Fiera Capital Corp Raises Position in Tencent Music Entertainment Group (NYSE:TME)

Fiera Capital Corp increased its holdings in Tencent Music Entertainment Group (NYSE:TME - Free Report) by 21.2% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 434,353 shares of the company's stock after acquiring an additional 75,991 shares during the period. Fiera Capital Corp's holdings in Tencent Music Entertainment Group were worth $5,234,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in TME. Ashton Thomas Private Wealth LLC purchased a new stake in Tencent Music Entertainment Group in the 2nd quarter valued at about $37,000. Tobam increased its stake in Tencent Music Entertainment Group by 37.7% in the 2nd quarter. Tobam now owns 3,498 shares of the company's stock valued at $49,000 after buying an additional 957 shares during the last quarter. iA Global Asset Management Inc. increased its stake in Tencent Music Entertainment Group by 728.9% in the 1st quarter. iA Global Asset Management Inc. now owns 11,687 shares of the company's stock valued at $131,000 after buying an additional 10,277 shares during the last quarter. Wrapmanager Inc. purchased a new stake in Tencent Music Entertainment Group in the 2nd quarter valued at about $192,000. Finally, Diversify Advisory Services LLC purchased a new stake in Tencent Music Entertainment Group in the 3rd quarter valued at about $166,000. Institutional investors and hedge funds own 24.32% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on the stock. Daiwa America downgraded shares of Tencent Music Entertainment Group from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, August 13th. Barclays assumed coverage on shares of Tencent Music Entertainment Group in a research report on Wednesday. They set an "overweight" rating and a $16.00 target price for the company. Benchmark reduced their target price on shares of Tencent Music Entertainment Group from $19.00 to $15.00 and set a "buy" rating for the company in a research report on Wednesday, August 14th. Sanford C. Bernstein assumed coverage on shares of Tencent Music Entertainment Group in a research report on Monday, November 4th. They set an "outperform" rating and a $14.00 target price for the company. Finally, Daiwa Capital Markets downgraded shares of Tencent Music Entertainment Group from an "outperform" rating to a "neutral" rating in a research report on Tuesday, August 13th. Four equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $13.03.

Tencent Music Entertainment Group Price Performance

Shares of Tencent Music Entertainment Group stock traded down $0.39 on Friday, hitting $11.39. 8,103,286 shares of the company traded hands, compared to its average volume of 8,620,352. The firm's 50-day simple moving average is $11.39 and its 200 day simple moving average is $12.85. 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 company has a market cap of $19.55 billion, a P/E ratio of 22.78, a P/E/G ratio of 0.86 and a beta of 0.67. Tencent Music Entertainment Group has a 12-month low of $6.76 and a 12-month high of $15.77.

Tencent Music Entertainment Group (NYSE:TME - Get Free Report) last posted 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). The company had revenue of $985.00 million for the quarter, compared to analysts' expectations of $1 billion. Tencent Music Entertainment Group had a net margin of 20.35% and a return on equity of 10.11%. Analysts expect that Tencent Music Entertainment Group will post 0.63 earnings per share for the current fiscal year.

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.