Diversify Wealth Management LLC Raises Stock Position in Tencent Music Entertainment Group (NYSE:TME)

Diversify Wealth Management LLC lifted its holdings in Tencent Music Entertainment Group (NYSE:TME) by 3.9% in the third quarter, HoldingsChannel.com reports. The fund owned 49,146 shares of the company’s stock after buying an additional 1,862 shares during the quarter. Diversify Wealth Management LLC’s holdings in Tencent Music Entertainment Group were worth $570,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Ashton Thomas Private Wealth LLC bought a new stake in Tencent Music Entertainment Group in the second quarter worth $37,000. 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 worth $49,000 after buying an additional 957 shares during the last quarter. iA Global Asset Management Inc. raised its position in shares of Tencent Music Entertainment Group by 728.9% during the 1st quarter. iA Global Asset Management Inc. now owns 11,687 shares of the company’s stock valued at $131,000 after buying an additional 10,277 shares in the last quarter. Diversify Advisory Services LLC bought a new position in shares of Tencent Music Entertainment Group in the 3rd quarter valued at about $166,000. Finally, Wrapmanager Inc. purchased a new position in Tencent Music Entertainment Group in the second quarter worth about $192,000. 24.32% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of equities analysts recently commented on TME shares. Daiwa America cut shares of Tencent Music Entertainment Group from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, August 13th. Mizuho reduced their target price on shares of 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. Morgan Stanley cut Tencent Music Entertainment Group from an “overweight” rating to an “equal weight” rating and dropped their price objective for the stock from $15.00 to $13.00 in a research note on Wednesday, September 25th. Bank of America decreased their target price on Tencent Music Entertainment Group from $18.00 to $15.00 and set a “buy” rating for the company in a research report on Wednesday, August 14th. Finally, Benchmark dropped their price objective on shares of Tencent Music Entertainment Group from $19.00 to $15.00 and set a “buy” rating on the stock in a research note on Wednesday, August 14th. Four equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $12.67.

Tencent Music Entertainment Group Price Performance

Shares of NYSE TME opened at $11.13 on Friday. Tencent Music Entertainment Group has a 52 week low of $6.76 and a 52 week high of $15.77. The business’s 50 day moving average price is $11.26 and its 200 day moving average price is $12.85. The company has a quick ratio of 2.34, a current ratio of 2.34 and a debt-to-equity ratio of 0.09. The firm has a market cap of $19.10 billion, a P/E ratio of 22.26, a P/E/G ratio of 0.84 and a beta of 0.66.

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 analysts’ consensus estimates 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 analyst estimates of $1 billion. On average, sell-side analysts expect 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.