Mirae Asset Global Investments Co. Ltd. Has $5.87 Million Holdings in Tencent Music Entertainment Group (NYSE:TME)

Mirae Asset Global Investments Co. Ltd. decreased its holdings in shares of Tencent Music Entertainment Group (NYSE:TME - Free Report) by 62.6% in the 3rd quarter, according to its most recent 13F filing with the SEC. The fund owned 485,569 shares of the company's stock after selling 811,169 shares during the period. Mirae Asset Global Investments Co. Ltd.'s holdings in Tencent Music Entertainment Group were worth $5,870,000 at the end of the most recent reporting period.

A number of other large investors also recently made changes to their positions in the stock. Vanguard Group Inc. increased its holdings in Tencent Music Entertainment Group by 0.3% in the first quarter. Vanguard Group Inc. now owns 25,057,674 shares of the company's stock valued at $280,395,000 after purchasing an additional 84,131 shares during the last quarter. Ninety One UK Ltd bought a new stake in shares of Tencent Music Entertainment Group in the 2nd quarter valued at about $122,775,000. Driehaus Capital Management LLC raised its position in shares of Tencent Music Entertainment Group by 37.0% in the 2nd 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 period. The Manufacturers Life Insurance Company boosted its stake in Tencent Music Entertainment Group by 58.6% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 6,180,406 shares of the company's stock worth $86,835,000 after acquiring an additional 2,284,347 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC grew its holdings in Tencent Music Entertainment Group by 14.4% during the third quarter. Allspring Global Investments Holdings LLC now owns 5,973,760 shares of the company's stock valued at $71,984,000 after purchasing an additional 753,383 shares during the period. Institutional investors and hedge funds own 24.32% of the company's stock.

Analysts Set New Price Targets

TME has been the topic of a number of recent analyst reports. Benchmark reduced their price target on shares of Tencent Music Entertainment Group from $19.00 to $15.00 and set a "buy" rating on the stock in a research report on Wednesday, August 14th. Bank of America decreased their target price on Tencent Music Entertainment Group from $18.00 to $15.00 and set a "buy" rating for the company in a research note on Wednesday, August 14th. Daiwa America lowered Tencent Music Entertainment Group from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, August 13th. Morgan Stanley lowered 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 report on Wednesday, September 25th. Finally, Mizuho lowered their target price on Tencent Music Entertainment Group from $17.00 to $16.00 and set an "outperform" rating for the company in a research note on Wednesday, August 14th. Four equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $12.67.

Tencent Music Entertainment Group Stock Down 2.4 %

Shares of NYSE TME traded down $0.29 during midday trading on Tuesday, reaching $11.55. The company's stock had a trading volume of 5,336,076 shares, compared to its average volume of 8,740,766. The stock has a 50 day simple moving average of $11.20 and a 200-day simple moving average of $12.87. The company has a current ratio of 2.34, a quick ratio of 2.34 and a debt-to-equity ratio of 0.09. The stock has a market capitalization of $19.82 billion, a price-to-earnings ratio of 25.74, a PEG ratio of 0.85 and a beta of 0.66. Tencent Music Entertainment Group has a fifty-two week low of $6.76 and a fifty-two week high of $15.77.

Tencent Music Entertainment Group (NYSE:TME - Get Free Report) last issued its quarterly earnings results on Tuesday, August 13th. The company reported $0.15 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.16 by ($0.01). Tencent Music Entertainment Group had a net margin of 20.35% and a return on equity of 10.11%. The business had revenue of $985.00 million during the quarter, compared to analyst estimates of $1 billion. Equities research analysts predict that Tencent Music Entertainment Group will post 0.63 earnings per share for the current year.

Tencent Music Entertainment Group Company 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.