Tencent Music Entertainment Group (NYSE:TME) Stake Lifted by Bank of Montreal Can

Bank of Montreal Can raised its stake in Tencent Music Entertainment Group (NYSE:TME) by 86.0% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 181,991 shares of the company’s stock after buying an additional 84,161 shares during the quarter. Bank of Montreal Can’s holdings in Tencent Music Entertainment Group were worth $2,235,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently modified their holdings of TME. QRG Capital Management Inc. increased its holdings in shares of Tencent Music Entertainment Group by 5.7% in the 2nd quarter. QRG Capital Management Inc. now owns 15,843 shares of the company’s stock worth $223,000 after acquiring an additional 860 shares during the period. DekaBank Deutsche Girozentrale grew its position in Tencent Music Entertainment Group by 0.9% in the 2nd quarter. DekaBank Deutsche Girozentrale now owns 101,442 shares of the company’s stock worth $1,403,000 after purchasing an additional 922 shares during the last quarter. Tobam increased its stake in shares of Tencent Music Entertainment Group by 37.7% in the second quarter. Tobam now owns 3,498 shares of the company’s stock valued at $49,000 after purchasing an additional 957 shares during the period. Atomi Financial Group Inc. increased its stake in shares of Tencent Music Entertainment Group by 6.1% in the second quarter. Atomi Financial Group Inc. now owns 26,996 shares of the company’s stock valued at $379,000 after purchasing an additional 1,561 shares during the period. Finally, Intech Investment Management LLC raised its holdings in shares of Tencent Music Entertainment Group by 9.1% during the third quarter. Intech Investment Management LLC now owns 19,850 shares of the company’s stock valued at $239,000 after buying an additional 1,664 shares during the last quarter. Institutional investors and hedge funds own 24.32% of the company’s stock.

Tencent Music Entertainment Group Price Performance

Shares of Tencent Music Entertainment Group stock opened at $12.23 on Friday. Tencent Music Entertainment Group has a 52 week low of $7.93 and a 52 week high of $15.77. The company has a current ratio of 2.34, a quick ratio of 2.34 and a debt-to-equity ratio of 0.09. The company’s 50-day moving average price is $11.85 and its two-hundred day moving average price is $12.58. The stock has a market cap of $20.98 billion, a PE ratio of 22.64, a price-to-earnings-growth ratio of 0.93 and a beta of 0.68.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on TME. Barclays assumed coverage on Tencent Music Entertainment Group in a report on Wednesday, November 6th. They issued an “overweight” rating and a $16.00 price objective for the company. Benchmark decreased their price target on 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. Daiwa Capital Markets cut shares of Tencent Music Entertainment Group from an “outperform” rating to a “neutral” rating in a research note on Tuesday, August 13th. Morgan Stanley downgraded shares of Tencent Music Entertainment Group from an “overweight” rating to an “equal weight” rating and reduced their price objective for the stock from $15.00 to $13.00 in a report on Wednesday, September 25th. Finally, 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. Four research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to data from MarketBeat.com, Tencent Music Entertainment Group presently has a consensus rating of “Moderate Buy” and a consensus price target 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.