Morningstar Investment Management LLC Increases Stock Position in Tencent Music Entertainment Group Sponsored ADR $TME

Morningstar Investment Management LLC lifted its stake in Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) by 825.1% in the first quarter, HoldingsChannel.com reports. The fund owned 154,998 shares of the company’s stock after purchasing an additional 138,244 shares during the period. Morningstar Investment Management LLC’s holdings in Tencent Music Entertainment Group were worth $1,438,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently made changes to their positions in the stock. Royal Bank of Canada boosted its holdings in Tencent Music Entertainment Group by 9.0% in the first quarter. Royal Bank of Canada now owns 144,475 shares of the company’s stock worth $2,082,000 after purchasing an additional 11,979 shares during the last quarter. AQR Capital Management LLC grew its position in Tencent Music Entertainment Group by 107.5% in the 1st quarter. AQR Capital Management LLC now owns 85,450 shares of the company’s stock worth $1,231,000 after purchasing an additional 44,265 shares during the period. Jones Financial Companies Lllp purchased a new stake in Tencent Music Entertainment Group during the 1st quarter valued at $985,000. Acadian Asset Management LLC raised its stake in Tencent Music Entertainment Group by 385,900.0% during the 1st quarter. Acadian Asset Management LLC now owns 50,180 shares of the company’s stock valued at $722,000 after buying an additional 50,167 shares during the last quarter. Finally, EverSource Wealth Advisors LLC raised its stake in Tencent Music Entertainment Group by 83.0% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 3,005 shares of the company’s stock valued at $59,000 after buying an additional 1,363 shares during the last quarter. 24.32% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on TME shares. Mizuho dropped their price target on Tencent Music Entertainment Group from $23.00 to $18.00 and set an “outperform” rating on the stock in a research note on Wednesday, May 13th. Zacks Research upgraded Tencent Music Entertainment Group from a “strong sell” rating to a “hold” rating in a research report on Tuesday, May 19th. JPMorgan Chase & Co. lowered their target price on Tencent Music Entertainment Group from $12.00 to $10.00 and set a “neutral” rating on the stock in a report on Thursday, May 14th. Finally, Weiss Ratings raised Tencent Music Entertainment Group from a “hold (c-)” rating to a “hold (c)” rating in a research report on Wednesday, July 1st. Six analysts have rated the stock with a Buy rating and eight have given a Hold rating to the stock. According to data from MarketBeat.com, Tencent Music Entertainment Group presently has an average rating of “Hold” and a consensus price target of $21.44.

Tencent Music Entertainment Group Stock Up 1.1%

Shares of TME stock opened at $8.86 on Friday. Tencent Music Entertainment Group Sponsored ADR has a 12 month low of $7.94 and a 12 month high of $26.70. The stock has a market cap of $13.94 billion, a P/E ratio of 11.07, a P/E/G ratio of 0.58 and a beta of 0.82. The company has a current ratio of 2.09, a quick ratio of 2.08 and a debt-to-equity ratio of 0.06. The company has a 50 day simple moving average of $8.90 and a two-hundred day simple moving average of $11.54.

Tencent Music Entertainment Group (NYSE:TME) last released its quarterly earnings results on Tuesday, March 31st. The company reported $0.11 earnings per share for the quarter. The business had revenue of $1.15 billion for the quarter. Tencent Music Entertainment Group had a net margin of 26.45% and a return on equity of 11.20%. On average, research analysts expect that Tencent Music Entertainment Group Sponsored ADR will post 0.89 earnings per share for the current year.

Tencent Music Entertainment Group Profile

Tencent Music Entertainment Group (NYSE: TME) is a China-based digital music and audio entertainment platform that operates a portfolio of leading music streaming and social entertainment services. Its core consumer-facing products include streaming apps, online karaoke (KTV) services and live music and entertainment broadcasts. The company monetizes its content through a mix of subscriptions, digital music sales, in-app purchases, virtual gifting, advertising and licensing arrangements with rights holders.

The company traces its roots to the consolidation of Tencent’s music assets and was established in the mid-2010s to unify several prominent music properties under a single operating entity.