Zurcher Kantonalbank Zurich Cantonalbank Sells 34,578 Shares of Tencent Music Entertainment Group (NYSE:TME)

Zurcher Kantonalbank Zurich Cantonalbank trimmed its position in shares of Tencent Music Entertainment Group (NYSE:TME) by 15.5% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 188,099 shares of the company’s stock after selling 34,578 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Tencent Music Entertainment Group were worth $1,695,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Tobam acquired a new position in shares of Tencent Music Entertainment Group during the 4th quarter worth about $36,000. Headinvest LLC acquired a new position in shares of Tencent Music Entertainment Group during the third quarter worth approximately $39,000. GABELLI & Co INVESTMENT ADVISERS INC. acquired a new stake in shares of Tencent Music Entertainment Group in the third quarter worth $64,000. PDS Planning Inc bought a new position in Tencent Music Entertainment Group during the third quarter worth $65,000. Finally, China Universal Asset Management Co. Ltd. acquired a new position in Tencent Music Entertainment Group during the 3rd quarter valued at $66,000. 24.32% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on TME. The Goldman Sachs Group upgraded shares of Tencent Music Entertainment Group from a “neutral” rating to a “buy” rating and set a $14.00 price objective on the stock in a report on Wednesday, March 20th. CLSA started coverage on Tencent Music Entertainment Group in a research note on Monday, February 5th. They set an “outperform” rating and a $10.50 price target on the stock. Citigroup upgraded Tencent Music Entertainment Group from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $9.00 to $13.00 in a research report on Wednesday, March 20th. Morgan Stanley boosted their price objective on Tencent Music Entertainment Group from $11.00 to $13.50 and gave the company an “overweight” rating in a research report on Wednesday, March 20th. Finally, HSBC raised their target price on Tencent Music Entertainment Group from $9.50 to $10.40 and gave the stock a “hold” rating in a research report on Wednesday, March 20th. Two analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat, Tencent Music Entertainment Group has a consensus rating of “Moderate Buy” and an average target price of $11.63.

Tencent Music Entertainment Group Stock Up 1.7 %

TME opened at $12.53 on Thursday. The firm has a market cap of $21.50 billion, a price-to-earnings ratio of 28.48, a PEG ratio of 0.75 and a beta of 0.81. 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 firm’s 50-day simple moving average is $10.90 and its 200-day simple moving average is $9.23. Tencent Music Entertainment Group has a twelve month low of $5.70 and a twelve month high of $12.62.

Tencent Music Entertainment Group (NYSE:TME) last released its quarterly earnings results on Tuesday, March 19th. The company reported $0.13 EPS for the quarter, beating analysts’ consensus estimates of $0.12 by $0.01. The firm had revenue of $971.00 million for the quarter, compared to analyst estimates of $925.06 million. Tencent Music Entertainment Group had a net margin of 17.71% and a return on equity of 9.67%. Equities research analysts anticipate 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.