Blue Creek Capital Management Ltd Invests $4.44 Million in Tencent Music Entertainment Group (NYSE:TME)

Blue Creek Capital Management Ltd purchased a new position in shares of Tencent Music Entertainment Group (NYSE:TME) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 492,749 shares of the company’s stock, valued at approximately $4,440,000. Tencent Music Entertainment Group makes up 3.2% of Blue Creek Capital Management Ltd’s portfolio, making the stock its 6th biggest position.

Other hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. boosted its holdings in shares of Tencent Music Entertainment Group by 0.8% in the 3rd quarter. Vanguard Group Inc. now owns 24,944,394 shares of the company’s stock valued at $159,145,000 after buying an additional 207,197 shares during the last quarter. Invesco Ltd. boosted its holdings in shares of Tencent Music Entertainment Group by 17.6% in the 3rd quarter. Invesco Ltd. now owns 11,648,403 shares of the company’s stock valued at $74,317,000 after buying an additional 1,747,251 shares during the last quarter. Wellington Management Group LLP boosted its holdings in shares of Tencent Music Entertainment Group by 65.3% in the 3rd quarter. Wellington Management Group LLP now owns 10,928,746 shares of the company’s stock valued at $69,725,000 after buying an additional 4,317,720 shares during the last quarter. Matthews International Capital Management LLC lifted its holdings in Tencent Music Entertainment Group by 32.2% during the 4th quarter. Matthews International Capital Management LLC now owns 4,523,020 shares of the company’s stock valued at $40,752,000 after purchasing an additional 1,101,370 shares during the last quarter. Finally, E Fund Management Co. Ltd. lifted its holdings in Tencent Music Entertainment Group by 0.6% during the 3rd quarter. E Fund Management Co. Ltd. now owns 4,166,728 shares of the company’s stock valued at $26,584,000 after purchasing an additional 25,400 shares during the last quarter. 24.32% of the stock is owned by institutional investors.

Tencent Music Entertainment Group Price Performance

Shares of NYSE TME traded up $0.71 during mid-day trading on Thursday, reaching $13.10. The company had a trading volume of 4,344,451 shares, compared to its average volume of 8,482,801. The company has a debt-to-equity ratio of 0.10, a quick ratio of 2.49 and a current ratio of 2.49. Tencent Music Entertainment Group has a one year low of $5.70 and a one year high of $13.12. The firm has a market cap of $22.48 billion, a price-to-earnings ratio of 28.17, a PEG ratio of 0.77 and a beta of 0.77. The business’s 50-day simple moving average is $11.16 and its 200 day simple moving average is $9.44.

Tencent Music Entertainment Group (NYSE:TME) last issued its quarterly earnings results on Tuesday, March 19th. The company reported $0.13 EPS for the quarter, topping analysts’ consensus estimates of $0.12 by $0.01. Tencent Music Entertainment Group had a return on equity of 9.67% and a net margin of 17.71%. The company had revenue of $971.00 million for the quarter, compared to analysts’ expectations of $925.06 million. On average, research analysts predict that Tencent Music Entertainment Group will post 0.58 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the company. Benchmark raised their price target on Tencent Music Entertainment Group from $9.00 to $14.00 and gave the company a “buy” rating in a report on Wednesday, March 20th. HSBC raised their price target on Tencent Music Entertainment Group from $9.50 to $10.40 and gave the company a “hold” rating in a report on Wednesday, March 20th. The Goldman Sachs Group raised Tencent Music Entertainment Group from a “neutral” rating to a “buy” rating and set a $14.00 price target for the company in a report on Wednesday, March 20th. Mizuho raised their price target on Tencent Music Entertainment Group from $12.00 to $13.00 and gave the company a “buy” rating in a report on Wednesday, March 20th. Finally, Morgan Stanley raised their price target on Tencent Music Entertainment Group from $11.00 to $13.50 and gave the company an “overweight” rating in a report on Wednesday, March 20th. Two research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $11.63.

Tencent Music Entertainment Group Profile

Tencent Music Entertainment Group operates online music entertainment platforms to provide music streaming, online karaoke, and live streaming services in the People's Republic of China. It offers QQ Music, Kugou Music, and Kuwo Music that enable users to discover music in personalized ways; and WeSing, which enables users to sing from its library of karaoke songs and share their performances in audio or video formats with friends.