Asset Management One Co. Ltd. Buys 15,210 Shares of Tencent Music Entertainment Group (NYSE:TME)

Asset Management One Co. Ltd. increased its stake in shares of Tencent Music Entertainment Group (NYSE:TME) by 3.2% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 491,178 shares of the company’s stock after purchasing an additional 15,210 shares during the quarter. Asset Management One Co. Ltd.’s holdings in Tencent Music Entertainment Group were worth $5,919,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Ninety One UK Ltd acquired a new position in shares of Tencent Music Entertainment Group during the second quarter worth $122,775,000. Acadian Asset Management LLC increased its holdings in Tencent Music Entertainment Group by 18,902.2% in the 2nd quarter. Acadian Asset Management LLC now owns 4,468,752 shares of the company’s stock worth $62,765,000 after purchasing an additional 4,445,235 shares in the last quarter. Bamco Inc. NY bought a new position in Tencent Music Entertainment Group in the first quarter valued at about $40,857,000. Principal Financial Group Inc. boosted its stake in shares of Tencent Music Entertainment Group by 116.5% during the second quarter. Principal Financial Group Inc. now owns 5,266,424 shares of the company’s stock valued at $73,993,000 after purchasing an additional 2,834,212 shares in the last quarter. Finally, Coronation Fund Managers Ltd. grew its holdings in shares of Tencent Music Entertainment Group by 84.6% during the third quarter. Coronation Fund Managers Ltd. now owns 5,656,233 shares of the company’s stock worth $68,158,000 after purchasing an additional 2,592,381 shares during the last quarter. Institutional investors own 24.32% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the stock. Benchmark cut 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 report on Wednesday, August 14th. Morgan Stanley lowered shares of Tencent Music Entertainment Group from an “overweight” rating to an “equal weight” rating and cut their price target for the stock from $15.00 to $13.00 in a report on Wednesday, September 25th. Barclays assumed coverage on Tencent Music Entertainment Group in a report on Wednesday. They issued an “overweight” rating and a $16.00 price objective for the company. Daiwa Capital Markets downgraded Tencent Music Entertainment Group from an “outperform” rating to a “neutral” rating in a report on Tuesday, August 13th. Finally, 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. Four equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $13.03.

Tencent Music Entertainment Group Stock Down 3.3 %

Tencent Music Entertainment Group stock opened at $11.39 on Friday. The company has a market capitalization of $19.55 billion, a PE ratio of 22.78, a PEG ratio of 0.86 and a beta of 0.67. Tencent Music Entertainment Group has a 12-month low of $6.76 and a 12-month high of $15.77. The firm’s fifty day moving average is $11.39 and its 200 day moving average is $12.85. 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 (NYSE:TME) last announced 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). The company had revenue of $985.00 million for the quarter, compared to analyst estimates of $1 billion. Tencent Music Entertainment Group had a net margin of 20.35% and a return on equity of 10.11%. As a group, sell-side analysts predict that Tencent Music Entertainment Group will post 0.63 EPS for the current fiscal year.

Tencent Music Entertainment Group 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.