Mirae Asset Global Investments Co. Ltd. Has $4.81 Million Stock Holdings in Tencent Music Entertainment Group (NYSE:TME)

Mirae Asset Global Investments Co. Ltd. trimmed its position in shares of Tencent Music Entertainment Group (NYSE:TME) by 17.6% during the fourth quarter, HoldingsChannel.com reports. The firm owned 534,053 shares of the company’s stock after selling 114,126 shares during the period. Mirae Asset Global Investments Co. Ltd.’s holdings in Tencent Music Entertainment Group were worth $4,812,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Federated Hermes Inc. lifted its stake in shares of Tencent Music Entertainment Group by 436.7% in the first quarter. Federated Hermes Inc. now owns 6,735,840 shares of the company’s stock worth $32,804,000 after acquiring an additional 5,480,718 shares during the period. E Fund Management Co. Ltd. lifted its stake in shares of Tencent Music Entertainment Group by 125.5% in the fourth quarter. E Fund Management Co. Ltd. now owns 9,056,308 shares of the company’s stock worth $74,986,000 after acquiring an additional 5,039,621 shares during the period. Invesco Ltd. lifted its stake in shares of Tencent Music Entertainment Group by 75.0% in the first quarter. Invesco Ltd. now owns 11,245,066 shares of the company’s stock worth $54,762,000 after acquiring an additional 4,818,787 shares during the period. Norges Bank acquired a new position in shares of Tencent Music Entertainment Group in the fourth quarter worth approximately $38,194,000. Finally, Wellington Management Group LLP lifted its stake in shares of Tencent Music Entertainment Group by 65.3% in the third quarter. Wellington Management Group LLP now owns 10,928,746 shares of the company’s stock worth $69,725,000 after acquiring an additional 4,317,720 shares during the period. 24.32% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on TME shares. Redburn Atlantic started coverage on 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. Benchmark lifted their target price on Tencent Music Entertainment Group from $9.00 to $14.00 and gave the stock a “buy” rating in a report on Wednesday, March 20th. UBS Group upgraded Tencent Music Entertainment Group from a “neutral” rating to a “buy” rating and set a $10.50 target price for the company in a report on Wednesday, January 24th. Citigroup upgraded Tencent Music Entertainment Group from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $9.00 to $13.00 in a report on Wednesday, March 20th. Finally, Bank of America lifted their target price on Tencent Music Entertainment Group from $10.50 to $12.30 and gave the stock a “buy” rating in a report on Wednesday, March 20th. Two equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat.com, Tencent Music Entertainment Group has a consensus rating of “Moderate Buy” and a consensus price target of $11.63.

Tencent Music Entertainment Group Trading Down 1.2 %

NYSE TME opened at $11.24 on Tuesday. The company has a market cap of $19.28 billion, a price-to-earnings ratio of 25.53, a P/E/G ratio of 0.70 and a beta of 0.81. Tencent Music Entertainment Group has a 52 week low of $5.70 and a 52 week high of $12.00. The business has a 50 day moving average price of $10.63 and a 200-day moving average price of $8.98. 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 (NYSE:TME) last released its quarterly earnings data on Tuesday, March 19th. The company reported $0.13 EPS for the quarter, beating the consensus estimate of $0.12 by $0.01. The firm had revenue of $971.00 million during the quarter, compared to the consensus estimate of $925.06 million. Tencent Music Entertainment Group had a return on equity of 9.68% and a net margin of 17.71%. As a group, equities analysts expect that Tencent Music Entertainment Group will post 0.58 earnings per share for the current fiscal 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; and WeSing, which enables users to sing from its library of karaoke songs and share their performances in audio or video formats with friends.