Jericho Capital Asset Management L.P. Purchases Shares of 1,741,000 Tencent Music Entertainment Group (NYSE:TME)

Jericho Capital Asset Management L.P. purchased a new stake in Tencent Music Entertainment Group (NYSE:TME) in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor purchased 1,741,000 shares of the company’s stock, valued at approximately $35,673,000. Jericho Capital Asset Management L.P. owned about 0.10% of Tencent Music Entertainment Group at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. FMR LLC purchased a new stake in Tencent Music Entertainment Group during the first quarter valued at about $21,905,000. First Trust Advisors LP acquired a new position in shares of Tencent Music Entertainment Group in the 1st quarter valued at about $468,000. Amundi Pioneer Asset Management Inc. acquired a new position in shares of Tencent Music Entertainment Group in the 1st quarter valued at about $4,169,000. FIL Ltd acquired a new position in shares of Tencent Music Entertainment Group in the 4th quarter valued at about $2,476,000. Finally, Wells Fargo & Company MN increased its holdings in shares of Tencent Music Entertainment Group by 4.0% in the 4th quarter. Wells Fargo & Company MN now owns 145,218 shares of the company’s stock valued at $2,793,000 after purchasing an additional 5,593 shares during the period. 31.09% of the stock is owned by institutional investors.

NYSE TME traded up $0.06 during trading on Thursday, hitting $11.73. The stock had a trading volume of 133,661 shares, compared to its average volume of 14,993,925. The firm has a market cap of $19.68 billion, a P/E ratio of 28.88, a PEG ratio of 2.59 and a beta of 1.04. Tencent Music Entertainment Group has a 12 month low of $11.24 and a 12 month high of $32.25. The company has a 50-day moving average price 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 (NYSE:TME) last posted its quarterly earnings results on Sunday, May 16th. The company reported $0.69 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.10 by $0.59. The firm had revenue of $7.82 billion for the quarter, compared to analyst estimates of $7.77 billion. Tencent Music Entertainment Group had a return on equity of 8.96% and a net margin of 13.67%. The business’s quarterly revenue was up 23.9% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.66 EPS. Sell-side analysts expect that Tencent Music Entertainment Group will post 0.36 EPS for the current year.

A number of equities analysts recently commented on the company. HSBC dropped their price objective on Tencent Music Entertainment Group from $26.00 to $22.00 and set a “buy” rating on the stock in a report on Thursday, July 8th. Stifel Nicolaus reduced their target price on Tencent Music Entertainment Group from $24.00 to $20.00 and set a “hold” rating for the company in a research report on Friday, May 14th. TheStreet cut Tencent Music Entertainment Group from a “b-” rating to a “c+” rating in a research report on Thursday, April 8th. Zacks Investment Research cut Tencent Music Entertainment Group from a “hold” rating to a “sell” rating in a research report on Tuesday, April 27th. Finally, China Renaissance Securities began coverage on Tencent Music Entertainment Group in a research report on Tuesday, July 13th. They issued a “buy” rating and a $22.00 target price for the company. 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. The company presently has an average rating of “Hold” and an average target price of $24.56.

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.

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

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