Cornerstone Investment Partners LLC Invests $137,000 in Tencent Music Entertainment Group (NYSE:TME)

Cornerstone Investment Partners LLC acquired a new position in shares of Tencent Music Entertainment Group (NYSE:TMEGet Rating) during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 33,650 shares of the company’s stock, valued at approximately $137,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in TME. Federated Hermes Inc. raised its stake in shares of Tencent Music Entertainment Group by 436.7% during the 1st quarter. Federated Hermes Inc. now owns 6,735,840 shares of the company’s stock worth $32,804,000 after purchasing an additional 5,480,718 shares in the last quarter. Invesco Ltd. raised its stake in shares of Tencent Music Entertainment Group by 75.0% during the 1st quarter. Invesco Ltd. now owns 11,245,066 shares of the company’s stock worth $54,762,000 after purchasing an additional 4,818,787 shares in the last quarter. Allspring Global Investments Holdings LLC raised its stake in shares of Tencent Music Entertainment Group by 22.8% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 10,703,046 shares of the company’s stock worth $53,729,000 after purchasing an additional 1,988,646 shares in the last quarter. 1832 Asset Management L.P. raised its stake in shares of Tencent Music Entertainment Group by 420.4% during the 1st quarter. 1832 Asset Management L.P. now owns 2,272,494 shares of the company’s stock worth $10,915,000 after purchasing an additional 1,835,852 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its stake in shares of Tencent Music Entertainment Group by 23.9% during the 1st quarter. Dimensional Fund Advisors LP now owns 9,292,124 shares of the company’s stock worth $45,279,000 after purchasing an additional 1,789,566 shares in the last quarter. Institutional investors own 21.77% of the company’s stock.

Tencent Music Entertainment Group Stock Performance

Shares of NYSE TME opened at $8.50 on Wednesday. The company has a debt-to-equity ratio of 0.12, a current ratio of 2.15 and a quick ratio of 2.15. The stock’s fifty day moving average price is $7.73 and its two-hundred day moving average price is $5.53. Tencent Music Entertainment Group has a one year low of $2.95 and a one year high of $9.29. The firm has a market cap of $14.41 billion, a price-to-earnings ratio of 30.57, a P/E/G ratio of 0.73 and a beta of 0.79.

Tencent Music Entertainment Group (NYSE:TMEGet Rating) last released its earnings results on Tuesday, November 15th. The company reported $0.10 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.08 by $0.02. The company had revenue of $1.04 billion for the quarter, compared to analyst estimates of $1.01 billion. Tencent Music Entertainment Group had a return on equity of 6.74% and a net margin of 10.61%. On average, equities analysts forecast that Tencent Music Entertainment Group will post 0.37 EPS for the current year.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on TME shares. Morgan Stanley upgraded Tencent Music Entertainment Group from an “equal weight” rating to an “overweight” rating and increased their price target for the company from $4.50 to $8.50 in a research note on Thursday, December 1st. 86 Research cut Tencent Music Entertainment Group from a “buy” rating to a “hold” rating in a research note on Thursday, January 19th. Benchmark upgraded Tencent Music Entertainment Group from a “hold” rating to a “buy” rating and set a $7.00 price target on the stock in a research note on Wednesday, November 16th. JPMorgan Chase & Co. upgraded Tencent Music Entertainment Group from a “neutral” rating to an “overweight” rating and increased their price target for the company from $4.80 to $7.70 in a research note on Monday, November 21st. Finally, Daiwa Capital Markets started coverage on Tencent Music Entertainment Group in a research note on Friday, January 13th. They issued a “buy” rating on the stock. Two investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Tencent Music Entertainment Group currently has a consensus rating of “Moderate Buy” and a consensus target price of $7.02.

Tencent Music Entertainment Group Profile

(Get Rating)

Tencent Music Entertainment Group is a holding company, which engages in the operation of an online music and audio entertainment platform. Its platform is composed of online music, online audio, online karaoke, music-centric live streaming, and online concert services. The company was founded on June 6, 2012 and is headquartered in Shenzhen, China.

See Also

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Institutional Ownership by Quarter for Tencent Music Entertainment Group (NYSE:TME)

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