Overlook Investments LP Makes New Investment in Tencent Music Entertainment Group Sponsored ADR $TME

Overlook Investments LP bought a new stake in shares of Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 15,868,843 shares of the company’s stock, valued at approximately $278,022,000. Tencent Music Entertainment Group accounts for about 100.0% of Overlook Investments LP’s holdings, making the stock its largest holding.

Several other hedge funds have also recently made changes to their positions in the business. Royal Bank of Canada lifted its stake in Tencent Music Entertainment Group by 9.0% in the first quarter. Royal Bank of Canada now owns 144,475 shares of the company’s stock worth $2,082,000 after acquiring an additional 11,979 shares during the period. AQR Capital Management LLC increased its position in Tencent Music Entertainment Group by 107.5% during the 1st quarter. AQR Capital Management LLC now owns 85,450 shares of the company’s stock valued at $1,231,000 after purchasing an additional 44,265 shares during the period. Jones Financial Companies Lllp purchased a new position in Tencent Music Entertainment Group during the 1st quarter valued at $985,000. Acadian Asset Management LLC raised its holdings in Tencent Music Entertainment Group by 385,900.0% in the 1st quarter. Acadian Asset Management LLC now owns 50,180 shares of the company’s stock worth $722,000 after purchasing an additional 50,167 shares in the last quarter. Finally, EverSource Wealth Advisors LLC raised its holdings in Tencent Music Entertainment Group by 83.0% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 3,005 shares of the company’s stock worth $59,000 after purchasing an additional 1,363 shares in the last quarter. 24.32% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on TME shares. Mizuho cut their target price on shares of Tencent Music Entertainment Group from $23.00 to $18.00 and set an “outperform” rating on the stock in a research note on Wednesday, May 13th. Zacks Research raised shares of Tencent Music Entertainment Group from a “strong sell” rating to a “hold” rating in a research note on Tuesday, May 19th. Morgan Stanley reissued an “equal weight” rating on shares of Tencent Music Entertainment Group in a research report on Thursday, March 19th. Benchmark reiterated a “hold” rating on shares of Tencent Music Entertainment Group in a report on Wednesday, March 18th. Finally, UBS Group reaffirmed a “neutral” rating and issued a $13.00 price target (down from $26.00) on shares of Tencent Music Entertainment Group in a research report on Wednesday, March 18th. Six research analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $21.44.

Tencent Music Entertainment Group Trading Up 0.9%

NYSE:TME opened at $8.76 on Friday. The company has a current ratio of 2.09, a quick ratio of 2.08 and a debt-to-equity ratio of 0.06. Tencent Music Entertainment Group Sponsored ADR has a 12 month low of $8.44 and a 12 month high of $26.70. The company has a market cap of $13.79 billion, a PE ratio of 10.96, a price-to-earnings-growth ratio of 0.57 and a beta of 0.80. The company has a 50 day simple moving average of $9.25 and a two-hundred day simple moving average of $13.20.

Tencent Music Entertainment Group (NYSE:TME) last posted its quarterly earnings data on Tuesday, March 31st. The company reported $0.11 EPS for the quarter. Tencent Music Entertainment Group had a return on equity of 11.20% and a net margin of 26.45%.The company had revenue of $1.15 billion during the quarter. Research analysts forecast that Tencent Music Entertainment Group Sponsored ADR will post 0.9 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.