River Global Investors LLP Trims Holdings in Tencent Music Entertainment Group (NYSE:TME)

River Global Investors LLP reduced its holdings in shares of Tencent Music Entertainment Group (NYSE:TME) by 81.5% in the fourth quarter, HoldingsChannel reports. The fund owned 32,833 shares of the company’s stock after selling 144,569 shares during the period. River Global Investors LLP’s holdings in Tencent Music Entertainment Group were worth $296,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of the business. Origin Asset Management LLP bought a new stake in shares of Tencent Music Entertainment Group in the 4th quarter worth approximately $20,470,000. Blue Creek Capital Management Ltd purchased a new stake in shares of Tencent Music Entertainment Group in the fourth quarter worth $4,440,000. Beck Bode LLC bought a new position in shares of Tencent Music Entertainment Group during the fourth quarter valued at $230,000. Signaturefd LLC raised its position in shares of Tencent Music Entertainment Group by 5.1% in the 4th quarter. Signaturefd LLC now owns 33,465 shares of the company’s stock worth $302,000 after purchasing an additional 1,628 shares during the last quarter. Finally, Lindbrook Capital LLC boosted its stake in Tencent Music Entertainment Group by 40.9% in the 4th quarter. Lindbrook Capital LLC now owns 7,036 shares of the company’s stock worth $63,000 after purchasing an additional 2,044 shares in the last quarter. Institutional investors own 24.32% of the company’s stock.

Tencent Music Entertainment Group Price Performance

Tencent Music Entertainment Group stock traded up $0.03 during midday trading on Monday, reaching $13.53. 2,831,182 shares of the stock traded hands, compared to its average volume of 8,439,908. The stock has a market cap of $23.22 billion, a P/E ratio of 30.68, a PEG ratio of 0.83 and a beta of 0.77. Tencent Music Entertainment Group has a 12 month low of $5.70 and a 12 month high of $13.66. The stock’s fifty day moving average is $11.28 and its 200-day moving average is $9.55. The company has a quick ratio of 2.49, a current ratio of 2.49 and a debt-to-equity ratio of 0.10.

Tencent Music Entertainment Group (NYSE:TME) last announced its quarterly earnings results on Tuesday, March 19th. The company reported $0.13 EPS for the quarter, beating analysts’ consensus estimates of $0.12 by $0.01. The firm had revenue of $971.00 million during the quarter, compared to the consensus estimate of $925.06 million. Tencent Music Entertainment Group had a net margin of 17.71% and a return on equity of 9.67%. As a group, equities research analysts anticipate that Tencent Music Entertainment Group will post 0.58 EPS for the current year.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on TME. Morgan Stanley upped their target price on shares of Tencent Music Entertainment Group from $11.00 to $13.50 and gave the stock an “overweight” rating in a research note on Wednesday, March 20th. Benchmark increased their target price on Tencent Music Entertainment Group from $9.00 to $14.00 and gave the company a “buy” rating in a research note on Wednesday, March 20th. The Goldman Sachs Group raised Tencent Music Entertainment Group from a “neutral” rating to a “buy” rating and set a $14.00 target price for the company in a report on Wednesday, March 20th. Mizuho upped their price target on Tencent Music Entertainment Group from $12.00 to $13.00 and gave the company a “buy” rating in a report on Wednesday, March 20th. Finally, UBS Group upgraded Tencent Music Entertainment Group from a “neutral” rating to a “buy” rating and set a $10.50 price objective for the company in a report on Wednesday, January 24th. Two research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $11.63.

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; and WeSing, which enables users to sing from its library of karaoke songs and share their performances in audio or video formats with friends.