49,910 Shares in Tencent Music Entertainment Group (NYSE:TME) Bought by Seven Eight Capital LP

Seven Eight Capital LP purchased a new stake in Tencent Music Entertainment Group (NYSE:TME) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 49,910 shares of the company’s stock, valued at approximately $701,000.

A number of other hedge funds also recently made changes to their positions in the business. Ashton Thomas Private Wealth LLC bought a new stake in Tencent Music Entertainment Group in the second quarter valued at about $37,000. Tobam grew its stake in shares of Tencent Music Entertainment Group by 37.7% in the 2nd quarter. Tobam now owns 3,498 shares of the company’s stock valued at $49,000 after purchasing an additional 957 shares during the period. SageView Advisory Group LLC acquired a new position in shares of Tencent Music Entertainment Group in the 4th quarter worth approximately $90,000. Parallel Advisors LLC lifted its position in shares of Tencent Music Entertainment Group by 27.1% during the 4th quarter. Parallel Advisors LLC now owns 10,927 shares of the company’s stock worth $98,000 after buying an additional 2,328 shares during the period. Finally, iA Global Asset Management Inc. boosted its stake in Tencent Music Entertainment Group by 728.9% in the 1st quarter. iA Global Asset Management Inc. now owns 11,687 shares of the company’s stock valued at $131,000 after buying an additional 10,277 shares in the last quarter. Institutional investors and hedge funds own 24.32% of the company’s stock.

Tencent Music Entertainment Group Stock Performance

Tencent Music Entertainment Group stock opened at $9.86 on Friday. The company has a market cap of $16.92 billion, a PE ratio of 21.44, a PEG ratio of 0.70 and a beta of 0.65. 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 1 year low of $5.96 and a 1 year high of $15.77. The company’s 50-day moving average is $11.82 and its two-hundred day moving average is $12.64.

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

Analyst Ratings Changes

A number of research analysts have issued reports on TME shares. Daiwa Capital Markets cut Tencent Music Entertainment Group from an “outperform” rating to a “neutral” rating in a report on Tuesday, August 13th. Mizuho reduced their price target on shares of Tencent Music Entertainment Group from $17.00 to $16.00 and set an “outperform” rating on the stock in a research report on Wednesday, August 14th. Bank of America dropped their price objective on shares of 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 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. Finally, Daiwa America cut Tencent Music Entertainment Group from a “strong-buy” rating to a “hold” rating in a report on Tuesday, August 13th. Three equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $12.72.

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.