Progeny 3 Inc. Buys New Holdings in Tencent Music Entertainment Group (NYSE:TME)

Progeny 3 Inc. purchased a new position in Tencent Music Entertainment Group (NYSE:TME) in the 2nd quarter, Holdings Channel reports. The institutional investor purchased 813,953 shares of the company’s stock, valued at approximately $11,436,000. Tencent Music Entertainment Group accounts for 1.1% of Progeny 3 Inc.’s investment portfolio, making the stock its 26th biggest holding.

A number of other institutional investors have also added to or reduced their stakes in the stock. QRG Capital Management Inc. boosted its stake in Tencent Music Entertainment Group by 5.7% during the second quarter. QRG Capital Management Inc. now owns 15,843 shares of the company’s stock valued at $223,000 after buying an additional 860 shares during the last quarter. DekaBank Deutsche Girozentrale boosted its position in shares of Tencent Music Entertainment Group by 0.9% during the 2nd quarter. DekaBank Deutsche Girozentrale now owns 101,442 shares of the company’s stock valued at $1,403,000 after acquiring an additional 922 shares during the last quarter. Tobam grew its holdings in shares of Tencent Music Entertainment Group by 37.7% in the second quarter. Tobam now owns 3,498 shares of the company’s stock valued at $49,000 after purchasing an additional 957 shares in the last quarter. Atomi Financial Group Inc. increased its position in Tencent Music Entertainment Group by 6.1% in the second quarter. Atomi Financial Group Inc. now owns 26,996 shares of the company’s stock worth $379,000 after purchasing an additional 1,561 shares during the last quarter. Finally, Parallel Advisors LLC grew its position in Tencent Music Entertainment Group by 27.1% in the fourth quarter. Parallel Advisors LLC now owns 10,927 shares of the company’s stock worth $98,000 after acquiring an additional 2,328 shares in the last quarter. 24.32% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

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

Tencent Music Entertainment Group Trading Up 3.2 %

Shares of NYSE:TME opened at $10.18 on Tuesday. The company has a quick ratio of 2.34, a current ratio of 2.34 and a debt-to-equity ratio of 0.09. Tencent Music Entertainment Group has a 52-week low of $6.09 and a 52-week high of $15.77. The stock has a market cap of $17.46 billion, a price-to-earnings ratio of 22.12, a PEG ratio of 0.70 and a beta of 0.65. The business has a 50-day moving average price of $11.72 and a 200-day moving average price of $12.66.

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

About Tencent Music Entertainment Group

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.