TD Asset Management Inc. Buys 153,000 Shares of Tencent Music Entertainment Group – (NYSE:TME)

TD Asset Management Inc. boosted its stake in Tencent Music Entertainment Group – (NYSE:TME) by 136.6% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 265,023 shares of the company’s stock after purchasing an additional 153,000 shares during the quarter. TD Asset Management Inc.’s holdings in Tencent Music Entertainment Group were worth $3,973,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Aviva PLC increased its holdings in Tencent Music Entertainment Group by 3.3% in the second quarter. Aviva PLC now owns 28,400 shares of the company’s stock valued at $426,000 after purchasing an additional 900 shares during the last quarter. Quadrant Capital Group LLC acquired a new position in Tencent Music Entertainment Group in the first quarter valued at about $29,000. NEXT Financial Group Inc acquired a new position in Tencent Music Entertainment Group in the second quarter valued at about $26,000. Deutsche Bank AG acquired a new position in Tencent Music Entertainment Group in the fourth quarter valued at about $86,000. Finally, Legal & General Group Plc acquired a new position in Tencent Music Entertainment Group in the fourth quarter valued at about $132,000. Institutional investors and hedge funds own 6.95% of the company’s stock.

TME opened at $13.66 on Thursday. Tencent Music Entertainment Group – has a 52-week low of $11.81 and a 52-week high of $19.97. The firm has a market capitalization of $22.85 billion and a PE ratio of 68.30. The business’s 50-day simple moving average is $14.63 and its 200 day simple moving average is $15.85.

Tencent Music Entertainment Group (NYSE:TME) last released its earnings results on Monday, August 12th. The company reported $0.09 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.08 by $0.01. The company had revenue of $859.00 million for the quarter, compared to the consensus estimate of $872.51 million. On average, equities research analysts anticipate that Tencent Music Entertainment Group – will post 0.35 earnings per share for the current year.

A number of research analysts have issued reports on the company. China International Capital assumed coverage on Tencent Music Entertainment Group in a research note on Monday, May 13th. They issued a “hold” rating for the company. China Renaissance Securities assumed coverage on Tencent Music Entertainment Group in a research note on Monday, May 13th. They issued a “hold” rating for the company. Jefferies Financial Group assumed coverage on Tencent Music Entertainment Group in a research note on Monday, August 5th. They issued a “buy” rating and a $16.90 target price for the company. Bank of America decreased their target price on Tencent Music Entertainment Group from $19.20 to $18.00 and set a “buy” rating for the company in a research note on Tuesday, August 13th. Finally, Zacks Investment Research cut Tencent Music Entertainment Group from a “buy” rating to a “hold” rating in a research note on Wednesday, May 22nd. Six equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $16.39.

About Tencent Music Entertainment Group

Tencent Music Entertainment Group operates an online music entertainment platform that provides online music and music-centric social entertainment services in China. It offers QQ Music, Kugou Music, and Kuwo Music that enable users to discover and listen to music in personalized ways; and WeSing, which enables users to have fun by singing and interacting with friends, sharing their singing performances with friends, and discovering songs that others have sung.

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Institutional Ownership by Quarter for Tencent Music Entertainment Group (NYSE:TME)

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