Custom Index Systems LLC Lowers Stake in Tencent Music Entertainment Group (NYSE:TME)

Custom Index Systems LLC lessened its holdings in Tencent Music Entertainment Group (NYSE:TME) by 5.6% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 25,334 shares of the company’s stock after selling 1,497 shares during the period. Custom Index Systems LLC’s holdings in Tencent Music Entertainment Group were worth $305,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors also recently bought and sold shares of TME. Mirae Asset Global Investments Co. Ltd. increased its position in shares of Tencent Music Entertainment Group by 238.1% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,805,479 shares of the company’s stock valued at $19,847,000 after buying an additional 1,271,426 shares in the last quarter. Capital Wealth Planning LLC purchased a new position in Tencent Music Entertainment Group during the first quarter valued at $2,588,000. Progeny 3 Inc. acquired a new stake in shares of Tencent Music Entertainment Group in the second quarter valued at about $11,436,000. Swedbank AB purchased a new stake in shares of Tencent Music Entertainment Group during the first quarter worth about $1,980,000. Finally, Russell Investments Group Ltd. raised its position in shares of Tencent Music Entertainment Group by 102.8% during the 1st quarter. Russell Investments Group Ltd. now owns 707,683 shares of the company’s stock worth $7,919,000 after purchasing an additional 358,694 shares during the last quarter. Institutional investors and hedge funds own 24.32% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have commented on TME. Daiwa America lowered Tencent Music Entertainment Group from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, August 13th. Benchmark reduced their price objective on Tencent Music Entertainment Group from $19.00 to $15.00 and set a “buy” rating for the company in a research note on Wednesday, August 14th. Bank of America lowered their target price on shares of Tencent Music Entertainment Group from $18.00 to $15.00 and set a “buy” rating on the stock in a research note on Wednesday, August 14th. Morgan Stanley cut shares of Tencent Music Entertainment Group from an “overweight” rating to an “equal weight” rating and reduced their target price for the company from $15.00 to $13.00 in a research report on Wednesday, September 25th. Finally, Daiwa Capital Markets lowered shares of Tencent Music Entertainment Group from an “outperform” rating to a “neutral” rating in a research report on Tuesday, August 13th. Four investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $12.67.

Tencent Music Entertainment Group Stock Up 0.5 %

Shares of NYSE TME opened at $11.49 on Monday. Tencent Music Entertainment Group has a 1 year low of $6.76 and a 1 year high of $15.77. The company has a market capitalization of $19.72 billion, a P/E ratio of 22.98, a P/E/G ratio of 0.85 and a beta of 0.66. The company has a 50 day simple moving average of $11.18 and a 200-day simple moving average of $12.87. The company has a debt-to-equity ratio of 0.09, a current ratio of 2.34 and a quick ratio of 2.34.

Tencent Music Entertainment Group (NYSE:TME) last announced its quarterly earnings results on Tuesday, August 13th. The company reported $0.15 EPS for the quarter, missing the consensus estimate of $0.16 by ($0.01). The business had revenue of $985.00 million during the quarter, compared to analyst estimates of $1 billion. Tencent Music Entertainment Group had a net margin of 20.35% and a return on equity of 10.11%. On average, equities research analysts predict 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.