Barometer Capital Management Inc. Takes Position in Tencent Music Entertainment Group Sponsored ADR $TME

Barometer Capital Management Inc. acquired a new position in shares of Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 82,400 shares of the company’s stock, valued at approximately $745,000.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Allworth Financial LP increased 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 period. O Shaughnessy Asset Management LLC grew its stake in shares of Tencent Music Entertainment Group by 0.5% in the fourth quarter. O Shaughnessy Asset Management LLC now owns 132,635 shares of the company’s stock worth $2,325,000 after purchasing an additional 610 shares in the last quarter. Vise Technologies Inc. grew its stake in shares of Tencent Music Entertainment Group by 5.0% in the fourth quarter. Vise Technologies Inc. now owns 14,648 shares of the company’s stock worth $257,000 after purchasing an additional 692 shares in the last quarter. Smartleaf Asset Management LLC increased its holdings in shares of Tencent Music Entertainment Group by 61.3% during the fourth quarter. Smartleaf Asset Management LLC now owns 2,123 shares of the company’s stock valued at $37,000 after purchasing an additional 807 shares during the period. Finally, Cerity Partners LLC increased its holdings in shares of Tencent Music Entertainment Group by 1.8% during the fourth quarter. Cerity Partners LLC now owns 52,583 shares of the company’s stock valued at $922,000 after purchasing an additional 929 shares during the period. 24.32% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the stock. Mizuho cut their price objective on shares of Tencent Music Entertainment Group from $23.00 to $18.00 and set an “outperform” rating on the stock in a research note on Wednesday, May 13th. JPMorgan Chase & Co. lowered their target price on shares of Tencent Music Entertainment Group from $12.00 to $10.00 and set a “neutral” rating on the stock in a research note on Thursday, May 14th. Weiss Ratings upgraded shares of Tencent Music Entertainment Group from a “hold (c-)” rating to a “hold (c)” rating in a research report on Wednesday, July 1st. Finally, Zacks Research raised shares of Tencent Music Entertainment Group from a “strong sell” rating to a “hold” rating in a research note on Tuesday, May 19th. Six equities research analysts have rated the stock with a Buy rating and eight have given a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average target price of $21.44.

Tencent Music Entertainment Group Stock Down 2.4%

NYSE TME opened at $8.95 on Wednesday. Tencent Music Entertainment Group Sponsored ADR has a 12 month low of $7.94 and a 12 month high of $26.70. The company has a market capitalization of $14.09 billion, a P/E ratio of 11.19, a PEG ratio of 0.60 and a beta of 0.82. The company’s 50 day simple moving average is $8.90 and its 200 day simple moving average is $11.69. The company has a debt-to-equity ratio of 0.06, a current ratio of 2.09 and a quick ratio of 2.08.

Tencent Music Entertainment Group (NYSE:TME) last issued its earnings results on Tuesday, March 31st. The company reported $0.11 earnings per share for the quarter. The firm had revenue of $1.15 billion during the quarter. Tencent Music Entertainment Group had a net margin of 26.45% and a return on equity of 11.20%. Equities research analysts expect that Tencent Music Entertainment Group Sponsored ADR will post 0.9 earnings per share for the current fiscal year.

About Tencent Music Entertainment Group

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.