Wrapmanager Inc. Buys Shares of 13,661 Tencent Music Entertainment Group (NYSE:TME)

Wrapmanager Inc. purchased a new position in Tencent Music Entertainment Group (NYSE:TME) during the second quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 13,661 shares of the company’s stock, valued at approximately $192,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. Ashton Thomas Private Wealth LLC bought a new stake in Tencent Music Entertainment Group in the second quarter worth $37,000. Tobam raised its position 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 worth $49,000 after purchasing an additional 957 shares during the last quarter. SageView Advisory Group LLC bought a new position in Tencent Music Entertainment Group in the 4th quarter worth about $90,000. Parallel Advisors LLC grew its position in Tencent Music Entertainment Group by 27.1% during the 4th quarter. Parallel Advisors LLC now owns 10,927 shares of the company’s stock valued at $98,000 after purchasing an additional 2,328 shares during the last quarter. Finally, iA Global Asset Management Inc. increased its stake in Tencent Music Entertainment Group by 728.9% during 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. Hedge funds and other institutional investors own 24.32% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on TME. Mizuho dropped 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 research note on Wednesday, August 14th. Daiwa Capital Markets downgraded Tencent Music Entertainment Group from an “outperform” rating to a “neutral” rating in a research note on Tuesday, August 13th. Daiwa America cut Tencent Music Entertainment Group from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, August 13th. Bank of America dropped their price objective on Tencent Music Entertainment Group from $18.00 to $15.00 and set a “buy” rating on the stock in a research report on Wednesday, August 14th. Finally, Benchmark decreased their target price on Tencent Music Entertainment Group from $19.00 to $15.00 and set a “buy” rating for the company in a research report on Wednesday, August 14th. Three equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat.com, Tencent Music Entertainment Group presently has a consensus rating of “Moderate Buy” and a consensus target price of $12.72.

Tencent Music Entertainment Group Stock Performance

Shares of TME opened at $9.51 on Friday. The business has a 50-day simple moving average of $12.35 and a two-hundred day simple moving average of $12.66. 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 52 week low of $5.96 and a 52 week high of $15.77. The stock has a market cap of $16.32 billion, a price-to-earnings ratio of 20.67, a PEG ratio of 0.72 and a beta of 0.65.

Tencent Music Entertainment Group (NYSE:TME) last released its earnings results on Tuesday, August 13th. The company reported $0.15 EPS for the quarter, missing analysts’ consensus estimates of $0.16 by ($0.01). Tencent Music Entertainment Group had a return on equity of 10.11% and a net margin of 20.35%. The firm had revenue of $985.00 million for the quarter, compared to the consensus estimate of $1 billion. On average, analysts expect that Tencent Music Entertainment Group will post 0.63 EPS for the current year.

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.