Gabelli Funds LLC Raises Stock Position in Tencent Music Entertainment Group (NYSE:TME)

Gabelli Funds LLC increased its holdings in Tencent Music Entertainment Group (NYSE:TMEFree Report) by 2.8% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 149,000 shares of the company’s stock after buying an additional 4,000 shares during the period. Gabelli Funds LLC’s holdings in Tencent Music Entertainment Group were worth $951,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Vontobel Holding Ltd. purchased a new stake in shares of Tencent Music Entertainment Group in the 2nd quarter worth about $80,000. Desjardins Global Asset Management Inc. purchased a new position in Tencent Music Entertainment Group in the 2nd quarter valued at about $255,000. Bank of New York Mellon Corp lifted its holdings in Tencent Music Entertainment Group by 2.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 2,455,249 shares of the company’s stock valued at $18,120,000 after purchasing an additional 65,107 shares in the last quarter. Barclays PLC lifted its holdings in Tencent Music Entertainment Group by 10.2% in the 2nd quarter. Barclays PLC now owns 494,017 shares of the company’s stock valued at $3,645,000 after purchasing an additional 45,611 shares in the last quarter. Finally, Principal Financial Group Inc. lifted its holdings in Tencent Music Entertainment Group by 994.4% in the 3rd quarter. Principal Financial Group Inc. now owns 1,481,121 shares of the company’s stock valued at $9,450,000 after purchasing an additional 1,345,789 shares in the last quarter. 23.59% of the stock is currently owned by hedge funds and other institutional investors.

Tencent Music Entertainment Group Stock Up 1.9 %

TME opened at $9.67 on Friday. The firm has a 50 day moving average price of $8.88 and a 200 day moving average price of $7.61. The company has a market cap of $16.59 billion, a PE ratio of 22.49, a price-to-earnings-growth ratio of 0.76 and a beta of 0.81. Tencent Music Entertainment Group has a 1 year low of $5.70 and a 1 year high of $9.82. The company has a debt-to-equity ratio of 0.10, a quick ratio of 2.46 and a current ratio of 2.46.

Tencent Music Entertainment Group (NYSE:TMEGet Free Report) last posted its earnings results on Tuesday, November 14th. The company reported $0.74 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.11 by $0.63. The firm had revenue of $6.57 billion during the quarter, compared to the consensus estimate of $6.28 billion. Tencent Music Entertainment Group had a net margin of 16.82% and a return on equity of 9.71%. The company’s revenue was down 10.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.10 EPS. Sell-side analysts expect that Tencent Music Entertainment Group will post 0.46 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on TME shares. JPMorgan Chase & Co. upgraded shares of Tencent Music Entertainment Group from a “neutral” rating to an “overweight” rating and upped their target price for the company from $7.00 to $10.00 in a report on Thursday, November 16th. Redburn Atlantic initiated coverage on shares of Tencent Music Entertainment Group in a report on Monday, February 5th. They issued a “buy” rating and a $12.00 target price on the stock. UBS Group raised shares of Tencent Music Entertainment Group from a “neutral” rating to a “buy” rating and set a $10.50 price objective for the company in a research note on Wednesday, January 24th. CLSA initiated coverage on shares of Tencent Music Entertainment Group in a research note on Monday, February 5th. They set an “outperform” rating and a $10.50 price objective for the company. Finally, Benchmark reaffirmed a “buy” rating and set a $9.00 price objective on shares of Tencent Music Entertainment Group in a research note on Wednesday, November 15th. Two equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $9.47.

Read Our Latest Report on Tencent Music Entertainment Group

Tencent Music Entertainment Group Company Profile

(Free Report)

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.

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

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