Crossmark Global Holdings Inc. Acquires 9,036 Shares of Tencent Music Entertainment Group (NYSE:TME)

Crossmark Global Holdings Inc. raised its holdings in shares of Tencent Music Entertainment Group (NYSE:TME) by 30.7% in the 3rd quarter, according to its most recent 13F filing with the SEC. The fund owned 38,460 shares of the company’s stock after acquiring an additional 9,036 shares during the period. Crossmark Global Holdings Inc.’s holdings in Tencent Music Entertainment Group were worth $464,000 at the end of the most recent reporting period.

A number of other large investors also recently made changes to their positions in TME. Fiera Capital Corp raised its position in shares of Tencent Music Entertainment Group by 21.2% during the third quarter. Fiera Capital Corp now owns 434,353 shares of the company’s stock worth $5,234,000 after purchasing an additional 75,991 shares during the period. Principal Financial Group Inc. raised its holdings in Tencent Music Entertainment Group by 4.0% during the 3rd quarter. Principal Financial Group Inc. now owns 5,478,297 shares of the company’s stock worth $66,013,000 after buying an additional 211,873 shares during the period. Asset Management One Co. Ltd. lifted its stake in Tencent Music Entertainment Group by 3.2% in the third quarter. Asset Management One Co. Ltd. now owns 491,178 shares of the company’s stock valued at $5,919,000 after buying an additional 15,210 shares in the last quarter. Robeco Institutional Asset Management B.V. boosted its holdings in shares of Tencent Music Entertainment Group by 69.3% in the third quarter. Robeco Institutional Asset Management B.V. now owns 3,612,406 shares of the company’s stock valued at $43,529,000 after buying an additional 1,478,397 shares during the period. Finally, Veritas Asset Management LLP bought a new stake in shares of Tencent Music Entertainment Group during the third quarter worth $25,151,000. Institutional investors and hedge funds own 24.32% of the company’s stock.

Tencent Music Entertainment Group Stock Performance

NYSE:TME opened at $11.07 on Friday. The company has a market cap of $19.00 billion, a price-to-earnings ratio of 20.50, a PEG ratio of 0.80 and a beta of 0.67. Tencent Music Entertainment Group has a 1 year low of $7.93 and a 1 year high of $15.77. The stock’s 50 day simple moving average is $11.45 and its two-hundred day simple moving average is $12.80. The company has a debt-to-equity ratio of 0.09, a current ratio of 2.34 and a quick ratio of 2.34.

Wall Street Analyst Weigh In

Several brokerages have commented on TME. Morgan Stanley cut shares of Tencent Music Entertainment Group from an “overweight” rating to an “equal weight” rating and cut their price target for the stock from $15.00 to $13.00 in a research report on Wednesday, September 25th. Barclays started coverage on Tencent Music Entertainment Group in a report on Wednesday, November 6th. They set an “overweight” rating and a $16.00 target price on the stock. Sanford C. Bernstein started coverage on Tencent Music Entertainment Group in a research note on Monday, November 4th. They issued an “outperform” rating and a $14.00 price target for the company. Mizuho dropped their price objective on 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, Benchmark decreased their target price on shares of Tencent Music Entertainment Group from $19.00 to $15.00 and set a “buy” rating for the company in a research note on Wednesday, August 14th. Four equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $13.28.

About Tencent Music Entertainment Group

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.