Exchange Traded Concepts LLC Decreases Stake in Tencent Music Entertainment Group (NYSE:TME)

Exchange Traded Concepts LLC lessened its stake in shares of Tencent Music Entertainment Group (NYSE:TME) by 29.6% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 38,841 shares of the company’s stock after selling 16,302 shares during the period. Exchange Traded Concepts LLC’s holdings in Tencent Music Entertainment Group were worth $468,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of the stock. Ashton Thomas Private Wealth LLC purchased a new stake in shares of Tencent Music Entertainment Group during the second quarter valued at $37,000. Tobam increased its holdings in shares of Tencent Music Entertainment Group by 37.7% in the second quarter. Tobam now owns 3,498 shares of the company’s stock valued at $49,000 after purchasing an additional 957 shares during the period. SageView Advisory Group LLC purchased a new position in shares of Tencent Music Entertainment Group in the fourth quarter worth about $90,000. iA Global Asset Management Inc. lifted its holdings in shares of Tencent Music Entertainment Group by 728.9% during the first quarter. iA Global Asset Management Inc. now owns 11,687 shares of the company’s stock worth $131,000 after purchasing an additional 10,277 shares during the period. Finally, Wrapmanager Inc. purchased a new stake in Tencent Music Entertainment Group in the second quarter valued at approximately $192,000. Institutional investors and hedge funds own 24.32% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have issued reports on the stock. Daiwa Capital Markets lowered shares of Tencent Music Entertainment Group from an “outperform” rating to a “neutral” rating in a research report on Tuesday, August 13th. Benchmark decreased their target price on shares of Tencent Music Entertainment Group from $19.00 to $15.00 and set a “buy” rating for the company in a research report on Wednesday, August 14th. Morgan Stanley downgraded Tencent Music Entertainment Group from an “overweight” rating to an “equal weight” rating and cut their price target for the stock from $15.00 to $13.00 in a research report on Wednesday, September 25th. Mizuho decreased their price objective on Tencent Music Entertainment Group from $17.00 to $16.00 and set an “outperform” rating for the company in a report on Wednesday, August 14th. Finally, Bank of America lowered their target price on Tencent Music Entertainment Group from $18.00 to $15.00 and set a “buy” rating on the stock in a research note on Wednesday, August 14th. Four analysts have rated the stock with a hold rating and nine have given 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 price target of $12.67.

Tencent Music Entertainment Group Price Performance

Tencent Music Entertainment Group stock opened at $11.88 on Friday. The stock has a market capitalization of $20.39 billion, a P/E ratio of 25.83, a P/E/G ratio of 0.95 and a beta of 0.66. The company’s fifty day moving average price is $11.16 and its 200 day moving average price is $12.86. The company has a debt-to-equity ratio of 0.09, a quick ratio of 2.34 and a current ratio of 2.34. Tencent Music Entertainment Group has a 1 year low of $6.55 and a 1 year high of $15.77.

Tencent Music Entertainment Group (NYSE:TME) last announced its earnings results on Tuesday, August 13th. The company reported $0.15 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.16 by ($0.01). The company had revenue of $985.00 million during the quarter, compared to analyst estimates of $1 billion. Tencent Music Entertainment Group had a net margin of 20.35% and a return on equity of 10.11%. As a group, equities research analysts anticipate that Tencent Music Entertainment Group will post 0.62 earnings per share for the current fiscal year.

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.