Millennium Management LLC Acquires New Stake in Tencent Music Entertainment Group – (TME)

Millennium Management LLC acquired a new stake in shares of Tencent Music Entertainment Group – (NYSE:TME) during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 238,349 shares of the company’s stock, valued at approximately $3,151,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Hound Partners LLC bought a new stake in shares of Tencent Music Entertainment Group during the fourth quarter valued at approximately $3,437,000. Hillhouse Capital Advisors Ltd. acquired a new stake in Tencent Music Entertainment Group in the 4th quarter valued at $19,440,000. Caxton Associates LP acquired a new stake in Tencent Music Entertainment Group in the 4th quarter valued at $2,115,000. Lord Abbett & CO. LLC acquired a new stake in Tencent Music Entertainment Group in the 4th quarter valued at $23,169,000. Finally, City Financial Investment Co Ltd acquired a new stake in Tencent Music Entertainment Group in the 4th quarter valued at $132,000. Institutional investors and hedge funds own 5.13% of the company’s stock.

Tencent Music Entertainment Group stock opened at $18.22 on Friday. The firm has a market capitalization of $29.80 billion and a price-to-earnings ratio of 91.10. Tencent Music Entertainment Group – has a 52 week low of $11.81 and a 52 week high of $19.97.

Tencent Music Entertainment Group (NYSE:TME) last posted its quarterly earnings data on Tuesday, March 19th. The company reported $0.57 EPS for the quarter, topping analysts’ consensus estimates of $0.04 by $0.53. The business had revenue of $5.40 billion during the quarter, compared to analyst estimates of $5.24 billion. Tencent Music Entertainment Group’s quarterly revenue was up 50.5% compared to the same quarter last year. Sell-side analysts expect that Tencent Music Entertainment Group – will post 0.36 EPS for the current year.

Several brokerages recently commented on TME. Credit Suisse Group lowered Tencent Music Entertainment Group from an “outperform” rating to a “neutral” rating and set a $18.00 price target on the stock. in a research note on Wednesday, March 20th. Bank of America boosted their price target on Tencent Music Entertainment Group from $17.10 to $20.10 and gave the company a “buy” rating in a research note on Tuesday, March 5th. Stifel Nicolaus reaffirmed a “hold” rating and issued a $16.00 price target on shares of Tencent Music Entertainment Group in a research note on Tuesday, March 12th. Zacks Investment Research raised Tencent Music Entertainment Group from a “hold” rating to a “buy” rating and set a $20.00 price target on the stock in a research note on Friday, March 15th. Finally, Macquarie began coverage on Tencent Music Entertainment Group in a research note on Tuesday, February 12th. They issued an “outperform” rating and a $15.03 price target on the stock. Three analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Tencent Music Entertainment Group currently has an average rating of “Buy” and a consensus target price of $16.73.

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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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