Advisor Group Holdings Inc. Buys 18,050 Shares of Tencent Music Entertainment Group (NYSE:TME)

Advisor Group Holdings Inc. boosted its stake in shares of Tencent Music Entertainment Group (NYSE:TME) by 92.7% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 37,524 shares of the company’s stock after purchasing an additional 18,050 shares during the period. Advisor Group Holdings Inc.’s holdings in Tencent Music Entertainment Group were worth $582,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of the stock. Flossbach Von Storch AG lifted its position in Tencent Music Entertainment Group by 20.0% during the second quarter. Flossbach Von Storch AG now owns 150,000 shares of the company’s stock valued at $2,308,000 after purchasing an additional 25,000 shares during the period. Sumitomo Mitsui Trust Holdings Inc. lifted its position in Tencent Music Entertainment Group by 61.3% during the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,522,212 shares of the company’s stock valued at $23,564,000 after purchasing an additional 578,509 shares during the period. Pinnacle Associates Ltd. bought a new position in Tencent Music Entertainment Group during the second quarter valued at approximately $248,000. Zurcher Kantonalbank Zurich Cantonalbank raised its position in Tencent Music Entertainment Group by 55.3% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 148,028 shares of the company’s stock worth $2,291,000 after acquiring an additional 52,738 shares during the period. Finally, Advisors Asset Management Inc. raised its position in Tencent Music Entertainment Group by 113.6% in the second quarter. Advisors Asset Management Inc. now owns 2,320 shares of the company’s stock worth $36,000 after acquiring an additional 1,234 shares during the period. Institutional investors own 27.81% of the company’s stock.

TME has been the topic of several recent research reports. China Renaissance Securities initiated coverage on shares of Tencent Music Entertainment Group in a research report on Tuesday, July 13th. They issued a “buy” rating and a $22.00 price target on the stock. Macquarie downgraded shares of Tencent Music Entertainment Group from a “neutral” rating to an “underperform” rating and decreased their price target for the stock from $11.30 to $5.10 in a research report on Tuesday, August 17th. HSBC downgraded shares of Tencent Music Entertainment Group from a “buy” rating to a “hold” rating and set a $8.00 price target on the stock. in a research report on Tuesday, August 17th. TheStreet downgraded shares of Tencent Music Entertainment Group from a “c-” rating to a “d+” rating in a research report on Thursday, August 12th. Finally, JPMorgan Chase & Co. downgraded shares of Tencent Music Entertainment Group from an “overweight” rating to a “neutral” rating in a research report on Wednesday, August 11th. Three analysts have rated the stock with a sell rating, seven have given a hold rating and seven have issued a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $19.01.

TME opened at $7.42 on Tuesday. The stock has a market capitalization of $12.45 billion, a price-to-earnings ratio of 20.05, a PEG ratio of 4.58 and a beta of 1.01. The company has a fifty day moving average of $9.68 and a 200 day moving average of $15.32. Tencent Music Entertainment Group has a fifty-two week low of $7.03 and a fifty-two week high of $32.25. The company has a debt-to-equity ratio of 0.10, a quick ratio of 2.87 and a current ratio of 2.88.

Tencent Music Entertainment Group (NYSE:TME) last posted its earnings results on Sunday, August 15th. The company reported $0.66 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.08 by $0.58. The company had revenue of $8.01 billion during the quarter, compared to analysts’ expectations of $8.10 billion. Tencent Music Entertainment Group had a net margin of 12.83% and a return on equity of 8.68%. Tencent Music Entertainment Group’s quarterly revenue was up 15.5% on a year-over-year basis. During the same period last year, the company posted $0.70 earnings per share. On average, equities research analysts forecast that Tencent Music Entertainment Group will post 0.28 earnings per share for the current year.

Tencent Music Entertainment Group Profile

Tencent Music Entertainment Group engages in the operation of an online music entertainment platform. Its platform comprises of online music, online karaoke, and music-centric live streaming products. The company was founded on June 6, 2012 and is headquartered in Beijing, China.

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Institutional Ownership by Quarter for Tencent Music Entertainment Group (NYSE:TME)

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