MBB Public Markets I LLC Makes New Investment in Tencent Music Entertainment Group (NYSE:TME)

MBB Public Markets I LLC acquired a new stake in shares of Tencent Music Entertainment Group (NYSE:TME) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 53,400 shares of the company’s stock, valued at approximately $750,000.

Several other hedge funds and other institutional investors have also made changes to their positions in TME. Mirae Asset Global Investments Co. Ltd. raised its position in Tencent Music Entertainment Group by 238.1% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,805,479 shares of the company’s stock worth $19,847,000 after purchasing an additional 1,271,426 shares during the period. Capital Wealth Planning LLC bought a new position in shares of Tencent Music Entertainment Group in the first quarter worth about $2,588,000. Swedbank AB purchased a new position in Tencent Music Entertainment Group in the 1st quarter worth about $1,980,000. Progeny 3 Inc. bought a new stake in Tencent Music Entertainment Group during the 2nd quarter valued at about $11,436,000. Finally, Banque Cantonale Vaudoise boosted its position in Tencent Music Entertainment Group by 1,027.8% in the 1st quarter. Banque Cantonale Vaudoise now owns 202,999 shares of the company’s stock valued at $2,271,000 after buying an additional 185,000 shares during the period. Hedge funds and other institutional investors own 24.32% of the company’s stock.

Analyst Ratings Changes

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

Tencent Music Entertainment Group Stock Up 5.9 %

NYSE:TME opened at $12.76 on Wednesday. The company has a current ratio of 2.34, a quick ratio of 2.34 and a debt-to-equity ratio of 0.09. Tencent Music Entertainment Group has a twelve month low of $6.09 and a twelve month high of $15.77. The company has a market cap of $21.90 billion, a PE ratio of 27.74, a P/E/G ratio of 0.89 and a beta of 0.65. The company’s 50 day moving average is $11.40 and its two-hundred day moving average is $12.73.

Tencent Music Entertainment Group (NYSE:TME) last posted 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 net margin of 20.35% and a return on equity of 10.11%. The firm had revenue of $985.00 million for the quarter, compared to analysts’ expectations of $1 billion. Analysts anticipate that Tencent Music Entertainment Group will post 0.62 EPS 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.