Hound Partners LLC Takes $2.05 Million Position in Tencent Music Entertainment Group (NYSE:TME)

Hound Partners LLC purchased a new stake in Tencent Music Entertainment Group (NYSE:TME) during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 100,000 shares of the company’s stock, valued at approximately $2,049,000.

Several other institutional investors also recently made changes to their positions in the company. Jericho Capital Asset Management L.P. acquired a new stake in shares of Tencent Music Entertainment Group in the first quarter worth $35,673,000. Point72 Asset Management L.P. acquired a new stake in shares of Tencent Music Entertainment Group in the first quarter worth $23,092,000. Eaton Vance Management acquired a new stake in shares of Tencent Music Entertainment Group in the first quarter worth $64,000. Maverick Capital Ltd. acquired a new stake in shares of Tencent Music Entertainment Group in the first quarter worth $103,000. Finally, QVT Financial LP acquired a new stake in shares of Tencent Music Entertainment Group in the first quarter worth $3,356,000. Institutional investors and hedge funds own 31.09% of the company’s stock.

Shares of Tencent Music Entertainment Group stock remained flat at $$11.67 during trading on Thursday. The company had a trading volume of 244,634 shares, compared to its average volume of 14,993,925. The stock has a 50 day simple moving average of $14.71. The company has a debt-to-equity ratio of 0.10, a current ratio of 3.06 and a quick ratio of 3.06. Tencent Music Entertainment Group has a fifty-two week low of $11.24 and a fifty-two week high of $32.25. The stock has a market capitalization of $19.58 billion, a price-to-earnings ratio of 28.88, a PEG ratio of 2.59 and a beta of 1.04.

Tencent Music Entertainment Group (NYSE:TME) last released its quarterly earnings results on Sunday, May 16th. The company reported $0.69 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.10 by $0.59. Tencent Music Entertainment Group had a return on equity of 8.96% and a net margin of 13.67%. The business had revenue of $7.82 billion during the quarter, compared to analysts’ expectations of $7.77 billion. During the same period in the previous year, the business posted $0.66 earnings per share. The firm’s revenue for the quarter was up 23.9% compared to the same quarter last year. Equities analysts anticipate that Tencent Music Entertainment Group will post 0.36 earnings per share for the current fiscal year.

Several equities research analysts have recently issued reports on the stock. lowered 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 research note on Tuesday, May 18th. Morgan Stanley downgraded shares of Tencent Music Entertainment Group from an “overweight” rating to an “equal weight” rating and decreased their price target for the stock from $23.00 to $14.00 in a research note on Thursday, July 15th. Stifel Nicolaus decreased their price target on shares of Tencent Music Entertainment Group from $24.00 to $20.00 and set a “hold” rating on the stock in a research note on Friday, May 14th. Citigroup decreased their price target on shares of Tencent Music Entertainment Group from $30.00 to $27.00 and set a “buy” rating on the stock in a research note on Tuesday, May 18th. Finally, China Renaissance Securities started coverage on shares of Tencent Music Entertainment Group in a research note on Tuesday, July 13th. They set a “buy” rating and a $22.00 price target on the stock. Two research analysts have rated the stock with a sell rating, four have given a hold rating and nine have assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average price target of $24.56.

Tencent Music Entertainment Group Company 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.

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

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