Morningstar Investment Management LLC raised its holdings in shares of Tencent Music Entertainment Group Sponsored ADR (NYSE:TME – Free Report) by 825.1% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 154,998 shares of the company’s stock after purchasing an additional 138,244 shares during the period. Morningstar Investment Management LLC’s holdings in Tencent Music Entertainment Group were worth $1,438,000 as of its most recent SEC filing.
Several other large investors have also recently made changes to their positions in TME. Allworth Financial LP boosted its position in shares of Tencent Music Entertainment Group by 63.2% in the 3rd quarter. Allworth Financial LP now owns 1,480 shares of the company’s stock worth $35,000 after purchasing an additional 573 shares in the last quarter. Caitong International Asset Management Co. Ltd increased its position in Tencent Music Entertainment Group by 5,777.1% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 2,057 shares of the company’s stock valued at $36,000 after buying an additional 2,022 shares in the last quarter. Smartleaf Asset Management LLC increased its position in Tencent Music Entertainment Group by 61.3% during the 4th quarter. Smartleaf Asset Management LLC now owns 2,123 shares of the company’s stock valued at $37,000 after buying an additional 807 shares in the last quarter. Kestra Advisory Services LLC purchased a new position in Tencent Music Entertainment Group during the fourth quarter valued at $46,000. Finally, EverSource Wealth Advisors LLC raised its stake in Tencent Music Entertainment Group by 83.0% during the second quarter. EverSource Wealth Advisors LLC now owns 3,005 shares of the company’s stock valued at $59,000 after buying an additional 1,363 shares during the last quarter. 24.32% of the stock is currently owned by hedge funds and other institutional investors.
Analysts Set New Price Targets
A number of equities research analysts have recently commented on the company. Weiss Ratings raised Tencent Music Entertainment Group from a “hold (c-)” rating to a “hold (c)” rating in a research note on Wednesday, July 1st. JPMorgan Chase & Co. lowered their price target on Tencent Music Entertainment Group from $12.00 to $10.00 and set a “neutral” rating for the company in a research report on Thursday, May 14th. Zacks Research upgraded shares of Tencent Music Entertainment Group from a “strong sell” rating to a “hold” rating in a research note on Tuesday, May 19th. Finally, Mizuho cut their price objective 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. Six equities research analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $21.44.
Tencent Music Entertainment Group Price Performance
Shares of NYSE TME opened at $8.86 on Friday. The firm has a market cap of $13.94 billion, a P/E ratio of 11.07, a PEG ratio of 0.58 and a beta of 0.82. Tencent Music Entertainment Group Sponsored ADR has a twelve month low of $7.94 and a twelve month high of $26.70. 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 50 day moving average of $8.90 and a 200 day moving average of $11.54.
Tencent Music Entertainment Group (NYSE:TME – Get Free Report) last issued its earnings results on Tuesday, March 31st. The company reported $0.11 EPS 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. As a group, research analysts expect that Tencent Music Entertainment Group Sponsored ADR will post 0.89 EPS for the current fiscal year.
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.
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