Shell Asset Management Co. Raises Position in Tencent Music Entertainment Group (NYSE:TME)

Shell Asset Management Co. boosted its stake in Tencent Music Entertainment Group (NYSE:TMEFree Report) by 10.7% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 55,344 shares of the company’s stock after buying an additional 5,354 shares during the period. Shell Asset Management Co.’s holdings in Tencent Music Entertainment Group were worth $353,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of TME. Acadian Asset Management LLC lifted its holdings in Tencent Music Entertainment Group by 87.8% in the second quarter. Acadian Asset Management LLC now owns 15,608,195 shares of the company’s stock worth $115,153,000 after buying an additional 7,297,884 shares during the period. Federated Hermes Inc. lifted its holdings in Tencent Music Entertainment Group by 436.7% in the first quarter. Federated Hermes Inc. now owns 6,735,840 shares of the company’s stock worth $32,804,000 after buying an additional 5,480,718 shares during the period. E Fund Management Co. Ltd. lifted its holdings in Tencent Music Entertainment Group by 125.5% in the fourth quarter. E Fund Management Co. Ltd. now owns 9,056,308 shares of the company’s stock worth $74,986,000 after buying an additional 5,039,621 shares during the period. Invesco Ltd. lifted its holdings in Tencent Music Entertainment Group by 75.0% in the first quarter. Invesco Ltd. now owns 11,245,066 shares of the company’s stock worth $54,762,000 after buying an additional 4,818,787 shares during the period. Finally, Norges Bank purchased a new stake in Tencent Music Entertainment Group in the fourth quarter worth about $38,194,000. 23.59% of the stock is currently owned by hedge funds and other institutional investors.

Tencent Music Entertainment Group Price Performance

Shares of TME opened at $9.67 on Monday. The company has a market capitalization of $16.59 billion, a P/E ratio of 22.49, a price-to-earnings-growth ratio of 0.76 and a beta of 0.81. The company has a quick ratio of 2.46, a current ratio of 2.46 and a debt-to-equity ratio of 0.10. The firm has a 50 day moving average of $8.88 and a 200 day moving average of $7.61. Tencent Music Entertainment Group has a twelve month low of $5.70 and a twelve month high of $9.82.

Tencent Music Entertainment Group (NYSE:TMEGet Free Report) last announced its quarterly earnings results on Tuesday, November 14th. The company reported $0.74 earnings per share for the quarter, beating the consensus estimate of $0.11 by $0.63. The company had revenue of $6.57 billion during the quarter, compared to the consensus estimate of $6.28 billion. Tencent Music Entertainment Group had a net margin of 16.82% and a return on equity of 9.71%. The firm’s quarterly revenue was down 10.8% compared to the same quarter last year. During the same quarter last year, the firm earned $0.10 earnings per share. As a group, equities research analysts anticipate that Tencent Music Entertainment Group will post 0.46 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on TME. Redburn Atlantic began coverage on shares of Tencent Music Entertainment Group in a report on Monday, February 5th. They set a “buy” rating and a $12.00 target price for the company. Benchmark reiterated a “buy” rating and set a $9.00 target price on shares of Tencent Music Entertainment Group in a report on Wednesday, November 15th. CLSA began coverage on shares of Tencent Music Entertainment Group in a report on Monday, February 5th. They set an “outperform” rating and a $10.50 target price for the company. JPMorgan Chase & Co. upgraded shares of Tencent Music Entertainment Group from a “neutral” rating to an “overweight” rating and lifted their target price for the company from $7.00 to $10.00 in a report on Thursday, November 16th. Finally, UBS Group upgraded shares of Tencent Music Entertainment Group from a “neutral” rating to a “buy” rating and set a $10.50 target price for the company in a report on Wednesday, January 24th. Two equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat.com, Tencent Music Entertainment Group has an average rating of “Moderate Buy” and an average target price of $9.47.

View Our Latest Report on TME

Tencent Music Entertainment Group Company Profile

(Free Report)

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; and WeSing, which enables users to sing from its library of karaoke songs and share their performances in audio or video formats with friends.

See Also

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Institutional Ownership by Quarter for Tencent Music Entertainment Group (NYSE:TME)

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