1,019,500 Shares in Tencent Music Entertainment Group (NYSE:TME) Purchased by Ariose Capital Management Ltd

Ariose Capital Management Ltd purchased a new position in shares of Tencent Music Entertainment Group (NYSE:TME) in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 1,019,500 shares of the company’s stock, valued at approximately $12,285,000. Tencent Music Entertainment Group accounts for approximately 10.5% of Ariose Capital Management Ltd’s investment portfolio, making the stock its 5th largest holding. Ariose Capital Management Ltd owned about 0.06% of Tencent Music Entertainment Group as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. Ashton Thomas Private Wealth LLC bought a new position in shares of Tencent Music Entertainment Group during the 2nd quarter worth approximately $37,000. Tobam boosted its stake in shares of Tencent Music Entertainment Group by 37.7% in the 2nd quarter. Tobam now owns 3,498 shares of the company’s stock valued at $49,000 after purchasing an additional 957 shares in the last quarter. iA Global Asset Management Inc. boosted its stake in shares of Tencent Music Entertainment Group by 728.9% in the 1st quarter. iA Global Asset Management Inc. now owns 11,687 shares of the company’s stock valued at $131,000 after purchasing an additional 10,277 shares in the last quarter. Wrapmanager Inc. bought a new stake in shares of Tencent Music Entertainment Group in the 2nd quarter worth about $192,000. Finally, Beverly Hills Private Wealth LLC acquired a new stake in shares of Tencent Music Entertainment Group during the 2nd quarter worth about $214,000. 24.32% of the stock is owned by institutional investors and hedge funds.

Tencent Music Entertainment Group Stock Up 0.3 %

NYSE:TME 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 stock’s fifty day simple moving average is $11.14 and its 200-day simple moving average is $12.88. The firm has a market capitalization of $20.25 billion, a P/E ratio of 25.65, a P/E/G ratio of 0.89 and a beta of 0.66.

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

Analysts Set New Price Targets

TME has been the topic of a number of recent analyst reports. Benchmark reduced their price target on shares of Tencent Music Entertainment Group from $19.00 to $15.00 and set a “buy” rating on the stock in a research report on Wednesday, August 14th. Daiwa America lowered Tencent Music Entertainment Group from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, August 13th. Mizuho dropped their price target on Tencent Music Entertainment Group from $17.00 to $16.00 and set an “outperform” rating for the company in a report on Wednesday, August 14th. Daiwa Capital Markets lowered Tencent Music Entertainment Group from an “outperform” rating to a “neutral” rating in a research note on Tuesday, August 13th. Finally, Morgan Stanley cut Tencent Music Entertainment Group from an “overweight” rating to an “equal weight” rating and decreased their target price for the stock from $15.00 to $13.00 in a report on Wednesday, September 25th. Four analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $12.67.

About Tencent Music Entertainment Group

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.