Tencent Music Entertainment Group (NYSE:TME) Shares Sold by LSV Asset Management

LSV Asset Management lowered its position in Tencent Music Entertainment Group (NYSE:TME) by 1.0% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 2,413,588 shares of the company’s stock after selling 25,600 shares during the quarter. LSV Asset Management owned 0.14% of Tencent Music Entertainment Group worth $21,746,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Janiczek Wealth Management LLC boosted its holdings in Tencent Music Entertainment Group by 8.6% in the fourth quarter. Janiczek Wealth Management LLC now owns 16,559 shares of the company’s stock valued at $149,000 after acquiring an additional 1,311 shares during the last quarter. Signaturefd LLC boosted its holdings in Tencent Music Entertainment Group by 5.1% in the fourth quarter. Signaturefd LLC now owns 33,465 shares of the company’s stock valued at $302,000 after acquiring an additional 1,628 shares during the last quarter. Cigna Investments Inc. New boosted its holdings in Tencent Music Entertainment Group by 13.6% in the fourth quarter. Cigna Investments Inc. New now owns 15,186 shares of the company’s stock valued at $137,000 after acquiring an additional 1,817 shares during the last quarter. Lindbrook Capital LLC boosted its holdings in Tencent Music Entertainment Group by 40.9% in the fourth quarter. Lindbrook Capital LLC now owns 7,036 shares of the company’s stock valued at $63,000 after acquiring an additional 2,044 shares during the last quarter. Finally, Advisor Partners II LLC boosted its holdings in Tencent Music Entertainment Group by 19.5% in the third quarter. Advisor Partners II LLC now owns 13,529 shares of the company’s stock valued at $86,000 after acquiring an additional 2,207 shares during the last quarter. Institutional investors and hedge funds own 24.32% of the company’s stock.

Tencent Music Entertainment Group Stock Up 0.6 %

Shares of Tencent Music Entertainment Group stock opened at $13.58 on Tuesday. The company has a current ratio of 2.49, a quick ratio of 2.49 and a debt-to-equity ratio of 0.10. The business’s 50 day simple moving average is $11.34 and its 200-day simple moving average is $9.60. The stock has a market capitalization of $23.30 billion, a price-to-earnings ratio of 30.86, a PEG ratio of 0.83 and a beta of 0.77. Tencent Music Entertainment Group has a twelve month low of $5.70 and a twelve month high of $13.66.

Tencent Music Entertainment Group (NYSE:TME) last announced its quarterly earnings results on Tuesday, March 19th. The company reported $0.13 earnings per share for the quarter, topping analysts’ consensus estimates of $0.12 by $0.01. The business had revenue of $971.00 million for the quarter, compared to analysts’ expectations of $925.06 million. Tencent Music Entertainment Group had a return on equity of 9.67% and a net margin of 17.71%. Equities research analysts forecast that Tencent Music Entertainment Group will post 0.58 earnings per share for the current year.

Analysts Set New Price Targets

A number of brokerages have commented on TME. Bank of America boosted their price objective on Tencent Music Entertainment Group from $10.50 to $12.30 and gave the stock a “buy” rating in a research note on Wednesday, March 20th. CLSA began coverage on Tencent Music Entertainment Group in a research note on Monday, February 5th. They set an “outperform” rating and a $10.50 price objective on the stock. The Goldman Sachs Group upgraded Tencent Music Entertainment Group from a “neutral” rating to a “buy” rating and set a $14.00 price objective on the stock in a research note on Wednesday, March 20th. Citigroup upgraded Tencent Music Entertainment Group from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $9.00 to $13.00 in a research note on Wednesday, March 20th. Finally, UBS Group upgraded Tencent Music Entertainment Group from a “neutral” rating to a “buy” rating and set a $10.50 price objective on the stock in a research note on Wednesday, January 24th. Two investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $11.63.

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.