Origin Asset Management LLP Invests $20.47 Million in Tencent Music Entertainment Group (NYSE:TME)

Origin Asset Management LLP bought a new stake in shares of Tencent Music Entertainment Group (NYSE:TME) during the 4th quarter, according to its most recent filing with the SEC. The firm bought 2,271,870 shares of the company’s stock, valued at approximately $20,470,000. Tencent Music Entertainment Group accounts for 5.5% of Origin Asset Management LLP’s holdings, making the stock its 6th biggest position. Origin Asset Management LLP owned 0.13% of Tencent Music Entertainment Group as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Nordea Investment Management AB lifted its holdings in Tencent Music Entertainment Group by 25.1% in the 4th quarter. Nordea Investment Management AB now owns 1,321,517 shares of the company’s stock worth $11,735,000 after buying an additional 265,093 shares in the last quarter. China Universal Asset Management Co. Ltd. increased its position in shares of Tencent Music Entertainment Group by 2,115.4% during the fourth quarter. China Universal Asset Management Co. Ltd. now owns 230,400 shares of the company’s stock worth $2,076,000 after acquiring an additional 220,000 shares during the last quarter. Federated Hermes Inc. acquired a new position in shares of Tencent Music Entertainment Group in the fourth quarter worth about $2,690,000. Ballentine Partners LLC boosted its holdings in Tencent Music Entertainment Group by 33.9% in the fourth quarter. Ballentine Partners LLC now owns 15,132 shares of the company’s stock valued at $136,000 after purchasing an additional 3,835 shares during the last quarter. Finally, SG Americas Securities LLC boosted its holdings in Tencent Music Entertainment Group by 14.3% in the fourth quarter. SG Americas Securities LLC now owns 325,588 shares of the company’s stock valued at $2,934,000 after purchasing an additional 40,765 shares during the last quarter. 24.32% of the stock is owned by institutional investors and hedge funds.

Tencent Music Entertainment Group Stock Performance

Shares of TME traded up $0.66 during trading hours on Thursday, reaching $13.05. 7,402,717 shares of the company’s stock traded hands, 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 business’s fifty day simple moving average is $11.16 and its two-hundred day simple moving average is $9.44. The company has a debt-to-equity ratio of 0.10, a current ratio of 2.49 and a quick ratio of 2.49. The firm has a market capitalization of $22.39 billion, a price-to-earnings ratio of 28.17, a P/E/G ratio of 0.77 and a beta of 0.77.

Tencent Music Entertainment Group (NYSE:TME) last released its earnings results on Tuesday, March 19th. The company reported $0.13 EPS for the quarter, beating the consensus estimate of $0.12 by $0.01. Tencent Music Entertainment Group had a net margin of 17.71% and a return on equity of 9.67%. The firm had revenue of $971.00 million for the quarter, compared to analysts’ expectations of $925.06 million. Analysts predict that Tencent Music Entertainment Group will post 0.58 earnings per share for the current year.

Analysts Set New Price Targets

Several analysts recently issued reports on the stock. Morgan Stanley upped their price target on shares of Tencent Music Entertainment Group from $11.00 to $13.50 and gave the company an “overweight” rating in a report on Wednesday, March 20th. Benchmark boosted their price objective on Tencent Music Entertainment Group from $9.00 to $14.00 and gave the company a “buy” rating in a report on Wednesday, March 20th. UBS Group raised Tencent Music Entertainment Group from a “neutral” rating to a “buy” rating and set a $10.50 target price on the stock in a report on Wednesday, January 24th. Bank of America lifted their target price on Tencent Music Entertainment Group from $10.50 to $12.30 and gave the stock a “buy” rating in a research report on Wednesday, March 20th. Finally, HSBC raised their price objective on Tencent Music Entertainment Group from $9.50 to $10.40 and gave the stock a “hold” rating in a research note on Wednesday, March 20th. Two analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $11.63.

About Tencent Music Entertainment Group

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.