Carmignac Gestion Has $26.74 Million Stake in Tencent Music Entertainment Group Sponsored ADR $TME

Key Points

• Carmignac Gestion increased its Tencent Music stake by 2,635.9% during the first quarter, acquiring 2.78 million additional shares. Its position totaled 2.88 million shares worth approximately $26.74 million, or 0.18% of the company.
• Tencent Music reported quarterly revenue of $1.15 billion and earnings of $0.11 per share, with a 26.45% net margin. Analysts expect $0.89 in EPS for the current fiscal year.
• Analyst sentiment remains mixed, with six Buy ratings and eight Hold ratings. The consensus rating is Hold, while the average price target is $21.44 versus the stock’s reported price of $9.44.

Carmignac Gestion increased its stake in Tencent Music Entertainment Group Sponsored ADR (NYSE:TME - Free Report) by 2,635.9% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,881,153 shares of the company's stock after acquiring an additional 2,775,843 shares during the quarter. Carmignac Gestion owned 0.18% of Tencent Music Entertainment Group worth $26,740,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of the stock. Robeco Institutional Asset Management B.V. grew its stake in shares of Tencent Music Entertainment Group by 7.3% in the 4th quarter. Robeco Institutional Asset Management B.V. now owns 5,706,740 shares of the company's stock valued at $100,039,000 after buying an additional 387,109 shares during the period. Vanguard Group Inc. boosted its holdings in Tencent Music Entertainment Group by 1.4% in the fourth quarter. Vanguard Group Inc. now owns 21,455,738 shares of the company's stock worth $376,119,000 after acquiring an additional 293,385 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in Tencent Music Entertainment Group by 414.3% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,130,608 shares of the company's stock valued at $19,820,000 after acquiring an additional 910,767 shares during the period. Goldman Sachs Group Inc. grew its stake in Tencent Music Entertainment Group by 7.3% in the fourth quarter. Goldman Sachs Group Inc. now owns 7,863,263 shares of the company's stock valued at $137,843,000 after acquiring an additional 537,047 shares during the period. Finally, Sumitomo Mitsui Trust Group Inc. raised its position in shares of Tencent Music Entertainment Group by 312.3% during the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 5,764,321 shares of the company's stock worth $101,049,000 after purchasing an additional 4,366,226 shares during the period. Institutional investors and hedge funds own 24.32% of the company's stock.

Tencent Music Entertainment Group Price Performance

Shares of NYSE:TME opened at $9.44 on Monday. The company has a current ratio of 2.09, a quick ratio of 2.08 and a debt-to-equity ratio of 0.06. The stock's fifty day simple moving average is $8.95 and its two-hundred day simple moving average is $11.21. Tencent Music Entertainment Group Sponsored ADR has a 1-year low of $7.94 and a 1-year high of $26.70. The stock has a market cap of $14.85 billion, a PE ratio of 11.80, a price-to-earnings-growth ratio of 0.62 and a beta of 0.82.

Tencent Music Entertainment Group (NYSE:TME - Get Free Report) last posted its earnings results on Tuesday, March 31st. The company reported $0.11 earnings per share (EPS) for the quarter. The firm had revenue of $1.15 billion during the quarter. Tencent Music Entertainment Group had a net margin of 26.45% and a return on equity of 11.20%. As a group, analysts forecast that Tencent Music Entertainment Group Sponsored ADR will post 0.89 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages recently issued reports on TME. Weiss Ratings upgraded Tencent Music Entertainment Group from a "hold (c-)" rating to a "hold (c)" rating in a report on Wednesday, July 1st. JPMorgan Chase & Co. reduced their price objective on shares of Tencent Music Entertainment Group from $12.00 to $10.00 and set a "neutral" rating for the company in a 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 report on Tuesday, May 19th. Finally, Mizuho dropped their price target 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 investment analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company. Based on data from MarketBeat.com, Tencent Music Entertainment Group has an average rating of "Hold" and a consensus target price of $21.44.

About Tencent Music Entertainment Group

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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