Carmignac Gestion Increases Position in Tencent Music Entertainment Group Sponsored ADR $TME

Carmignac Gestion increased its holdings in Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) by 2,635.9% in the 1st quarter, HoldingsChannel.com reports. The fund owned 2,881,153 shares of the company’s stock after buying an additional 2,775,843 shares during the period. Carmignac Gestion’s holdings in Tencent Music Entertainment Group were worth $26,740,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently modified their holdings of TME. Allworth Financial LP lifted its holdings in Tencent Music Entertainment Group by 63.2% during the third quarter. Allworth Financial LP now owns 1,480 shares of the company’s stock worth $35,000 after acquiring an additional 573 shares during the period. Caitong International Asset Management Co. Ltd grew its stake in Tencent Music Entertainment Group by 5,777.1% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 2,057 shares of the company’s stock valued at $36,000 after purchasing an additional 2,022 shares during the period. Smartleaf Asset Management LLC grew its stake in Tencent Music Entertainment Group by 61.3% in the 4th quarter. Smartleaf Asset Management LLC now owns 2,123 shares of the company’s stock valued at $37,000 after purchasing an additional 807 shares during the period. Kestra Advisory Services LLC purchased a new stake in shares of Tencent Music Entertainment Group during the 4th quarter valued at $46,000. Finally, EverSource Wealth Advisors LLC increased its position in shares of Tencent Music Entertainment Group by 83.0% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 3,005 shares of the company’s stock valued at $59,000 after purchasing an additional 1,363 shares during the last quarter. 24.32% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on TME. JPMorgan Chase & Co. cut their price target on shares of Tencent Music Entertainment Group from $12.00 to $10.00 and set a “neutral” rating on the stock in a report on Thursday, May 14th. Zacks Research upgraded shares of Tencent Music Entertainment Group from a “strong sell” rating to a “hold” rating in a report on Tuesday, May 19th. Mizuho decreased their price objective on shares of Tencent Music Entertainment Group from $23.00 to $18.00 and set an “outperform” rating for the company in a report on Wednesday, May 13th. Finally, Weiss Ratings raised shares of Tencent Music Entertainment Group from a “hold (c-)” rating to a “hold (c)” rating in a research report on Wednesday, July 1st. Six research analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company’s stock. According to MarketBeat.com, Tencent Music Entertainment Group presently has a consensus rating of “Hold” and an average price target of $21.44.

Tencent Music Entertainment Group Stock Performance

NYSE:TME opened at $9.44 on Monday. The company has a debt-to-equity ratio of 0.06, a current ratio of 2.09 and a quick ratio of 2.08. The business has a fifty day simple moving average of $8.95 and a two-hundred day simple moving average of $11.21. Tencent Music Entertainment Group Sponsored ADR has a 1 year low of $7.94 and a 1 year high of $26.70. The company has a market capitalization of $14.85 billion, a P/E ratio of 11.80, a P/E/G ratio of 0.62 and a beta of 0.82.

Tencent Music Entertainment Group (NYSE:TME) last issued its earnings results on Tuesday, March 31st. The company reported $0.11 earnings per share (EPS) for the quarter. Tencent Music Entertainment Group had a return on equity of 11.20% and a net margin of 26.45%.The firm had revenue of $1.15 billion for the quarter. On average, analysts expect that Tencent Music Entertainment Group Sponsored ADR will post 0.89 earnings per share for the current year.

Tencent Music Entertainment Group Profile

Tencent Music Entertainment Group (NYSE: TME) is a China-based digital music and audio entertainment platform that operates a portfolio of leading music streaming and social entertainment services. Its core consumer-facing products include streaming apps, online karaoke (KTV) services and live music and entertainment broadcasts. The company monetizes its content through a mix of subscriptions, digital music sales, in-app purchases, virtual gifting, advertising and licensing arrangements with rights holders.

The company traces its roots to the consolidation of Tencent’s music assets and was established in the mid-2010s to unify several prominent music properties under a single operating entity.