Origin Asset Management LLP Purchases Shares of 2,271,870 Tencent Music Entertainment Group (NYSE:TME)

Origin Asset Management LLP acquired a new position in shares of Tencent Music Entertainment Group (NYSE:TME) during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 2,271,870 shares of the company’s stock, valued at approximately $20,470,000. Tencent Music Entertainment Group accounts for about 5.5% of Origin Asset Management LLP’s investment portfolio, making the stock its 6th biggest holding.

Several other institutional investors and hedge funds also recently made changes to their positions in TME. Exchange Traded Concepts LLC acquired a new stake in shares of Tencent Music Entertainment Group during the 3rd quarter worth approximately $230,000. Asset Management One Co. Ltd. increased its holdings in Tencent Music Entertainment Group by 8.0% in the 3rd quarter. Asset Management One Co. Ltd. now owns 116,823 shares of the company’s stock valued at $745,000 after buying an additional 8,682 shares during the period. Handelsbanken Fonder AB raised its stake in shares of Tencent Music Entertainment Group by 8.2% in the 3rd quarter. Handelsbanken Fonder AB now owns 246,600 shares of the company’s stock valued at $1,573,000 after buying an additional 18,700 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of Tencent Music Entertainment Group by 4.7% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 648,179 shares of the company’s stock worth $4,135,000 after acquiring an additional 29,145 shares during the period. Finally, Advisor Partners II LLC lifted its holdings in shares of Tencent Music Entertainment Group by 19.5% during the 3rd quarter. Advisor Partners II LLC now owns 13,529 shares of the company’s stock worth $86,000 after acquiring an additional 2,207 shares during the period. Institutional investors own 24.32% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have commented on TME shares. Citigroup upgraded shares of Tencent Music Entertainment Group from a “neutral” rating to a “buy” rating and raised their price target for the stock from $9.00 to $13.00 in a research note on Wednesday, March 20th. The Goldman Sachs Group upgraded Tencent Music Entertainment Group from a “neutral” rating to a “buy” rating and set a $14.00 target price for the company in a research report on Wednesday, March 20th. Benchmark upped their price target on Tencent Music Entertainment Group from $9.00 to $14.00 and gave the company a “buy” rating in a research report on Wednesday, March 20th. Mizuho increased their price objective on Tencent Music Entertainment Group from $12.00 to $13.00 and gave the stock a “buy” rating in a research note on Wednesday, March 20th. Finally, Bank of America upped their target price on shares of Tencent Music Entertainment Group from $10.50 to $12.30 and gave the stock a “buy” rating in a report on Wednesday, March 20th. Two investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat.com, Tencent Music Entertainment Group has a consensus rating of “Moderate Buy” and an average price target of $11.63.

Tencent Music Entertainment Group Price Performance

TME traded up $0.66 during midday trading on Thursday, hitting $13.05. The company had a trading volume of 7,402,717 shares, compared to its average volume of 8,520,466. Tencent Music Entertainment Group has a twelve month low of $5.70 and a twelve month high of $13.15. The company has a market capitalization of $22.39 billion, a PE ratio of 28.17, a P/E/G ratio of 0.77 and a beta of 0.77. 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 $11.16 and its 200-day simple moving average is $9.44.

Tencent Music Entertainment Group (NYSE:TME) last announced its quarterly earnings data 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 return on equity of 9.67% and a net margin of 17.71%. Equities research analysts predict that Tencent Music Entertainment Group will post 0.58 EPS for the current fiscal year.

Tencent Music Entertainment Group Company 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.