Barometer Capital Management Inc. Takes $745,000 Position in Tencent Music Entertainment Group Sponsored ADR $TME

Barometer Capital Management Inc. purchased a new position in shares of Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 82,400 shares of the company’s stock, valued at approximately $745,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Allworth Financial LP grew its holdings in Tencent Music Entertainment Group by 63.2% during the 3rd quarter. Allworth Financial LP now owns 1,480 shares of the company’s stock worth $35,000 after acquiring an additional 573 shares in the last quarter. Caitong International Asset Management Co. Ltd raised its stake in shares of Tencent Music Entertainment Group by 5,777.1% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 2,057 shares of the company’s stock valued at $36,000 after purchasing an additional 2,022 shares in the last quarter. Smartleaf Asset Management LLC raised its stake in shares of Tencent Music Entertainment Group by 61.3% in the 4th quarter. Smartleaf Asset Management LLC now owns 2,123 shares of the company’s stock valued at $37,000 after purchasing an additional 807 shares in the last quarter. Kestra Advisory Services LLC bought a new position in shares of Tencent Music Entertainment Group during the fourth quarter worth about $46,000. Finally, EverSource Wealth Advisors LLC lifted its position in shares of Tencent Music Entertainment Group by 83.0% during the second quarter. EverSource Wealth Advisors LLC now owns 3,005 shares of the company’s stock worth $59,000 after purchasing an additional 1,363 shares during the last quarter. Institutional investors own 24.32% of the company’s stock.

Tencent Music Entertainment Group Price Performance

Shares of TME opened at $8.95 on Wednesday. Tencent Music Entertainment Group Sponsored ADR has a 12 month low of $7.94 and a 12 month high of $26.70. The company has a debt-to-equity ratio of 0.06, a current ratio of 2.09 and a quick ratio of 2.08. The stock has a fifty day moving average price of $8.90 and a 200 day moving average price of $11.69. The company has a market cap of $14.09 billion, a P/E ratio of 11.19, a PEG ratio of 0.60 and a beta of 0.82.

Tencent Music Entertainment Group (NYSE:TME) last posted its earnings results on Tuesday, March 31st. The company reported $0.11 earnings per share (EPS) for the quarter. Tencent Music Entertainment Group had a return on equity of 11.20% and a net margin of 26.45%.The company had revenue of $1.15 billion for the quarter. On average, research analysts forecast that Tencent Music Entertainment Group Sponsored ADR will post 0.9 earnings per share for the current year.

Analyst Ratings Changes

A number of equities analysts recently commented on TME shares. JPMorgan Chase & Co. decreased their price target on Tencent Music Entertainment Group from $12.00 to $10.00 and set a “neutral” rating for the company in a research note on Thursday, May 14th. Zacks Research upgraded Tencent Music Entertainment Group from a “strong sell” rating to a “hold” rating in a research note on Tuesday, May 19th. Mizuho reduced their target price on Tencent Music Entertainment Group from $23.00 to $18.00 and set an “outperform” rating on the stock in a report on Wednesday, May 13th. Finally, Weiss Ratings upgraded Tencent Music Entertainment Group from a “hold (c-)” rating to a “hold (c)” rating in a research report on Wednesday, July 1st. Six investment analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $21.44.

About Tencent Music Entertainment Group

Tencent Music Entertainment Group (NYSE: TME) is a China-based digital music and audio entertainment platform that operates a portfolio of leading music streaming and social entertainment services. Its core consumer-facing products include streaming apps, online karaoke (KTV) services and live music and entertainment broadcasts. The company monetizes its content through a mix of subscriptions, digital music sales, in-app purchases, virtual gifting, advertising and licensing arrangements with rights holders.

The company traces its roots to the consolidation of Tencent’s music assets and was established in the mid-2010s to unify several prominent music properties under a single operating entity.