Beck Bode LLC Cuts Stock Holdings in Tencent Music Entertainment Group (NYSE:TME)

Beck Bode LLC reduced its position in Tencent Music Entertainment Group (NYSE:TME) by 11.8% in the second quarter, Holdings Channel.com reports. The firm owned 21,908 shares of the company’s stock after selling 2,924 shares during the quarter. Beck Bode LLC’s holdings in Tencent Music Entertainment Group were worth $308,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Norges Bank purchased a new position in shares of Tencent Music Entertainment Group in the fourth quarter worth $105,328,000. Aspex Management HK Ltd bought a new stake in Tencent Music Entertainment Group in the fourth quarter worth $81,542,000. Ninety One UK Ltd purchased a new stake in Tencent Music Entertainment Group during the 2nd quarter valued at about $122,775,000. Hsbc Holdings PLC increased its position in shares of Tencent Music Entertainment Group by 234.7% during the fourth quarter. Hsbc Holdings PLC now owns 10,116,989 shares of the company’s stock valued at $91,012,000 after acquiring an additional 7,094,511 shares in the last quarter. Finally, Goldman Sachs Group Inc. increased its holdings in shares of Tencent Music Entertainment Group by 78.2% in the 4th quarter. Goldman Sachs Group Inc. now owns 13,871,935 shares of the company’s stock worth $124,986,000 after purchasing an additional 6,088,504 shares in the last quarter. 24.32% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the stock. Benchmark decreased their price objective on shares of Tencent Music Entertainment Group from $19.00 to $15.00 and set a “buy” rating for the company in a report on Wednesday, August 14th. Daiwa America downgraded Tencent Music Entertainment Group from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, August 13th. Bank of America lowered their price target on Tencent Music Entertainment Group from $18.00 to $15.00 and set a “buy” rating on the stock in a report on Wednesday, August 14th. Daiwa Capital Markets downgraded shares of Tencent Music Entertainment Group from an “outperform” rating to a “neutral” rating in a report on Tuesday, August 13th. Finally, Mizuho cut their target price on shares of Tencent Music Entertainment Group from $17.00 to $16.00 and set an “outperform” rating for the company in a report on Wednesday, August 14th. Three investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $12.72.

Tencent Music Entertainment Group Stock Performance

Shares of Tencent Music Entertainment Group stock opened at $9.49 on Wednesday. Tencent Music Entertainment Group has a 52 week low of $5.96 and a 52 week high of $15.77. The company has a market capitalization of $16.29 billion, a PE ratio of 20.63, a price-to-earnings-growth ratio of 0.72 and a beta of 0.65. The stock’s fifty day moving average is $12.13 and its two-hundred day moving average is $12.67. The company has a quick ratio of 2.34, a current ratio of 2.34 and a debt-to-equity ratio of 0.09.

Tencent Music Entertainment Group (NYSE:TME) last issued its earnings results on Tuesday, August 13th. The company reported $0.15 earnings per share for the quarter, missing the consensus estimate of $0.16 by ($0.01). Tencent Music Entertainment Group had a return on equity of 10.11% and a net margin of 20.35%. The firm had revenue of $985.00 million during the quarter, compared to analysts’ expectations of $1 billion. As a group, analysts expect that Tencent Music Entertainment Group will post 0.63 earnings per share for the current 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; long-form audio content, including audiobooks, podcasts and talk shows, as well as music-oriented video content comprising music videos, live performances, and short videos; and WeSing, which enables users to sing along from its library of karaoke songs and share their performances in audio or video formats with friends.