Federated Hermes Inc. Invests $2.69 Million in Tencent Music Entertainment Group (NYSE:TME)

Federated Hermes Inc. purchased a new position in shares of Tencent Music Entertainment Group (NYSE:TME) in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm purchased 298,578 shares of the company’s stock, valued at approximately $2,690,000.

Several other large investors also recently modified their holdings of TME. SG Americas Securities LLC increased its stake in shares of 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 purchasing an additional 24,551 shares during the last quarter. Exchange Traded Concepts LLC purchased a new stake in shares of Tencent Music Entertainment Group during the 3rd quarter worth approximately $230,000. Asset Management One Co. Ltd. increased its stake 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 during the last quarter. Handelsbanken Fonder AB grew its stake in Tencent Music Entertainment Group by 8.2% in the 3rd quarter. Handelsbanken Fonder AB now owns 246,600 shares of the company’s stock valued at $1,573,000 after buying an additional 18,700 shares in the last quarter. Finally, Ballentine Partners LLC purchased a new position in Tencent Music Entertainment Group in the 3rd quarter valued at approximately $72,000. Hedge funds and other institutional investors own 24.32% of the company’s stock.

Wall Street Analysts Forecast Growth

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

Tencent Music Entertainment Group Stock Performance

NYSE TME opened at $12.88 on Friday. Tencent Music Entertainment Group has a 52-week low of $5.70 and a 52-week high of $12.93. The company has a debt-to-equity ratio of 0.10, a quick ratio of 2.49 and a current ratio of 2.49. The company has a market capitalization of $22.10 billion, a P/E ratio of 29.27, a P/E/G ratio of 0.79 and a beta of 0.81. The company has a fifty day moving average of $11.01 and a 200-day moving average of $9.32.

Tencent Music Entertainment Group (NYSE:TME) last posted its quarterly earnings data on Tuesday, March 19th. The company reported $0.13 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 company had revenue of $971.00 million during the quarter, compared to the consensus estimate of $925.06 million. As a group, equities research analysts predict that Tencent Music Entertainment Group will post 0.58 EPS for the current fiscal 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.