Dragoneer Investment Group LLC Reduces Position in Tencent Music Entertainment Group – (NYSE:TME)

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Dragoneer Investment Group LLC cut its position in shares of Tencent Music Entertainment Group – (NYSE:TME) by 84.6% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 1,210,686 shares of the company’s stock after selling 6,642,084 shares during the period. Tencent Music Entertainment Group makes up 0.7% of Dragoneer Investment Group LLC’s portfolio, making the stock its 15th largest holding. Dragoneer Investment Group LLC owned about 0.07% of Tencent Music Entertainment Group worth $18,148,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in the stock. NEXT Financial Group Inc purchased a new stake in Tencent Music Entertainment Group in the 2nd quarter valued at about $26,000. Skandinaviska Enskilda Banken AB publ bought a new stake in shares of Tencent Music Entertainment Group in the 2nd quarter valued at about $60,000. Deutsche Bank AG bought a new stake in shares of Tencent Music Entertainment Group in the 4th quarter valued at about $86,000. ELCO Management Co. LLC bought a new stake in shares of Tencent Music Entertainment Group in the 2nd quarter valued at about $150,000. Finally, Fortem Financial Group LLC bought a new stake in shares of Tencent Music Entertainment Group in the 2nd quarter valued at about $154,000. 9.54% of the stock is owned by hedge funds and other institutional investors.

TME has been the subject of several recent research reports. Zacks Investment Research lowered shares of Tencent Music Entertainment Group from a “buy” rating to a “hold” rating in a report on Wednesday, May 22nd. CICC Research assumed coverage on shares of Tencent Music Entertainment Group in a research note on Thursday, June 13th. They set a “buy” rating for the company. Jefferies Financial Group assumed coverage on shares of Tencent Music Entertainment Group in a research note on Monday, August 5th. They set a “buy” rating and a $16.90 price objective for the company. Bank of America reduced their price objective on shares of Tencent Music Entertainment Group from $19.20 to $18.00 and set a “buy” rating for the company in a research note on Tuesday, August 13th. Finally, Loop Capital assumed coverage on shares of Tencent Music Entertainment Group in a research note on Tuesday, June 4th. They set a “buy” rating and a $12.89 price objective for the company. Six research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus price target of $16.39.

Shares of NYSE TME traded down $0.01 during trading hours on Thursday, hitting $13.99. 51,960 shares of the stock were exchanged, compared to its average volume of 4,481,203. The company has a market cap of $22.80 billion and a PE ratio of 69.95. Tencent Music Entertainment Group – has a 12 month low of $11.81 and a 12 month high of $19.97. The firm has a fifty day moving average price of $13.71 and a 200-day moving average price of $15.46.

Tencent Music Entertainment Group (NYSE:TME) last released its earnings results on Monday, August 12th. The company reported $0.09 earnings per share for the quarter, topping the consensus estimate of $0.08 by $0.01. The company had revenue of $859.00 million for the quarter, compared to analysts’ expectations of $872.51 million. Research analysts predict that Tencent Music Entertainment Group – will post 0.35 EPS for the current year.

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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