Harbour Capital Advisors LLC Takes $378,000 Position in Tencent Music Entertainment Group (NYSE:TME)

Harbour Capital Advisors LLC purchased a new stake in Tencent Music Entertainment Group (NYSE:TME) in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 30,620 shares of the company’s stock, valued at approximately $378,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Perpetual Ltd raised its position in shares of Tencent Music Entertainment Group by 6.7% in the third quarter. Perpetual Ltd now owns 1,556,751 shares of the company’s stock valued at $18,759,000 after buying an additional 97,298 shares in the last quarter. Handelsbanken Fonder AB raised its position in shares of Tencent Music Entertainment Group by 2.4% in the third quarter. Handelsbanken Fonder AB now owns 179,636 shares of the company’s stock valued at $2,165,000 after buying an additional 4,265 shares in the last quarter. Cetera Investment Advisers increased its stake in Tencent Music Entertainment Group by 10.8% in the second quarter. Cetera Investment Advisers now owns 84,366 shares of the company’s stock valued at $1,185,000 after acquiring an additional 8,216 shares during the last quarter. Creative Planning increased its stake in Tencent Music Entertainment Group by 19.7% in the second quarter. Creative Planning now owns 81,560 shares of the company’s stock valued at $1,146,000 after acquiring an additional 13,421 shares during the last quarter. Finally, Driehaus Capital Management LLC increased its stake in Tencent Music Entertainment Group by 37.0% in the second quarter. Driehaus Capital Management LLC now owns 7,129,342 shares of the company’s stock valued at $100,167,000 after acquiring an additional 1,925,124 shares during the last quarter. 24.32% of the stock is currently owned by institutional investors and hedge funds.

Tencent Music Entertainment Group Stock Performance

Shares of Tencent Music Entertainment Group stock opened at $11.88 on Friday. 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 has a twelve month low of $6.55 and a twelve month high of $15.77. The stock has a market cap of $20.39 billion, a price-to-earnings ratio of 25.83, a P/E/G ratio of 0.95 and a beta of 0.66. The company’s fifty day moving average is $11.16 and its 200 day moving average is $12.85.

Tencent Music Entertainment Group (NYSE:TME) last issued its quarterly earnings data 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 business had revenue of $985.00 million during the quarter, compared to the consensus estimate of $1 billion. Sell-side analysts forecast that Tencent Music Entertainment Group will post 0.62 EPS for the current year.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on TME. Bank of America decreased their price objective 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. Mizuho decreased their price objective on shares of Tencent Music Entertainment Group from $17.00 to $16.00 and set an “outperform” rating on the stock in a research note on Wednesday, August 14th. Daiwa America cut shares of Tencent Music Entertainment Group from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, August 13th. Benchmark decreased their price objective on shares of Tencent Music Entertainment Group from $19.00 to $15.00 and set a “buy” rating on the stock in a research note on Wednesday, August 14th. Finally, Morgan Stanley cut shares of Tencent Music Entertainment Group from an “overweight” rating to an “equal weight” rating and decreased their price objective for the company from $15.00 to $13.00 in a research note on Wednesday, September 25th. Four analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $12.67.

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; 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.