BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp Buys 978,000 Shares of Tencent Music Entertainment Group (NYSE:TME)

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp increased its stake in shares of Tencent Music Entertainment Group (NYSE:TME) by 328.8% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,275,482 shares of the company’s stock after acquiring an additional 978,000 shares during the quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp owned approximately 0.07% of Tencent Music Entertainment Group worth $17,921,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also bought and sold shares of the stock. QRG Capital Management Inc. grew its position in Tencent Music Entertainment Group by 5.7% during the 2nd quarter. QRG Capital Management Inc. now owns 15,843 shares of the company’s stock worth $223,000 after acquiring an additional 860 shares during the last quarter. DekaBank Deutsche Girozentrale grew its position in shares of Tencent Music Entertainment Group by 0.9% in the 2nd quarter. DekaBank Deutsche Girozentrale now owns 101,442 shares of the company’s stock worth $1,403,000 after buying an additional 922 shares during the last quarter. Tobam grew its position 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 worth $49,000 after buying an additional 957 shares during the last quarter. Atomi Financial Group Inc. grew its position in shares of Tencent Music Entertainment Group by 6.1% in the 2nd quarter. Atomi Financial Group Inc. now owns 26,996 shares of the company’s stock worth $379,000 after buying an additional 1,561 shares during the last quarter. Finally, Parallel Advisors LLC grew its position 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 worth $98,000 after buying an additional 2,328 shares during the last quarter. 24.32% of the stock is currently owned by institutional investors.

Tencent Music Entertainment Group Stock Up 16.4 %

TME stock opened at $11.85 on Wednesday. Tencent Music Entertainment Group has a 1-year low of $6.09 and a 1-year high of $15.77. The business has a fifty day moving average price of $11.66 and a 200-day moving average price of $12.67. The company has a debt-to-equity ratio of 0.09, a current ratio of 2.34 and a quick ratio of 2.34. The stock has a market capitalization of $20.34 billion, a P/E ratio of 25.76, a P/E/G ratio of 0.76 and a beta of 0.65.

Tencent Music Entertainment Group (NYSE:TME) last posted its quarterly earnings results 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). Tencent Music Entertainment Group had a return on equity of 10.11% and a net margin of 20.35%. The business had revenue of $985.00 million during the quarter, compared to analysts’ expectations of $1 billion. Equities analysts forecast that Tencent Music Entertainment Group will post 0.63 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

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

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.