Tencent Music Entertainment Group (NYSE:TME) Posts Earnings Results, Misses Expectations By $0.12 EPS

Tencent Music Entertainment Group (NYSE:TME) posted its quarterly earnings results on Tuesday. The company reported $0.11 EPS for the quarter, missing the consensus estimate of $0.23 by ($0.12), FiscalAI reports. Tencent Music Entertainment Group had a return on equity of 11.13% and a net margin of 34.00%.

Tencent Music Entertainment Group Price Performance

TME opened at $15.10 on Tuesday. The company has a quick ratio of 2.08, a current ratio of 2.09 and a debt-to-equity ratio of 0.04. Tencent Music Entertainment Group has a fifty-two week low of $11.71 and a fifty-two week high of $26.70. The business has a 50-day moving average of $15.77 and a 200-day moving average of $19.32.

Hedge Funds Weigh In On Tencent Music Entertainment Group

A number of hedge funds have recently added to or reduced their stakes in the company. Compound Planning Inc. grew its position in Tencent Music Entertainment Group by 2.6% in the fourth quarter. Compound Planning Inc. now owns 39,324 shares of the company’s stock worth $689,000 after acquiring an additional 984 shares in the last quarter. Invesco Ltd. raised its holdings in shares of Tencent Music Entertainment Group by 195.9% during the 4th quarter. Invesco Ltd. now owns 6,991,937 shares of the company’s stock valued at $122,569,000 after purchasing an additional 4,629,058 shares in the last quarter. Mackenzie Financial Corp raised its holdings in shares of Tencent Music Entertainment Group by 2.6% during the 4th quarter. Mackenzie Financial Corp now owns 219,864 shares of the company’s stock valued at $3,875,000 after purchasing an additional 5,496 shares in the last quarter. Voloridge Investment Management LLC lifted its stake in shares of Tencent Music Entertainment Group by 1,439.1% in the 4th quarter. Voloridge Investment Management LLC now owns 513,021 shares of the company’s stock valued at $8,993,000 after purchasing an additional 479,689 shares during the last quarter. Finally, Engineers Gate Manager LP acquired a new stake in shares of Tencent Music Entertainment Group in the 4th quarter valued at $2,071,000. Institutional investors and hedge funds own 24.32% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have weighed in on TME. Weiss Ratings reiterated a “hold (c+)” rating on shares of Tencent Music Entertainment Group in a research note on Monday, December 29th. Morgan Stanley decreased their target price on shares of Tencent Music Entertainment Group from $27.50 to $25.00 and set an “overweight” rating for the company in a research note on Monday, December 22nd. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, Tencent Music Entertainment Group presently has an average rating of “Moderate Buy” and a consensus price target of $25.79.

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.