Prudential PLC Grows Stock Position in Tencent Music Entertainment Group (NYSE:TME)

Prudential PLC lifted its stake in Tencent Music Entertainment Group (NYSE:TME) by 21.7% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 304,401 shares of the company’s stock after buying an additional 54,263 shares during the period. Prudential PLC’s holdings in Tencent Music Entertainment Group were worth $4,277,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of the stock. Vanguard Group Inc. increased its holdings in shares of Tencent Music Entertainment Group by 0.3% in the first quarter. Vanguard Group Inc. now owns 25,057,674 shares of the company’s stock worth $280,395,000 after buying an additional 84,131 shares during the period. Goldman Sachs Group Inc. increased its holdings in Tencent Music Entertainment Group by 78.2% during the 4th quarter. Goldman Sachs Group Inc. now owns 13,871,935 shares of the company’s stock valued at $124,986,000 after purchasing an additional 6,088,504 shares during the period. Norges Bank purchased a new position in Tencent Music Entertainment Group during the 4th quarter valued at about $105,328,000. Hsbc Holdings PLC increased its holdings in Tencent Music Entertainment Group by 234.7% during the 4th quarter. Hsbc Holdings PLC now owns 10,116,989 shares of the company’s stock valued at $91,012,000 after purchasing an additional 7,094,511 shares during the period. Finally, Aspex Management HK Ltd purchased a new position in Tencent Music Entertainment Group during the 4th quarter valued at about $81,542,000. Hedge funds and other institutional investors own 24.32% of the company’s stock.

Analyst Ratings Changes

A number of research analysts recently issued reports on the company. Benchmark reduced their price target on Tencent Music Entertainment Group from $19.00 to $15.00 and set a “buy” rating on the stock in a report on Wednesday, August 14th. Bank of America reduced their price target on Tencent Music Entertainment Group from $18.00 to $15.00 and set a “buy” rating on the stock in a report on Wednesday, August 14th. Daiwa America downgraded Tencent Music Entertainment Group from a “strong-buy” rating to a “hold” rating in a report on Tuesday, August 13th. Daiwa Capital Markets cut Tencent Music Entertainment Group from an “outperform” rating to a “neutral” rating in a research report on Tuesday, August 13th. Finally, Mizuho cut their price objective on Tencent Music Entertainment Group from $17.00 to $16.00 and set an “outperform” rating on the stock in a research report on Wednesday, August 14th. Three investment analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $12.72.

Tencent Music Entertainment Group Stock Performance

Shares of TME opened at $9.65 on Wednesday. The company has a quick ratio of 2.34, a current ratio of 2.34 and a debt-to-equity ratio of 0.09. The business’s 50 day moving average price is $12.66 and its 200-day moving average price is $12.69. Tencent Music Entertainment Group has a 52 week low of $5.96 and a 52 week high of $15.77. The stock has a market cap of $16.56 billion, a P/E ratio of 20.98, a P/E/G ratio of 0.76 and a beta of 0.65.

Tencent Music Entertainment Group (NYSE:TME) last released its quarterly earnings data on Tuesday, August 13th. The company reported $0.15 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.16 by ($0.01). The business had revenue of $985.00 million during the quarter, compared to the consensus estimate of $1 billion. Tencent Music Entertainment Group had a net margin of 20.35% and a return on equity of 10.11%. Equities research analysts anticipate that Tencent Music Entertainment Group will post 0.63 earnings per share for the current fiscal year.

Tencent Music Entertainment Group Company Profile

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; long-form audio content, including audiobooks, podcasts and talk shows, as well as music-oriented video content comprising music videos, live performances, and short videos; and WeSing, which enables users to sing along from its library of karaoke songs and share their performances in audio or video formats with friends.