Fmr LLC Buys 2,967,779 Shares of Tencent Music Entertainment Group (NYSE:TME)

Fmr LLC grew its stake in Tencent Music Entertainment Group (NYSE:TME) by 98.8% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 5,970,773 shares of the company’s stock after purchasing an additional 2,967,779 shares during the period. Fmr LLC owned approximately 0.35% of Tencent Music Entertainment Group worth $71,948,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of TME. Ashton Thomas Private Wealth LLC bought a new position in Tencent Music Entertainment Group during the 2nd quarter valued at about $37,000. Tobam boosted its position in shares of Tencent Music Entertainment Group by 37.7% during the second quarter. Tobam now owns 3,498 shares of the company’s stock valued at $49,000 after buying an additional 957 shares during the period. Avior Wealth Management LLC grew its stake in shares of Tencent Music Entertainment Group by 253.8% during the third quarter. Avior Wealth Management LLC now owns 5,675 shares of the company’s stock valued at $68,000 after buying an additional 4,071 shares during the last quarter. Caprock Group LLC purchased a new stake in shares of Tencent Music Entertainment Group in the third quarter worth approximately $147,000. Finally, Diversify Advisory Services LLC bought a new stake in shares of Tencent Music Entertainment Group during the 3rd quarter worth approximately $166,000. Hedge funds and other institutional investors own 24.32% of the company’s stock.

Tencent Music Entertainment Group Trading Up 2.6 %

Shares of NYSE TME opened at $12.55 on Friday. Tencent Music Entertainment Group has a 1-year low of $7.93 and a 1-year high of $15.77. The business has a fifty day moving average price of $11.85 and a 200 day moving average price of $12.58. The stock has a market capitalization of $21.54 billion, a P/E ratio of 23.24, a price-to-earnings-growth ratio of 0.93 and a beta of 0.68. The company has a debt-to-equity ratio of 0.09, a current ratio of 2.34 and a quick ratio of 2.34.

Analyst Ratings Changes

TME has been the topic of several research analyst reports. Daiwa America downgraded Tencent Music Entertainment Group from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, August 13th. Benchmark reduced their price target on shares of Tencent Music Entertainment Group from $19.00 to $15.00 and set a “buy” rating on the stock in a research note on Wednesday, August 14th. Morgan Stanley lowered shares of Tencent Music Entertainment Group from an “overweight” rating to an “equal weight” rating and decreased their price objective for the company from $15.00 to $13.00 in a report on Wednesday, September 25th. Daiwa Capital Markets downgraded shares of Tencent Music Entertainment Group from an “outperform” rating to a “neutral” rating in a research note on Tuesday, August 13th. Finally, Mizuho decreased their price target on shares of Tencent Music Entertainment Group from $17.00 to $16.00 and set an “outperform” rating for the company in a research note on Wednesday, August 14th. Four research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat, the company presently 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.