Mirae Asset Global Investments Co. Ltd. reduced its holdings in shares of Tencent Music Entertainment Group (NYSE:TME - Free Report) by 17.6% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 534,053 shares of the company's stock after selling 114,126 shares during the period. Mirae Asset Global Investments Co. Ltd.'s holdings in Tencent Music Entertainment Group were worth $4,812,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also bought and sold shares of the company. E Fund Management Hong Kong Co. Ltd. grew its holdings in shares of Tencent Music Entertainment Group by 136.0% in the first quarter. E Fund Management Hong Kong Co. Ltd. now owns 391,594 shares of the company's stock worth $1,942,000 after purchasing an additional 225,634 shares during the last quarter. Envestnet Asset Management Inc. grew its holdings in shares of Tencent Music Entertainment Group by 32.8% in the first quarter. Envestnet Asset Management Inc. now owns 31,091 shares of the company's stock worth $151,000 after purchasing an additional 7,680 shares during the last quarter. JPMorgan Chase & Co. grew its holdings in shares of Tencent Music Entertainment Group by 88.1% in the first quarter. JPMorgan Chase & Co. now owns 1,807,684 shares of the company's stock worth $8,804,000 after purchasing an additional 846,710 shares during the last quarter. US Bancorp DE grew its holdings in shares of Tencent Music Entertainment Group by 16.0% in the first quarter. US Bancorp DE now owns 32,719 shares of the company's stock worth $159,000 after purchasing an additional 4,520 shares during the last quarter. Finally, HighTower Advisors LLC bought a new position in shares of Tencent Music Entertainment Group in the first quarter worth approximately $51,000. 24.32% of the stock is currently owned by institutional investors.
Tencent Music Entertainment Group Stock Performance
Shares of TME remained flat at $11.24 during trading hours on Tuesday. The stock had a trading volume of 8,543,760 shares, compared to its average volume of 8,738,624. The company's 50-day moving average is $10.66 and its two-hundred day moving average is $9.02. The company has a quick ratio of 2.49, a current ratio of 2.49 and a debt-to-equity ratio of 0.10. The stock has a market capitalization of $19.29 billion, a PE ratio of 25.55, a price-to-earnings-growth ratio of 0.70 and a beta of 0.81. Tencent Music Entertainment Group has a 12-month low of $5.70 and a 12-month high of $12.00.
Tencent Music Entertainment Group (NYSE:TME - Get Free Report) last posted its quarterly earnings results on Tuesday, March 19th. The company reported $0.13 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.12 by $0.01. The firm had revenue of $971.00 million during the quarter, compared to analyst estimates of $925.06 million. Tencent Music Entertainment Group had a return on equity of 9.68% and a net margin of 17.71%. Research analysts anticipate that Tencent Music Entertainment Group will post 0.58 earnings per share for the current fiscal year.
Wall Street Analysts Forecast Growth
Several brokerages have recently issued reports on TME. Bank of America raised their target price on shares of Tencent Music Entertainment Group from $10.50 to $12.30 and gave the stock a "buy" rating in a report on Wednesday, March 20th. Mizuho raised their price target on Tencent Music Entertainment Group from $12.00 to $13.00 and gave the stock a "buy" rating in a research note on Wednesday, March 20th. Citigroup raised Tencent Music Entertainment Group from a "neutral" rating to a "buy" rating and raised their price target for the stock from $9.00 to $13.00 in a research note on Wednesday, March 20th. Redburn Atlantic began coverage on Tencent Music Entertainment Group in a research note on Monday, February 5th. They issued a "buy" rating and a $12.00 price target for the company. Finally, Morgan Stanley raised their price target on Tencent Music Entertainment Group from $11.00 to $13.50 and gave the stock an "overweight" rating in a research note on Wednesday, March 20th. Two analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat.com, Tencent Music Entertainment Group currently has a consensus rating of "Moderate Buy" and a consensus price target of $11.63.
Check Out Our Latest Analysis on TME
Tencent Music Entertainment Group Profile
(
Free Report)
Tencent Music Entertainment Group operates online music entertainment platforms to provide 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 music in personalized ways; and WeSing, which enables users to sing from its library of karaoke songs and share their performances in audio or video formats with friends.
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