Creative Planning Has $877,000 Stake in Tencent Music Entertainment Group (NYSE:TME)

Creative Planning trimmed its holdings in Tencent Music Entertainment Group (NYSE:TME) by 10.8% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 72,739 shares of the company’s stock after selling 8,821 shares during the period. Creative Planning’s holdings in Tencent Music Entertainment Group were worth $877,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Mirae Asset Global Investments Co. Ltd. grew its stake in Tencent Music Entertainment Group by 238.1% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,805,479 shares of the company’s stock valued at $19,847,000 after acquiring an additional 1,271,426 shares during the period. Capital Wealth Planning LLC acquired a new position in Tencent Music Entertainment Group in the first quarter valued at about $2,588,000. Progeny 3 Inc. acquired a new position in Tencent Music Entertainment Group in the second quarter valued at about $11,436,000. Swedbank AB bought a new stake in shares of Tencent Music Entertainment Group in the first quarter valued at about $1,980,000. Finally, Russell Investments Group Ltd. lifted its holdings in shares of Tencent Music Entertainment Group by 102.8% in the first quarter. Russell Investments Group Ltd. now owns 707,683 shares of the company’s stock valued at $7,919,000 after purchasing an additional 358,694 shares in the last quarter. 24.32% of the stock is owned by institutional investors and hedge funds.

Tencent Music Entertainment Group Price Performance

NYSE:TME opened at $11.12 on Friday. 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 stock’s 50 day moving average price is $11.28 and its two-hundred day moving average price is $12.85. The firm has a market capitalization of $19.07 billion, a price-to-earnings ratio of 22.23, a P/E/G ratio of 0.84 and a beta of 0.66. Tencent Music Entertainment Group has a 12-month low of $6.76 and a 12-month high of $15.77.

Tencent Music Entertainment Group (NYSE:TME) last posted its earnings results on Tuesday, August 13th. The company reported $0.15 EPS 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 during the quarter, compared to analyst estimates of $1 billion. On average, analysts anticipate that Tencent Music Entertainment Group will post 0.63 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of analysts have recently commented on TME shares. Benchmark cut 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. Mizuho dropped their target price on 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. Daiwa Capital Markets lowered Tencent Music Entertainment Group from an “outperform” rating to a “neutral” rating in a report on Tuesday, August 13th. Daiwa America lowered Tencent Music Entertainment Group from a “strong-buy” rating to a “hold” rating in a report on Tuesday, August 13th. Finally, Bank of America dropped their target price 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. Four equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $12.67.

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.