Ashton Thomas Private Wealth LLC Takes Position in Tencent Music Entertainment Group (NYSE:TME)

Ashton Thomas Private Wealth LLC bought a new stake in Tencent Music Entertainment Group (NYSE:TME) during the second quarter, Holdings Channel reports. The institutional investor bought 2,649 shares of the company’s stock, valued at approximately $37,000.

Other large investors also recently made changes to their positions in the company. Tobam increased its holdings in shares of Tencent Music Entertainment Group by 37.7% in the 2nd 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 acquired a new position in shares of Tencent Music Entertainment Group in the 4th quarter valued at about $90,000. Parallel Advisors LLC increased its holdings in shares of Tencent Music Entertainment Group by 27.1% in the 4th quarter. Parallel Advisors LLC now owns 10,927 shares of the company’s stock valued at $98,000 after purchasing an additional 2,328 shares during the period. iA Global Asset Management Inc. increased its holdings in Tencent Music Entertainment Group by 728.9% in the first quarter. iA Global Asset Management Inc. now owns 11,687 shares of the company’s stock worth $131,000 after buying an additional 10,277 shares during the last quarter. Finally, QRG Capital Management Inc. increased its holdings in Tencent Music Entertainment Group by 24.7% in the fourth quarter. QRG Capital Management Inc. now owns 14,624 shares of the company’s stock worth $132,000 after buying an additional 2,898 shares during the last quarter. Institutional investors and hedge funds own 24.32% of the company’s stock.

Analysts Set New Price Targets

TME has been the topic of a number of research reports. Mizuho dropped their price objective on Tencent Music Entertainment Group from $17.00 to $16.00 and set an “outperform” rating on the stock in a report on Wednesday, August 14th. Daiwa Capital Markets downgraded Tencent Music Entertainment Group from an “outperform” rating to a “neutral” rating in a report on Tuesday, August 13th. Benchmark dropped their price objective on Tencent Music Entertainment Group from $19.00 to $15.00 and set a “buy” rating on the stock in a report on Wednesday, August 14th. Daiwa America downgraded Tencent Music Entertainment Group from a “strong-buy” rating to a “hold” rating in a report on Tuesday, August 13th. Finally, Bank of America dropped their price objective on Tencent Music Entertainment Group from $18.00 to $15.00 and set a “buy” rating on the stock in a report on Wednesday, August 14th. Three analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $12.72.

Tencent Music Entertainment Group Price Performance

TME opened at $9.49 on Tuesday. The company has a fifty day moving average price of $12.25 and a two-hundred day moving average price of $12.67. The firm has a market capitalization of $16.29 billion, a PE ratio of 20.63, a P/E/G ratio of 0.72 and a beta of 0.65. Tencent Music Entertainment Group has a 52 week low of $5.96 and a 52 week high of $15.77. 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 (NYSE:TME) last released its quarterly earnings data on Tuesday, August 13th. The company reported $0.15 earnings per share for the quarter, missing the consensus estimate of $0.16 by ($0.01). The firm had revenue of $985.00 million for the quarter, compared to the consensus estimate of $1 billion. Tencent Music Entertainment Group had a return on equity of 10.11% and a net margin of 20.35%. As a group, analysts anticipate that Tencent Music Entertainment Group will post 0.63 earnings per share for the current year.

About Tencent Music Entertainment Group

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.