Diversify Advisory Services LLC Acquires Shares of 14,095 Tencent Music Entertainment Group (NYSE:TME)

Diversify Advisory Services LLC bought a new position in shares of Tencent Music Entertainment Group (NYSE:TME) during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 14,095 shares of the company’s stock, valued at approximately $166,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Ashton Thomas Private Wealth LLC acquired a new position in Tencent Music Entertainment Group during the 2nd quarter worth about $37,000. Tobam lifted its position in shares of Tencent Music Entertainment Group by 37.7% during the second quarter. Tobam now owns 3,498 shares of the company’s stock worth $49,000 after purchasing an additional 957 shares in the last quarter. iA Global Asset Management Inc. grew its stake in shares of Tencent Music Entertainment Group by 728.9% during the first quarter. iA Global Asset Management Inc. now owns 11,687 shares of the company’s stock valued at $131,000 after purchasing an additional 10,277 shares during the last quarter. Wrapmanager Inc. acquired a new stake in shares of Tencent Music Entertainment Group in the second quarter valued at approximately $192,000. Finally, Beverly Hills Private Wealth LLC bought a new position in Tencent Music Entertainment Group in the 2nd quarter worth approximately $214,000. 24.32% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of brokerages have commented on TME. Morgan Stanley lowered Tencent Music Entertainment Group from an “overweight” rating to an “equal weight” rating and decreased their price objective for the company from $15.00 to $13.00 in a research report on Wednesday, September 25th. Bank of America dropped their price objective on Tencent Music Entertainment Group from $18.00 to $15.00 and set a “buy” rating for the company in a report on Wednesday, August 14th. Benchmark reduced their target price on shares of Tencent Music Entertainment Group from $19.00 to $15.00 and set a “buy” rating on the stock in a research note on Wednesday, August 14th. Daiwa Capital Markets cut shares of Tencent Music Entertainment Group from an “outperform” rating to a “neutral” rating in a research note on Tuesday, August 13th. Finally, Mizuho cut their price target on Tencent Music Entertainment Group from $17.00 to $16.00 and set an “outperform” rating on the stock in a research note on Wednesday, August 14th. Four investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat.com, Tencent Music Entertainment Group currently has a consensus rating of “Moderate Buy” and a consensus price target of $12.67.

Tencent Music Entertainment Group Stock Performance

TME stock opened at $11.12 on Friday. Tencent Music Entertainment Group has a 1-year low of $6.76 and a 1-year high of $15.77. The company has a current ratio of 2.34, a quick ratio of 2.34 and a debt-to-equity ratio of 0.09. The firm has a market cap of $19.07 billion, a PE ratio of 22.23, a P/E/G ratio of 0.84 and a beta of 0.66. The business’s 50-day moving average price is $11.28 and its two-hundred day moving average price is $12.85.

Tencent Music Entertainment Group (NYSE:TME) last released its quarterly earnings data 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 net margin of 20.35% and a return on equity of 10.11%. The business had revenue of $985.00 million for the quarter, compared to the consensus estimate of $1 billion. As a group, research analysts forecast that Tencent Music Entertainment Group will post 0.63 earnings per share for the current 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.