Sei Investments Co. Grows Stock Position in Tencent Music Entertainment Group (NYSE:TME)

Sei Investments Co. boosted its holdings in Tencent Music Entertainment Group (NYSE:TME) by 80.1% during the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 3,324,263 shares of the company’s stock after acquiring an additional 1,478,147 shares during the period. Sei Investments Co. owned 0.19% of Tencent Music Entertainment Group worth $46,706,000 at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its stake in shares of Tencent Music Entertainment Group by 0.3% in the 1st quarter. Vanguard Group Inc. now owns 25,057,674 shares of the company’s stock valued at $280,395,000 after purchasing an additional 84,131 shares during the last quarter. Goldman Sachs Group Inc. raised its holdings in Tencent Music Entertainment Group by 78.2% in the 4th quarter. Goldman Sachs Group Inc. now owns 13,871,935 shares of the company’s stock valued at $124,986,000 after buying an additional 6,088,504 shares during the period. Hsbc Holdings PLC lifted its position in Tencent Music Entertainment Group by 234.7% in the fourth quarter. Hsbc Holdings PLC now owns 10,116,989 shares of the company’s stock valued at $91,012,000 after buying an additional 7,094,511 shares during the last quarter. Aspex Management HK Ltd purchased a new position in Tencent Music Entertainment Group during the fourth quarter worth about $81,542,000. Finally, Ninety One UK Ltd acquired a new stake in shares of Tencent Music Entertainment Group during the second quarter valued at about $122,775,000. 24.32% of the stock is currently owned by hedge funds and other institutional investors.

Tencent Music Entertainment Group Stock Performance

Shares of Tencent Music Entertainment Group stock opened at $9.86 on Monday. The business has a 50-day simple moving average of $11.82 and a 200-day simple moving average of $12.67. The company has a debt-to-equity ratio of 0.09, a quick ratio of 2.34 and a current ratio of 2.34. Tencent Music Entertainment Group has a one year low of $5.96 and a one year high of $15.77. The company has a market cap of $16.92 billion, a PE ratio of 21.44, a P/E/G ratio of 0.70 and a beta of 0.65.

Tencent Music Entertainment Group (NYSE:TME) last posted its quarterly 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 return on equity of 10.11% and a net margin of 20.35%. The firm had revenue of $985.00 million for the quarter, compared to analyst estimates of $1 billion. On average, equities research analysts forecast that Tencent Music Entertainment Group will post 0.63 EPS for the current fiscal year.

Analyst Ratings Changes

Several equities analysts have recently commented on TME shares. Mizuho decreased their price objective 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. Benchmark lowered their price target on Tencent Music Entertainment Group from $19.00 to $15.00 and set a “buy” rating for the company in a research report on Wednesday, August 14th. Bank of America cut their price objective 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. Daiwa Capital Markets lowered Tencent Music Entertainment Group from an “outperform” rating to a “neutral” rating in a research note on Tuesday, August 13th. Finally, Daiwa America downgraded Tencent Music Entertainment Group from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, August 13th. Three research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average 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.