MBB Public Markets I LLC Takes $750,000 Position 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) in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 53,400 shares of the company’s stock, valued at approximately $750,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its holdings in shares of Tencent Music Entertainment Group by 0.3% in the first quarter. Vanguard Group Inc. now owns 25,057,674 shares of the company’s stock worth $280,395,000 after acquiring an additional 84,131 shares during the period. Goldman Sachs Group Inc. grew its position in shares of Tencent Music Entertainment Group by 78.2% during the 4th quarter. Goldman Sachs Group Inc. now owns 13,871,935 shares of the company’s stock valued at $124,986,000 after acquiring an additional 6,088,504 shares during the period. Aspex Management HK Ltd purchased a new stake in shares of Tencent Music Entertainment Group in the 4th quarter worth $81,542,000. Ninety One UK Ltd bought a new position in Tencent Music Entertainment Group in the 2nd quarter worth $122,775,000. Finally, Principal Financial Group Inc. lifted its position in Tencent Music Entertainment Group by 116.5% during the second quarter. Principal Financial Group Inc. now owns 5,266,424 shares of the company’s stock valued at $73,993,000 after purchasing an additional 2,834,212 shares in the last quarter. Institutional investors own 24.32% of the company’s stock.

Tencent Music Entertainment Group Stock Performance

NYSE:TME opened at $12.76 on Wednesday. The company has a market cap of $21.90 billion, a price-to-earnings ratio of 27.74, a PEG ratio of 0.89 and a beta of 0.65. Tencent Music Entertainment Group has a 1 year low of $6.09 and a 1 year high of $15.77. The stock’s 50 day simple moving average is $11.40 and its two-hundred day simple moving average is $12.73. The company has a debt-to-equity ratio of 0.09, a current ratio of 2.34 and a quick ratio of 2.34.

Tencent Music Entertainment Group (NYSE:TME) last released its quarterly earnings results 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). Tencent Music Entertainment Group had a net margin of 20.35% and a return on equity of 10.11%. The business had revenue of $985.00 million for the quarter, compared to analysts’ expectations of $1 billion. As a group, equities analysts anticipate that Tencent Music Entertainment Group will post 0.62 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on the company. Morgan Stanley cut Tencent Music Entertainment Group from an “overweight” rating to an “equal weight” rating and lowered their price objective for the company from $15.00 to $13.00 in a research report on Wednesday, September 25th. Daiwa America cut shares of Tencent Music Entertainment Group from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, August 13th. Daiwa Capital Markets downgraded shares of Tencent Music Entertainment Group from an “outperform” rating to a “neutral” rating in a research report on Tuesday, August 13th. Bank of America dropped their target price 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. Finally, Benchmark decreased 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. Four analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $12.67.

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.