Handelsbanken Fonder AB Has $1.65 Million Stock Position in Tencent Music Entertainment Group (NYSE:TME)

Handelsbanken Fonder AB reduced its position in shares of Tencent Music Entertainment Group (NYSE:TME) by 25.6% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 183,416 shares of the company’s stock after selling 63,184 shares during the quarter. Handelsbanken Fonder AB’s holdings in Tencent Music Entertainment Group were worth $1,653,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Tobam acquired a new position in Tencent Music Entertainment Group during the 4th quarter worth approximately $36,000. Headinvest LLC acquired a new position in Tencent Music Entertainment Group during the 3rd quarter worth approximately $39,000. Lindbrook Capital LLC raised its stake in Tencent Music Entertainment Group by 40.9% during the 4th quarter. Lindbrook Capital LLC now owns 7,036 shares of the company’s stock worth $63,000 after buying an additional 2,044 shares during the period. GABELLI & Co INVESTMENT ADVISERS INC. acquired a new position in Tencent Music Entertainment Group during the 3rd quarter worth approximately $64,000. Finally, PDS Planning Inc acquired a new position in Tencent Music Entertainment Group during the 3rd quarter worth approximately $65,000. 24.32% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of analysts have commented on the company. Morgan Stanley boosted their price objective on Tencent Music Entertainment Group from $11.00 to $13.50 and gave the stock an “overweight” rating in a report on Wednesday, March 20th. CLSA initiated coverage on Tencent Music Entertainment Group in a report on Monday, February 5th. They issued an “outperform” rating and a $10.50 target price for the company. UBS Group raised 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. Mizuho upped their target price on Tencent Music Entertainment Group from $12.00 to $13.00 and gave the company a “buy” rating in a report on Wednesday, March 20th. Finally, Redburn Atlantic initiated coverage on Tencent Music Entertainment Group in a report on Monday, February 5th. They issued a “buy” rating and a $12.00 target price for the company. Two equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $11.63.

Tencent Music Entertainment Group Price Performance

Shares of NYSE TME opened at $12.88 on Friday. The stock has a fifty day simple moving average of $11.01 and a two-hundred day simple moving average of $9.32. Tencent Music Entertainment Group has a 1-year low of $5.70 and a 1-year high of $12.93. The firm has a market cap of $22.10 billion, a price-to-earnings ratio of 29.27, a price-to-earnings-growth ratio of 0.79 and a beta of 0.81. The company has a current ratio of 2.49, a quick ratio of 2.49 and a debt-to-equity ratio of 0.10.

Tencent Music Entertainment Group (NYSE:TME) last posted its earnings results on Tuesday, March 19th. The company reported $0.13 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.12 by $0.01. Tencent Music Entertainment Group had a return on equity of 9.67% and a net margin of 17.71%. The firm had revenue of $971.00 million for the quarter, compared to the consensus estimate of $925.06 million. Analysts anticipate that Tencent Music Entertainment Group will post 0.58 earnings per share for the current year.

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