Capital Wealth Planning LLC Sells 32,206 Shares of Tencent Music Entertainment Group (NYSE:TME)

Capital Wealth Planning LLC reduced its holdings in shares of Tencent Music Entertainment Group (NYSE:TME) by 13.9% in the second quarter, according to its most recent filing with the SEC. The fund owned 199,052 shares of the company’s stock after selling 32,206 shares during the period. Capital Wealth Planning LLC’s holdings in Tencent Music Entertainment Group were worth $2,797,000 at the end of the most recent quarter.

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

Tencent Music Entertainment Group Trading Down 2.5 %

Shares of NYSE:TME opened at $9.51 on Monday. The business’s 50-day moving average is $12.35 and its 200 day moving average is $12.68. Tencent Music Entertainment Group has a 1 year low of $5.96 and a 1 year high of $15.77. The firm has a market capitalization of $16.32 billion, a P/E ratio of 20.67, a P/E/G ratio of 0.72 and a beta of 0.65. The company has a debt-to-equity ratio of 0.09, a current ratio of 2.34 and a quick ratio of 2.34.

Tencent Music Entertainment Group (NYSE:TME) last announced its 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 business had revenue of $985.00 million for the quarter, compared to analyst estimates of $1 billion. Tencent Music Entertainment Group had a net margin of 20.35% and a return on equity of 10.11%. On average, research analysts predict that Tencent Music Entertainment Group will post 0.63 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the company. Mizuho reduced their price objective 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. Bank of America reduced their price objective 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. Benchmark reduced their price objective on Tencent Music Entertainment Group from $19.00 to $15.00 and set a “buy” rating on the stock in a report on Wednesday, August 14th. Daiwa America downgraded Tencent Music Entertainment Group from a “strong-buy” rating to a “hold” rating in a report on Tuesday, August 13th. 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 investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $12.72.

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.