SCP Investment LP Acquires New Shares in Tencent Music Entertainment Group (NYSE:TME)

SCP Investment LP acquired a new stake in Tencent Music Entertainment Group (NYSE:TME) in the 1st quarter, HoldingsChannel.com reports. The firm acquired 400,000 shares of the company’s stock, valued at approximately $8,196,000. Tencent Music Entertainment Group accounts for about 2.4% of SCP Investment LP’s holdings, making the stock its 10th biggest holding.

Several other hedge funds have also added to or reduced their stakes in TME. FMR LLC acquired a new stake in shares of Tencent Music Entertainment Group in the 1st quarter valued at $21,905,000. First Trust Advisors LP acquired a new position in Tencent Music Entertainment Group during the 1st quarter worth $468,000. Amundi Pioneer Asset Management Inc. acquired a new position in Tencent Music Entertainment Group during the 1st quarter worth $4,169,000. Comerica Bank lifted its position in Tencent Music Entertainment Group by 3.0% during the 4th quarter. Comerica Bank now owns 41,171 shares of the company’s stock worth $1,112,000 after acquiring an additional 1,210 shares during the last quarter. Finally, California Public Employees Retirement System lifted its position in Tencent Music Entertainment Group by 178.9% during the 4th quarter. California Public Employees Retirement System now owns 3,082,714 shares of the company’s stock worth $59,311,000 after acquiring an additional 1,977,425 shares during the last quarter. 31.09% of the stock is owned by institutional investors and hedge funds.

A number of research firms have weighed in on TME. Zacks Investment Research lowered shares of Tencent Music Entertainment Group from a “hold” rating to a “sell” rating in a research report on Tuesday, April 27th. Citigroup dropped their price objective on shares of Tencent Music Entertainment Group from $30.00 to $27.00 and set a “buy” rating on the stock in a report on Tuesday, May 18th. Citigroup Inc. 3% Minimum Coupon Principal Protected Based Upon Russell dropped their price objective on shares of Tencent Music Entertainment Group from $30.00 to $27.00 and set a “buy” rating on the stock in a report on Tuesday, May 18th. HSBC boosted their price objective on shares of Tencent Music Entertainment Group from $30.00 to $35.00 and gave the stock a “buy” rating in a report on Wednesday, March 24th. Finally, The Goldman Sachs Group downgraded shares of Tencent Music Entertainment Group from a “buy” rating to a “neutral” rating in a report on Wednesday, March 24th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and nine have issued a buy rating to the company’s stock. Tencent Music Entertainment Group has a consensus rating of “Hold” and an average target price of $26.87.

Tencent Music Entertainment Group stock traded down $0.08 during trading hours on Friday, hitting $15.70. 123,571 shares of the stock were exchanged, compared to its average volume of 26,889,826. The company has a quick ratio of 3.06, a current ratio of 3.06 and a debt-to-equity ratio of 0.10. The stock has a market capitalization of $26.34 billion, a PE ratio of 42.35, a P/E/G ratio of 2.69 and a beta of 1.02. Tencent Music Entertainment Group has a 12 month low of $12.00 and a 12 month high of $32.25. The stock has a 50-day moving average of $16.84.

Tencent Music Entertainment Group (NYSE:TME) last announced its earnings results on Sunday, May 16th. The company reported $0.69 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.10 by $0.59. Tencent Music Entertainment Group had a net margin of 13.67% and a return on equity of 8.96%. The company had revenue of $7.82 billion for the quarter, compared to analyst estimates of $7.77 billion. During the same period in the prior year, the business earned $0.66 earnings per share. Tencent Music Entertainment Group’s quarterly revenue was up 23.9% on a year-over-year basis. As a group, sell-side analysts expect that Tencent Music Entertainment Group will post 0.37 EPS for the current year.

Tencent Music Entertainment Group Profile

Tencent Music Entertainment Group operates online music entertainment platforms that provides 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 and listen to music in personalized ways; and WeSing, which enables users to have fun by singing and interacting with friends, sharing their singing performances with friends, and discovering songs that others have sung.

Further Reading: Intrinsic Value and Stock Selection

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

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