813,953 Shares in Tencent Music Entertainment Group (NYSE:TME) Acquired by Progeny 3 Inc.

Progeny 3 Inc. acquired a new stake in Tencent Music Entertainment Group (NYSE:TME) during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 813,953 shares of the company’s stock, valued at approximately $11,436,000. Tencent Music Entertainment Group accounts for approximately 1.1% of Progeny 3 Inc.’s portfolio, making the stock its 26th biggest holding.

A number of other hedge funds also recently bought and sold shares of the business. Mirae Asset Global Investments Co. Ltd. increased its position in Tencent Music Entertainment Group by 238.1% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,805,479 shares of the company’s stock valued at $19,847,000 after purchasing an additional 1,271,426 shares during the period. Capital Wealth Planning LLC purchased a new position in shares of Tencent Music Entertainment Group during the 1st quarter worth approximately $2,588,000. Swedbank AB purchased a new position in shares of Tencent Music Entertainment Group in the 1st quarter valued at approximately $1,980,000. Banque Cantonale Vaudoise boosted its position in shares of Tencent Music Entertainment Group by 1,027.8% during the first quarter. Banque Cantonale Vaudoise now owns 202,999 shares of the company’s stock valued at $2,271,000 after purchasing an additional 185,000 shares in the last quarter. Finally, Goldman Sachs Group Inc. grew its stake in Tencent Music Entertainment Group by 78.2% in the fourth quarter. Goldman Sachs Group Inc. now owns 13,871,935 shares of the company’s stock worth $124,986,000 after purchasing an additional 6,088,504 shares during the period. Hedge funds and other institutional investors own 24.32% of the company’s stock.

Tencent Music Entertainment Group Trading Up 3.2 %

Shares of TME stock opened at $10.18 on Tuesday. The stock has a market capitalization of $17.46 billion, a P/E ratio of 22.12, a P/E/G 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. The firm’s 50 day moving average is $11.72 and its 200 day moving average is $12.66. Tencent Music Entertainment Group has a 12-month low of $6.09 and a 12-month high of $15.77.

Tencent Music Entertainment Group (NYSE:TME) last posted its quarterly earnings data on Tuesday, August 13th. The company reported $0.15 EPS for the quarter, missing analysts’ consensus estimates 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. Research analysts expect that Tencent Music Entertainment Group will post 0.63 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on TME shares. Benchmark dropped 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 report on Wednesday, August 14th. Mizuho cut 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. Daiwa Capital Markets lowered shares of Tencent Music Entertainment Group from an “outperform” rating to a “neutral” rating in a report on Tuesday, August 13th. Daiwa America downgraded Tencent Music Entertainment Group from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, August 13th. Finally, Bank of America reduced their price target on 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. Three analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to data from MarketBeat, Tencent Music Entertainment Group currently has an average rating of “Moderate Buy” and a consensus price target of $12.72.

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.