Pale Fire Capital SE Purchases New Holdings in Tencent Music Entertainment Group Sponsored ADR $TME

Pale Fire Capital SE acquired a new position in Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 1,094,729 shares of the company’s stock, valued at approximately $9,141,000. Tencent Music Entertainment Group accounts for approximately 0.2% of Pale Fire Capital SE’s investment portfolio, making the stock its 21st biggest position.

Several other hedge funds and other institutional investors have also recently modified their holdings of the business. Allworth Financial LP grew its position in Tencent Music Entertainment Group by 63.2% in the 3rd quarter. Allworth Financial LP now owns 1,480 shares of the company’s stock valued at $35,000 after acquiring an additional 573 shares during the last quarter. Caitong International Asset Management Co. Ltd grew its stake in Tencent Music Entertainment Group by 5,777.1% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 2,057 shares of the company’s stock worth $36,000 after acquiring an additional 2,022 shares in the last quarter. Smartleaf Asset Management LLC increased its holdings in Tencent Music Entertainment Group by 61.3% during the 4th quarter. Smartleaf Asset Management LLC now owns 2,123 shares of the company’s stock worth $37,000 after purchasing an additional 807 shares during the period. Kestra Advisory Services LLC purchased a new position in Tencent Music Entertainment Group during the 4th quarter worth $46,000. Finally, EverSource Wealth Advisors LLC raised its position in Tencent Music Entertainment Group by 83.0% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 3,005 shares of the company’s stock valued at $59,000 after purchasing an additional 1,363 shares in the last quarter. 24.32% of the stock is currently owned by hedge funds and other institutional investors.

Tencent Music Entertainment Group Trading Up 1.4%

Shares of NYSE:TME opened at $8.40 on Thursday. The business’s 50 day moving average price is $8.90 and its 200-day moving average price is $9.97. Tencent Music Entertainment Group Sponsored ADR has a 1 year low of $7.94 and a 1 year high of $26.70. The firm has a market capitalization of $13.22 billion, a price-to-earnings ratio of 10.37, a price-to-earnings-growth ratio of 1.45 and a beta of 0.85. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.74 and a quick ratio of 1.74.

Tencent Music Entertainment Group (NYSE:TME) last issued its quarterly earnings results on Tuesday, June 30th. The company reported $0.25 EPS for the quarter. The company had revenue of $1.31 billion during the quarter. Tencent Music Entertainment Group had a net margin of 26.27% and a return on equity of 11.53%. On average, equities research analysts forecast that Tencent Music Entertainment Group Sponsored ADR will post 0.87 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of brokerages have recently weighed in on TME. JPMorgan Chase & Co. cut their price objective on Tencent Music Entertainment Group from $12.00 to $10.00 and set a “neutral” rating on the stock in a report on Thursday, May 14th. China Renaissance downgraded shares of Tencent Music Entertainment Group from a “buy” rating to a “hold” rating and set a $9.30 price objective on the stock. in a report on Wednesday, August 12th. Zacks Research raised shares of Tencent Music Entertainment Group from a “strong sell” rating to a “hold” rating in a report on Tuesday, May 19th. Mizuho lowered their target price on Tencent Music Entertainment Group from $18.00 to $15.00 and set an “outperform” rating on the stock in a research note on Wednesday, August 12th. Finally, Nomura set a $10.00 target price on Tencent Music Entertainment Group and gave the stock a “neutral” rating in a report on Thursday, August 13th. Three equities research analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $17.21.

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.