ELCO Management Co. LLC acquired a new position in Tencent Music Entertainment Group – (NYSE:TME) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 10,000 shares of the company’s stock, valued at approximately $150,000.

A number of other large investors have also recently added to or reduced their stakes in the stock. Raymond James & Associates acquired a new position in shares of Tencent Music Entertainment Group in the 4th quarter worth approximately $192,000. Northern Trust Corp acquired a new position in shares of Tencent Music Entertainment Group in the 4th quarter worth approximately $3,437,000. Bank of America Corp DE acquired a new position in shares of Tencent Music Entertainment Group in the 4th quarter worth approximately $702,000. Legal & General Group Plc acquired a new position in shares of Tencent Music Entertainment Group in the 4th quarter worth approximately $132,000. Finally, Millennium Management LLC acquired a new position in shares of Tencent Music Entertainment Group in the 4th quarter worth approximately $3,151,000. Hedge funds and other institutional investors own 5.80% of the company’s stock.

Tencent Music Entertainment Group stock traded up $0.05 during mid-day trading on Thursday, reaching $13.81. 63,397 shares of the company’s stock were exchanged, compared to its average volume of 4,177,678. The firm has a market capitalization of $23.62 billion and a P/E ratio of 69.28. Tencent Music Entertainment Group – has a twelve month low of $11.81 and a twelve month high of $19.97. The stock’s fifty day simple moving average is $14.79.

Tencent Music Entertainment Group (NYSE:TME) last announced its quarterly earnings data on Monday, May 13th. The company reported $0.10 EPS for the quarter, beating the Zacks’ consensus estimate of $0.08 by $0.02. The firm had revenue of $855.00 million during the quarter, compared to analysts’ expectations of $861.27 million. On average, equities research analysts predict that Tencent Music Entertainment Group – will post 0.34 earnings per share for the current year.

TME has been the topic of several recent analyst reports. Bank of America decreased their price objective on shares of Tencent Music Entertainment Group from $19.20 to $18.00 and set a “buy” rating on the stock in a report on Tuesday. Jefferies Financial Group assumed coverage on shares of Tencent Music Entertainment Group in a report on Monday, August 5th. They set a “buy” rating and a $16.90 target price on the stock. China Renaissance Securities assumed coverage on shares of Tencent Music Entertainment Group in a report on Monday, May 13th. They set a “hold” rating on the stock. Oppenheimer assumed coverage on shares of Tencent Music Entertainment Group in a report on Monday, July 29th. They set an “outperform” rating and a $18.00 target price on the stock. Finally, China International Capital assumed coverage on shares of Tencent Music Entertainment Group in a report on Monday, May 13th. They set a “hold” rating on the stock. Six analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. The stock presently has an average rating of “Buy” and an average price target of $16.39.

Tencent Music Entertainment Group Profile

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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