Zurcher Kantonalbank Zurich Cantonalbank Has $1.70 Million Stock Position in Tencent Music Entertainment Group (NYSE:TME)

Zurcher Kantonalbank Zurich Cantonalbank cut its holdings in Tencent Music Entertainment Group (NYSE:TME) by 15.5% during the 4th quarter, HoldingsChannel reports. The fund owned 188,099 shares of the company’s stock after selling 34,578 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Tencent Music Entertainment Group were worth $1,695,000 as of its most recent filing with the SEC.

Other hedge funds have also bought and sold shares of the company. Vontobel Holding Ltd. grew its position in shares of Tencent Music Entertainment Group by 349.4% during the 3rd quarter. Vontobel Holding Ltd. now owns 48,425 shares of the company’s stock worth $309,000 after purchasing an additional 37,649 shares in the last quarter. SG Americas Securities LLC increased its stake in Tencent Music Entertainment Group by 9.4% during the 3rd quarter. SG Americas Securities LLC now owns 284,823 shares of the company’s stock worth $1,817,000 after acquiring an additional 24,551 shares during the period. Exchange Traded Concepts LLC acquired a new position in Tencent Music Entertainment Group in the 3rd quarter valued at $230,000. Coronation Fund Managers Ltd. lifted its position in shares of Tencent Music Entertainment Group by 11.1% during the 3rd quarter. Coronation Fund Managers Ltd. now owns 7,125,652 shares of the company’s stock valued at $45,462,000 after acquiring an additional 711,395 shares during the period. Finally, Asset Management One Co. Ltd. grew its holdings in shares of Tencent Music Entertainment Group by 8.0% during the 3rd quarter. Asset Management One Co. Ltd. now owns 116,823 shares of the company’s stock worth $745,000 after purchasing an additional 8,682 shares in the last quarter. 24.32% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several equities research analysts recently weighed in on TME shares. HSBC upped their price objective on shares of Tencent Music Entertainment Group from $9.50 to $10.40 and gave the stock a “hold” rating in a research report on Wednesday, March 20th. UBS Group raised shares of Tencent Music Entertainment Group from a “neutral” rating to a “buy” rating and set a $10.50 price objective on the stock in a research note on Wednesday, January 24th. Redburn Atlantic assumed coverage on 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. CLSA began coverage on Tencent Music Entertainment Group in a report on Monday, February 5th. They set an “outperform” rating and a $10.50 price target for the company. Finally, Bank of America raised their price objective on Tencent Music Entertainment Group from $10.50 to $12.30 and gave the company a “buy” rating in a research note on Wednesday, March 20th. Two investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $11.63.

Tencent Music Entertainment Group Stock Performance

Tencent Music Entertainment Group stock opened at $12.53 on Thursday. The business has a 50 day moving average of $10.90 and a 200-day moving average of $9.23. The company has a market capitalization of $21.50 billion, a P/E ratio of 28.48, a P/E/G ratio of 0.75 and a beta of 0.81. Tencent Music Entertainment Group has a 1 year low of $5.70 and a 1 year high of $12.62. The company has a debt-to-equity ratio of 0.10, a current ratio of 2.49 and a quick ratio of 2.49.

Tencent Music Entertainment Group (NYSE:TME) last announced its quarterly earnings results on Tuesday, March 19th. The company reported $0.13 earnings per share (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 analysts’ expectations of $925.06 million. Tencent Music Entertainment Group had a net margin of 17.71% and a return on equity of 9.67%. On average, equities research analysts predict that Tencent Music Entertainment Group will post 0.58 earnings per share for the current year.

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.