Raymond James & Associates Sells 5,490 Shares of Tencent Music Entertainment Group (NYSE:TME)

Raymond James & Associates decreased its stake in Tencent Music Entertainment Group (NYSE:TME) by 21.6% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 19,891 shares of the company’s stock after selling 5,490 shares during the period. Raymond James & Associates’ holdings in Tencent Music Entertainment Group were worth $179,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Wellington Management Group LLP boosted its holdings in shares of Tencent Music Entertainment Group by 65.3% during the 3rd quarter. Wellington Management Group LLP now owns 10,928,746 shares of the company’s stock valued at $69,725,000 after acquiring an additional 4,317,720 shares in the last quarter. Matthews International Capital Management LLC grew its holdings in shares of Tencent Music Entertainment Group by 154.3% during the third quarter. Matthews International Capital Management LLC now owns 3,421,650 shares of the company’s stock worth $21,830,000 after purchasing an additional 2,076,272 shares during the last quarter. Invesco Ltd. increased its stake in shares of Tencent Music Entertainment Group by 17.6% in the third quarter. Invesco Ltd. now owns 11,648,403 shares of the company’s stock valued at $74,317,000 after buying an additional 1,747,251 shares during the period. Deutsche Bank AG boosted its position in Tencent Music Entertainment Group by 262.6% during the 3rd quarter. Deutsche Bank AG now owns 2,344,133 shares of the company’s stock worth $14,956,000 after buying an additional 1,697,604 shares during the period. Finally, LSV Asset Management grew its holdings in Tencent Music Entertainment Group by 144.1% during the 3rd quarter. LSV Asset Management now owns 2,439,188 shares of the company’s stock worth $15,562,000 after acquiring an additional 1,439,988 shares during the last quarter. Institutional investors and hedge funds own 24.32% of the company’s stock.

Tencent Music Entertainment Group Stock Performance

Shares of Tencent Music Entertainment Group stock opened at $12.40 on Thursday. The company has a market cap of $21.27 billion, a PE ratio of 28.17, a price-to-earnings-growth ratio of 0.79 and a beta of 0.81. 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 has a 52 week low of $5.70 and a 52 week high of $12.93. The business has a 50 day moving average price of $11.16 and a 200-day moving average price of $9.44.

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

Analysts Set New Price Targets

Several analysts recently weighed in on TME shares. Redburn Atlantic began coverage on shares of Tencent Music Entertainment Group in a research note on Monday, February 5th. They issued a “buy” rating and a $12.00 price objective on the stock. HSBC lifted their price objective on Tencent Music Entertainment Group from $9.50 to $10.40 and gave the stock a “hold” rating in a research note on Wednesday, March 20th. CLSA assumed coverage on shares of Tencent Music Entertainment Group in a research report on Monday, February 5th. They issued an “outperform” rating and a $10.50 price target on the stock. Citigroup upgraded shares of Tencent Music Entertainment Group from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $9.00 to $13.00 in a research report on Wednesday, March 20th. Finally, Bank of America boosted their target price on shares of Tencent Music Entertainment Group from $10.50 to $12.30 and gave the company a “buy” rating in a report on Wednesday, March 20th. Two analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat, Tencent Music Entertainment Group presently has a consensus rating of “Moderate Buy” and a consensus price target of $11.63.

Tencent Music Entertainment Group 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.