GAM Holding AG Has $2.21 Million Position in Tencent Music Entertainment Group (NYSE:TME)

GAM Holding AG grew its stake in Tencent Music Entertainment Group (NYSE:TME) by 108.0% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 183,000 shares of the company’s stock after purchasing an additional 95,000 shares during the period. GAM Holding AG’s holdings in Tencent Music Entertainment Group were worth $2,205,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently made changes to their positions in the stock. Ariose Capital Management Ltd bought a new stake in Tencent Music Entertainment Group during the 3rd quarter worth approximately $12,285,000. Allspring Global Investments Holdings LLC grew its holdings in Tencent Music Entertainment Group by 14.4% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 5,973,760 shares of the company’s stock worth $71,984,000 after acquiring an additional 753,383 shares during the last quarter. Blue Trust Inc. grew its holdings in Tencent Music Entertainment Group by 31.5% during the 3rd quarter. Blue Trust Inc. now owns 21,258 shares of the company’s stock worth $256,000 after acquiring an additional 5,092 shares during the last quarter. Harbour Capital Advisors LLC bought a new stake in Tencent Music Entertainment Group during the 3rd quarter worth approximately $378,000. Finally, Perpetual Ltd grew its holdings in Tencent Music Entertainment Group by 6.7% during the 3rd quarter. Perpetual Ltd now owns 1,556,751 shares of the company’s stock worth $18,759,000 after acquiring an additional 97,298 shares during the last quarter. 24.32% of the stock is currently owned by institutional investors and hedge funds.

Tencent Music Entertainment Group Stock Up 0.3 %

Tencent Music Entertainment Group stock opened at $11.80 on Wednesday. The company has a quick ratio of 2.34, a current ratio of 2.34 and a debt-to-equity ratio of 0.09. Tencent Music Entertainment Group has a 12-month low of $6.55 and a 12-month high of $15.77. The firm’s fifty day moving average is $11.14 and its 200 day moving average is $12.88. The company has a market capitalization of $20.25 billion, a PE ratio of 25.65, a PEG ratio of 0.89 and a beta of 0.66.

Tencent Music Entertainment Group (NYSE:TME) last released its earnings results on Tuesday, August 13th. The company reported $0.15 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.16 by ($0.01). Tencent Music Entertainment Group had a net margin of 20.35% and a return on equity of 10.11%. The company had revenue of $985.00 million for the quarter, compared to analyst estimates of $1 billion. As a group, sell-side analysts predict that Tencent Music Entertainment Group will post 0.62 EPS for the current fiscal year.

Analyst Ratings Changes

TME has been the topic of a number of research reports. 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 report on Wednesday, August 14th. Daiwa America lowered shares of Tencent Music Entertainment Group from a “strong-buy” rating to a “hold” rating in a report on Tuesday, August 13th. Morgan Stanley lowered shares of Tencent Music Entertainment Group from an “overweight” rating to an “equal weight” rating and reduced their price objective for the company from $15.00 to $13.00 in a research note on Wednesday, September 25th. Daiwa Capital Markets lowered shares of Tencent Music Entertainment Group from an “outperform” rating to a “neutral” rating in a research note on Tuesday, August 13th. Finally, Bank of America reduced their price objective on shares of Tencent Music Entertainment Group from $18.00 to $15.00 and set a “buy” rating on the stock in a research note on Wednesday, August 14th. Four investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $12.67.

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; 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.