Overlook Investments LP Invests $278.02 Million in Tencent Music Entertainment Group Sponsored ADR $TME

Overlook Investments LP bought a new position in Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) in the 4th quarter, Holdings Channel.com reports. The fund bought 15,868,843 shares of the company’s stock, valued at approximately $278,022,000. Tencent Music Entertainment Group makes up 100.0% of Overlook Investments LP’s holdings, making the stock its biggest position.

A number of other institutional investors have also bought and sold shares of TME. Smartleaf Asset Management LLC bought a new stake in Tencent Music Entertainment Group during the third quarter valued at about $31,000. Allworth Financial LP grew its position in shares of Tencent Music Entertainment Group by 63.2% during the third quarter. Allworth Financial LP now owns 1,480 shares of the company’s stock worth $35,000 after purchasing an additional 573 shares in the last quarter. Caitong International Asset Management Co. Ltd grew its position in shares of Tencent Music Entertainment Group by 5,777.1% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 2,057 shares of the company’s stock worth $36,000 after purchasing an additional 2,022 shares in the last quarter. Jones Financial Companies Lllp raised its stake in Tencent Music Entertainment Group by 137.4% during the 3rd quarter. Jones Financial Companies Lllp now owns 2,414 shares of the company’s stock valued at $57,000 after purchasing an additional 1,397 shares during the period. Finally, Kestra Advisory Services LLC bought a new stake in Tencent Music Entertainment Group during the 4th quarter valued at approximately $46,000. Hedge funds and other institutional investors own 24.32% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the company. Weiss Ratings downgraded Tencent Music Entertainment Group from a “hold (c)” rating to a “hold (c-)” rating in a research note on Tuesday, June 2nd. Benchmark reiterated a “hold” rating on shares of Tencent Music Entertainment Group in a research report on Wednesday, March 18th. Mizuho reduced 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 report on Wednesday, May 13th. Daiwa Securities Group reissued a “hold” rating and issued a $12.00 target price on shares of Tencent Music Entertainment Group in a report on Wednesday, March 18th. Finally, Barclays dropped their target price on shares of Tencent Music Entertainment Group from $28.00 to $20.00 and set an “overweight” rating for the company in a research report on Thursday, March 19th. Six investment analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $21.44.

Tencent Music Entertainment Group Stock Performance

Tencent Music Entertainment Group stock opened at $8.76 on Friday. Tencent Music Entertainment Group Sponsored ADR has a twelve month low of $8.44 and a twelve month high of $26.70. The company has a quick ratio of 2.08, a current ratio of 2.09 and a debt-to-equity ratio of 0.06. The company’s 50-day moving average price is $9.25 and its 200-day moving average price is $13.20. The company has a market cap of $13.79 billion, a PE ratio of 10.96, a price-to-earnings-growth ratio of 0.57 and a beta of 0.80.

Tencent Music Entertainment Group (NYSE:TME) last posted its quarterly earnings data on Tuesday, March 31st. The company reported $0.11 earnings per share (EPS) for the quarter. Tencent Music Entertainment Group had a return on equity of 11.20% and a net margin of 26.45%.The business had revenue of $1.15 billion during the quarter. On average, equities research analysts forecast that Tencent Music Entertainment Group Sponsored ADR will post 0.9 EPS for the current fiscal year.

Tencent Music Entertainment Group Profile

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.