Tencent Music Entertainment Group Sponsored ADR $TME Shares Bought by Bank of America Corp DE

Key Points

• Bank of America increased its Tencent Music stake by 71.6% in the first quarter, acquiring 761,787 additional shares and ending with 1.83 million shares worth approximately $16.9 million.
• Several other institutional investors also raised their holdings, including Amundi, California State Teachers Retirement System and Ohio’s public employees’ retirement system; institutions and hedge funds collectively own 24.32% of TME.
• TME shares opened at $8.88, near the lower end of their 52-week range. Analysts’ consensus rating is “Hold”, with an average price target of $17.21, while the company reported $0.25 in quarterly EPS and $1.31 billion in revenue.

Bank of America Corp DE lifted its stake in shares of Tencent Music Entertainment Group Sponsored ADR (NYSE:TME - Free Report) by 71.6% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,825,895 shares of the company's stock after acquiring an additional 761,787 shares during the quarter. Bank of America Corp DE owned 0.12% of Tencent Music Entertainment Group worth $16,944,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Amundi raised its holdings in Tencent Music Entertainment Group by 13.6% during the 1st quarter. Amundi now owns 3,350,991 shares of the company's stock worth $31,097,000 after buying an additional 401,396 shares during the period. California State Teachers Retirement System raised its holdings in shares of Tencent Music Entertainment Group by 24.3% during the first quarter. California State Teachers Retirement System now owns 275,922 shares of the company's stock valued at $2,561,000 after acquiring an additional 53,911 shares during the period. Quantinno Capital Management LP lifted its position in shares of Tencent Music Entertainment Group by 9.6% in the 1st quarter. Quantinno Capital Management LP now owns 144,280 shares of the company's stock valued at $1,339,000 after acquiring an additional 12,647 shares in the last quarter. Morningstar Investment Management LLC lifted its position in shares of Tencent Music Entertainment Group by 825.1% in the 1st quarter. Morningstar Investment Management LLC now owns 154,998 shares of the company's stock valued at $1,438,000 after acquiring an additional 138,244 shares in the last quarter. Finally, Public Employees Retirement System of Ohio boosted its stake in Tencent Music Entertainment Group by 47.6% in the 1st quarter. Public Employees Retirement System of Ohio now owns 2,214,815 shares of the company's stock worth $20,553,000 after purchasing an additional 714,637 shares during the period. 24.32% of the stock is currently owned by institutional investors and hedge funds.

Tencent Music Entertainment Group Price Performance

Shares of NYSE:TME opened at $8.88 on Friday. The firm has a market cap of $13.98 billion, a price-to-earnings ratio of 10.96, a P/E/G ratio of 1.54 and a beta of 0.84. Tencent Music Entertainment Group Sponsored ADR has a 1 year low of $7.94 and a 1 year high of $26.70. The company has a current ratio of 1.74, a quick ratio of 1.74 and a debt-to-equity ratio of 0.13. The business has a fifty day simple moving average of $8.93 and a 200 day simple moving average of $10.46.

Tencent Music Entertainment Group (NYSE:TME - Get Free Report) last issued its earnings results on Tuesday, June 30th. The company reported $0.25 earnings per share for the quarter. The company had revenue of $1.31 billion for the quarter. Tencent Music Entertainment Group had a return on equity of 11.53% and a net margin of 26.27%. As a group, sell-side analysts predict that Tencent Music Entertainment Group Sponsored ADR will post 0.89 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several analysts have issued reports on TME shares. Nomura set a $10.00 target price on shares of Tencent Music Entertainment Group and gave the company a "neutral" rating in a research note on Thursday, August 13th. China Renaissance downgraded Tencent Music Entertainment Group from a "buy" rating to a "hold" rating and set a $9.30 price target on the stock. in a report on Wednesday, August 12th. Mizuho dropped their price target on Tencent Music Entertainment Group from $18.00 to $15.00 and set an "outperform" rating on the stock in a research report on Wednesday, August 12th. 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. Finally, UBS Group set a $15.00 price objective on Tencent Music Entertainment Group in a research report on Wednesday, August 12th. Three investment analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $17.21.

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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