.9% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 5,914,271 shares of the company’s stock after selling 2,898,073 shares during the quarter. Federated Hermes Inc.’s holdings in Tencent Music Entertainment Group were worth $83,096,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of TME. Ashton Thomas Private Wealth LLC purchased a new stake in Tencent Music Entertainment Group during the 2nd quarter worth approximately $37,000. Tobam increased its holdings 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 purchasing an additional 957 shares during the last quarter. SageView Advisory Group LLC acquired a new position in shares of Tencent Music Entertainment Group in the 4th quarter worth approximately $90,000. Parallel Advisors LLC grew its position in shares of Tencent Music Entertainment Group by 27.1% in the 4th quarter. Parallel Advisors LLC now owns 10,927 shares of the company’s stock worth $98,000 after acquiring an additional 2,328 shares in the last quarter. Finally, iA Global Asset Management Inc. grew its position in shares of Tencent Music Entertainment Group by 728.9% in the 1st quarter. iA Global Asset Management Inc. now owns 11,687 shares of the company’s stock worth $131,000 after acquiring an additional 10,277 shares in the last quarter. 24.32% of the stock is currently owned by hedge funds and other institutional investors.

Tencent Music Entertainment Group Stock Down 2.5 %

TME opened at $9.51 on Friday. Tencent Music Entertainment Group has a one year low of $5.96 and a one year 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 stock’s fifty day moving average is $12.35 and its 200-day moving average is $12.65. The company has a market capitalization of $16.32 billion, a PE ratio of 20.67, a P/E/G ratio of 0.72 and a beta of 0.65.

Tencent Music Entertainment Group (NYSE:TME) last posted its quarterly earnings data on Tuesday, August 13th. The company reported $0.15 EPS for the quarter, missing analysts’ consensus estimates 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 during the quarter, compared to the consensus estimate of $1 billion. On average, equities analysts predict that Tencent Music Entertainment Group will post 0.63 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on TME. Benchmark decreased their target price on Tencent Music Entertainment Group from $19.00 to $15.00 and set a “buy” rating for the company in a research report on Wednesday, August 14th. Mizuho decreased their target price on Tencent Music Entertainment Group from $17.00 to $16.00 and set an “outperform” rating for the company in a research report on Wednesday, August 14th. Daiwa America lowered Tencent Music Entertainment Group from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, August 13th. Bank of America decreased their target price on Tencent Music Entertainment Group from $18.00 to $15.00 and set a “buy” rating for the company in a research report on Wednesday, August 14th. Finally, Daiwa Capital Markets lowered Tencent Music Entertainment Group from an “outperform” rating to a “neutral” rating in a research report on Tuesday, August 13th. Three analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $12.72.

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.