Formula Growth Ltd. Has $56,000 Position in Tencent Music Entertainment Group – (NYSE:TME)

Formula Growth Ltd. cut its stake in shares of Tencent Music Entertainment Group – (NYSE:TME) by 75.8% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 3,104 shares of the company’s stock after selling 9,746 shares during the period. Formula Growth Ltd.’s holdings in Tencent Music Entertainment Group were worth $56,000 as of its most recent SEC filing.

Several other institutional investors also recently made changes to their positions in the stock. Quadrant Capital Group LLC acquired a new position in Tencent Music Entertainment Group in the first quarter valued at about $29,000. Commonwealth Bank of Australia acquired a new position in Tencent Music Entertainment Group in the fourth quarter valued at about $43,000. Columbia Asset Management acquired a new position in Tencent Music Entertainment Group in the fourth quarter valued at about $173,000. Deutsche Bank AG acquired a new position in Tencent Music Entertainment Group in the fourth quarter valued at about $86,000. Finally, Barclays PLC acquired a new position in Tencent Music Entertainment Group in the fourth quarter valued at about $111,000. 5.77% of the stock is owned by institutional investors and hedge funds.

TME stock opened at $13.90 on Friday. The stock has a market cap of $22.73 billion and a PE ratio of 69.50. Tencent Music Entertainment Group – has a fifty-two week low of $11.81 and a fifty-two week high of $19.97.

Tencent Music Entertainment Group (NYSE:TME) last posted its quarterly earnings data on Monday, May 13th. The company reported $0.10 earnings per share for the quarter, topping the consensus estimate of $0.08 by $0.02. The firm had revenue of $855.00 million for the quarter, compared to analyst estimates of $861.27 million. Research analysts anticipate that Tencent Music Entertainment Group – will post 0.36 EPS for the current fiscal year.

A number of research analysts have issued reports on TME shares. Zacks Investment Research raised Tencent Music Entertainment Group from a “hold” rating to a “buy” rating and set a $20.00 target price for the company in a research note on Friday, March 15th. Stifel Nicolaus reissued a “hold” rating and issued a $16.00 target price on shares of Tencent Music Entertainment Group in a research note on Tuesday, March 12th. China Renaissance Securities started coverage on Tencent Music Entertainment Group in a research note on Monday, May 13th. They issued a “hold” rating for the company. Credit Suisse Group cut Tencent Music Entertainment Group from an “outperform” rating to a “neutral” rating and set a $18.00 target price for the company. in a research note on Wednesday, March 20th. Finally, CICC Research started coverage on Tencent Music Entertainment Group in a research note on Thursday. They issued a “buy” rating for the company. Six analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. Tencent Music Entertainment Group has a consensus rating of “Buy” and an average target price of $16.38.

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Tencent Music Entertainment Group Profile

Tencent Music Entertainment Group operates an online music entertainment platform that provides online music and music-centric social entertainment services in 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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