The Manufacturers Life Insurance Company Has $3.68 Million Position in Tencent Music Entertainment Group Sponsored ADR $TME

The Manufacturers Life Insurance Company lessened its holdings in Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) by 65.3% in the first quarter, Holdings Channel reports. The institutional investor owned 396,895 shares of the company’s stock after selling 745,789 shares during the period. The Manufacturers Life Insurance Company’s holdings in Tencent Music Entertainment Group were worth $3,683,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Allworth Financial LP raised its stake in shares of Tencent Music Entertainment Group by 63.2% during the third quarter. Allworth Financial LP now owns 1,480 shares of the company’s stock valued at $35,000 after acquiring an additional 573 shares during the last quarter. Caitong International Asset Management Co. Ltd grew its stake in shares of Tencent Music Entertainment Group by 5,777.1% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 2,057 shares of the company’s stock worth $36,000 after purchasing an additional 2,022 shares during the last quarter. Smartleaf Asset Management LLC grew its stake in shares of Tencent Music Entertainment Group by 61.3% in the fourth quarter. Smartleaf Asset Management LLC now owns 2,123 shares of the company’s stock worth $37,000 after purchasing an additional 807 shares during the last quarter. Kestra Advisory Services LLC acquired a new stake in Tencent Music Entertainment Group in the fourth quarter valued at $46,000. Finally, EverSource Wealth Advisors LLC raised its position in Tencent Music Entertainment Group by 83.0% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 3,005 shares of the company’s stock worth $59,000 after purchasing an additional 1,363 shares during the last quarter. 24.32% of the stock is owned by institutional investors.

Tencent Music Entertainment Group Stock Performance

Shares of TME opened at $9.52 on Friday. The company has a debt-to-equity ratio of 0.06, a current ratio of 2.09 and a quick ratio of 2.08. The stock has a 50-day moving average of $8.99 and a 200-day moving average of $10.99. The company has a market cap of $14.98 billion, a PE ratio of 11.89, a P/E/G ratio of 0.63 and a beta of 0.84. Tencent Music Entertainment Group Sponsored ADR has a one year low of $7.94 and a one year high of $26.70.

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

Analysts Set New Price Targets

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