Blue Trust Inc. grew its position in Tencent Music Entertainment Group (NYSE:TME – Free Report) by 31.5% in the third quarter, HoldingsChannel reports. The fund owned 21,258 shares of the company’s stock after acquiring an additional 5,092 shares during the quarter. Blue Trust Inc.’s holdings in Tencent Music Entertainment Group were worth $256,000 at the end of the most recent reporting period.
Other institutional investors have also recently modified their holdings of the company. Ashton Thomas Private Wealth LLC purchased a new position in Tencent Music Entertainment Group during the second quarter worth approximately $37,000. Tobam increased its holdings in Tencent Music Entertainment Group by 37.7% in the 2nd quarter. Tobam now owns 3,498 shares of the company’s stock worth $49,000 after acquiring an additional 957 shares in the last quarter. iA Global Asset Management Inc. raised its position in Tencent Music Entertainment Group by 728.9% during the first quarter. iA Global Asset Management Inc. now owns 11,687 shares of the company’s stock worth $131,000 after acquiring an additional 10,277 shares during the period. Wrapmanager Inc. purchased a new position in Tencent Music Entertainment Group during the second quarter valued at $192,000. Finally, Beverly Hills Private Wealth LLC acquired a new stake in shares of Tencent Music Entertainment Group in the second quarter valued at about $214,000. 24.32% of the stock is currently owned by institutional investors and hedge funds.
Tencent Music Entertainment Group Stock Down 1.3 %
Shares of NYSE:TME opened at $11.44 on Friday. The company has a market capitalization of $19.63 billion, a price-to-earnings ratio of 22.86, a PEG ratio of 0.87 and a beta of 0.66. Tencent Music Entertainment Group has a 12-month low of $6.76 and a 12-month high of $15.77. The business has a 50-day moving average price of $11.15 and a 200 day moving average price of $12.87. The company has a current ratio of 2.34, a quick ratio of 2.34 and a debt-to-equity ratio of 0.09.
Wall Street Analysts Forecast Growth
TME has been the subject of several research analyst reports. Daiwa Capital Markets downgraded shares of Tencent Music Entertainment Group from an “outperform” rating to a “neutral” rating in a research report on Tuesday, August 13th. Benchmark decreased their target price on Tencent Music Entertainment Group from $19.00 to $15.00 and set a “buy” rating on the stock in a research report on Wednesday, August 14th. Daiwa America cut Tencent Music Entertainment Group from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, August 13th. Mizuho lowered their target price on shares of Tencent Music Entertainment Group from $17.00 to $16.00 and set an “outperform” rating on the stock in a research note on Wednesday, August 14th. Finally, Morgan Stanley cut shares of Tencent Music Entertainment Group from an “overweight” rating to an “equal weight” rating and reduced their target price for the company from $15.00 to $13.00 in a research report on Wednesday, September 25th. Four investment analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $12.67.
Read Our Latest Research Report on TME
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; long-form audio content, including audiobooks, podcasts and talk shows, as well as music-oriented video content comprising music videos, live performances, and short videos; and WeSing, which enables users to sing along from its library of karaoke songs and share their performances in audio or video formats with friends.
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