Monetta Financial Services Inc. Grows Stake in Tencent Music Entertainment Group – (NYSE:TME)

Monetta Financial Services Inc. boosted its stake in shares of Tencent Music Entertainment Group – (NYSE:TME) by 70.0% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 34,000 shares of the company’s stock after buying an additional 14,000 shares during the quarter. Monetta Financial Services Inc.’s holdings in Tencent Music Entertainment Group were worth $615,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Quadrant Capital Group LLC purchased a new position in Tencent Music Entertainment Group during the 1st quarter valued at about $29,000. Commonwealth Bank of Australia purchased a new position in Tencent Music Entertainment Group during the 4th quarter valued at about $43,000. Deutsche Bank AG purchased a new position in Tencent Music Entertainment Group during the 4th quarter valued at about $86,000. Barclays PLC purchased a new position in Tencent Music Entertainment Group during the 4th quarter valued at about $111,000. Finally, City Financial Investment Co Ltd purchased a new position in Tencent Music Entertainment Group during the 4th quarter valued at about $132,000. Institutional investors own 5.77% of the company’s stock.

A number of research firms have commented on TME. Macquarie started coverage on shares of Tencent Music Entertainment Group in a research report on Tuesday, February 12th. They set an “outperform” rating and a $15.03 target price on the stock. Stifel Nicolaus reaffirmed a “hold” rating and issued a $16.00 price objective on shares of Tencent Music Entertainment Group in a research report on Tuesday, March 12th. China Renaissance Securities started coverage on shares of Tencent Music Entertainment Group in a research report on Monday, May 13th. They issued a “hold” rating on the stock. Bank of America lifted their price objective on shares of Tencent Music Entertainment Group from $17.10 to $20.10 and gave the stock a “buy” rating in a research report on Tuesday, March 5th. Finally, Zacks Investment Research downgraded shares of Tencent Music Entertainment Group from a “buy” rating to a “hold” rating in a research report on Wednesday, May 22nd. Six equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Tencent Music Entertainment Group has a consensus rating of “Buy” and a consensus price target of $16.38.

NYSE:TME traded up $0.41 during trading hours on Friday, hitting $13.61. 8,175,078 shares of the company were exchanged, compared to its average volume of 6,664,981. The company has a market cap of $21.59 billion and a PE ratio of 68.05. 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 released its earnings results on Monday, May 13th. The company reported $0.10 earnings per share for the quarter, topping the consensus estimate of $0.08 by $0.02. The company had revenue of $855.00 million for the quarter, compared to analysts’ expectations of $861.27 million. As a group, research analysts anticipate that Tencent Music Entertainment Group – will post 0.36 earnings per share for the current fiscal year.

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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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