Hound Partners LLC Purchases New Stake in Tencent Music Entertainment Group (NYSE:TME)

Hound Partners LLC purchased a new stake in Tencent Music Entertainment Group (NYSE:TME) during the first quarter, HoldingsChannel reports. The firm purchased 100,000 shares of the company’s stock, valued at approximately $2,049,000.

A number of other institutional investors and hedge funds have also bought and sold shares of TME. Parallel Advisors LLC raised its stake in Tencent Music Entertainment Group by 51.9% in the 1st quarter. Parallel Advisors LLC now owns 1,568 shares of the company’s stock valued at $32,000 after acquiring an additional 536 shares during the period. Concord Wealth Partners bought a new stake in Tencent Music Entertainment Group in the 1st quarter valued at $44,000. Carroll Financial Associates Inc. bought a new stake in Tencent Music Entertainment Group in the 1st quarter valued at $57,000. Eaton Vance Management bought a new stake in Tencent Music Entertainment Group in the 1st quarter valued at $64,000. Finally, Harvest Fund Management Co. Ltd bought a new stake in Tencent Music Entertainment Group in the 1st quarter valued at $74,000. Institutional investors and hedge funds own 31.09% of the company’s stock.

A number of equities research analysts recently weighed in on TME shares. Zacks Investment Research cut Tencent Music Entertainment Group from a “hold” rating to a “sell” rating in a research note on Tuesday, April 27th. Citigroup lowered their price objective on Tencent Music Entertainment Group from $30.00 to $27.00 and set a “buy” rating on the stock in a research report on Tuesday, May 18th. Needham & Company LLC initiated coverage on Tencent Music Entertainment Group in a research report on Friday, July 9th. They set a “buy” rating and a $25.00 price objective on the stock. China Renaissance Securities initiated coverage on Tencent Music Entertainment Group in a research report on Tuesday, July 13th. They set a “buy” rating and a $22.00 price objective on the stock. Finally, The Goldman Sachs Group cut Tencent Music Entertainment Group from a “buy” rating to a “neutral” rating in a research report on Wednesday, March 24th. Two research analysts have rated the stock with a sell rating, four have given a hold rating and nine have assigned a buy rating to the company. The company has a consensus rating of “Hold” and an average price target of $24.56.

NYSE:TME remained flat at $$11.67 during trading hours on Thursday. The company had a trading volume of 244,634 shares, compared to its average volume of 14,993,925. The stock has a fifty day moving average price of $14.71. The firm has a market capitalization of $19.58 billion, a PE ratio of 28.88, a P/E/G ratio of 2.59 and a beta of 1.04. The company has a debt-to-equity ratio of 0.10, a current ratio of 3.06 and a quick ratio of 3.06. Tencent Music Entertainment Group has a fifty-two week low of $11.24 and a fifty-two week high of $32.25.

Tencent Music Entertainment Group (NYSE:TME) last released its quarterly earnings data on Sunday, May 16th. The company reported $0.69 earnings per share for the quarter, beating the consensus estimate of $0.10 by $0.59. The business had revenue of $7.82 billion for the quarter, compared to analyst estimates of $7.77 billion. Tencent Music Entertainment Group had a return on equity of 8.96% and a net margin of 13.67%. Tencent Music Entertainment Group’s revenue was up 23.9% compared to the same quarter last year. During the same period last year, the firm posted $0.66 earnings per share. On average, sell-side analysts anticipate that Tencent Music Entertainment Group will post 0.36 earnings per share for the current fiscal year.

About Tencent Music Entertainment Group

Tencent Music Entertainment Group operates online music entertainment platforms that provides 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 and listen to music in personalized ways; and WeSing, which enables users to have fun by singing and interacting with friends, sharing their singing performances with friends, and discovering songs that others have sung.

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Institutional Ownership by Quarter for Tencent Music Entertainment Group (NYSE:TME)

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