Intech Investment Management LLC Invests $256,000 in Tencent Music Entertainment Group (NYSE:TME)

Intech Investment Management LLC acquired a new position in shares of Tencent Music Entertainment Group (NYSE:TME) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund acquired 18,186 shares of the company’s stock, valued at approximately $256,000.

A number of other hedge funds also recently made changes to their positions in the stock. Vanguard Group Inc. raised its position in Tencent Music Entertainment Group by 0.3% in the 1st quarter. Vanguard Group Inc. now owns 25,057,674 shares of the company’s stock worth $280,395,000 after purchasing an additional 84,131 shares during the period. Goldman Sachs Group Inc. raised its position in Tencent Music Entertainment Group by 78.2% in the 4th quarter. Goldman Sachs Group Inc. now owns 13,871,935 shares of the company’s stock worth $124,986,000 after purchasing an additional 6,088,504 shares during the period. Aspex Management HK Ltd purchased a new position in Tencent Music Entertainment Group in the 4th quarter worth $81,542,000. Ninety One UK Ltd purchased a new position in Tencent Music Entertainment Group in the 2nd quarter worth $122,775,000. Finally, Principal Financial Group Inc. raised its position in Tencent Music Entertainment Group by 116.5% in the 2nd quarter. Principal Financial Group Inc. now owns 5,266,424 shares of the company’s stock worth $73,993,000 after purchasing an additional 2,834,212 shares during the period. 24.32% of the stock is owned by institutional investors.

Tencent Music Entertainment Group Trading Up 0.1 %

Shares of TME opened at $12.28 on Friday. The firm’s 50-day moving average price is $11.50 and its 200-day moving average price is $12.67. The firm has a market capitalization of $21.07 billion, a price-to-earnings ratio of 26.70, a PEG ratio of 0.88 and a beta of 0.65. The company has a current ratio of 2.34, a quick ratio of 2.34 and a debt-to-equity ratio of 0.09. Tencent Music Entertainment Group has a 1-year low of $6.09 and a 1-year high of $15.77.

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

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the stock. Mizuho decreased 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 report on Wednesday, August 14th. Daiwa Capital Markets cut shares of Tencent Music Entertainment Group from an “outperform” rating to a “neutral” rating in a research report on Tuesday, August 13th. Morgan Stanley cut shares of Tencent Music Entertainment Group from an “overweight” rating to an “equal weight” rating and decreased their price objective for the company from $15.00 to $13.00 in a research report on Wednesday. Daiwa America cut shares of Tencent Music Entertainment Group from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, August 13th. Finally, Benchmark decreased their price objective 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. Four investment analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $12.67.

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.