Franklin Resources Inc. Grows Stock Holdings in Tencent Music Entertainment Group (NYSE:TME)

Franklin Resources Inc. grew its stake in Tencent Music Entertainment Group (NYSE:TMEFree Report) by 20.9% during the third quarter, Holdings Channel.com reports. The fund owned 577,113 shares of the company’s stock after purchasing an additional 99,799 shares during the quarter. Franklin Resources Inc.’s holdings in Tencent Music Entertainment Group were worth $7,329,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of the stock. Ashton Thomas Private Wealth LLC purchased a new stake in shares of Tencent Music Entertainment Group in the second quarter valued at approximately $37,000. Tobam raised its position in Tencent Music Entertainment Group by 37.7% during the 2nd quarter. Tobam now owns 3,498 shares of the company’s stock valued at $49,000 after purchasing an additional 957 shares in the last quarter. Wilmington Savings Fund Society FSB purchased a new stake in shares of Tencent Music Entertainment Group in the 3rd quarter worth $64,000. Avior Wealth Management LLC lifted its holdings in shares of Tencent Music Entertainment Group by 253.8% in the 3rd quarter. Avior Wealth Management LLC now owns 5,675 shares of the company’s stock worth $68,000 after buying an additional 4,071 shares during the period. Finally, Caprock Group LLC bought a new position in shares of Tencent Music Entertainment Group during the 3rd quarter worth $147,000. 24.32% of the stock is owned by hedge funds and other institutional investors.

Tencent Music Entertainment Group Stock Performance

Shares of TME stock opened at $11.95 on Monday. Tencent Music Entertainment Group has a 12-month low of $8.15 and a 12-month high of $15.77. The business’s fifty day simple moving average is $11.68 and its 200-day simple moving average is $12.36. 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 has a market cap of $20.51 billion, a PE ratio of 22.13, a PEG ratio of 0.91 and a beta of 0.68.

Wall Street Analyst Weigh In

TME has been the subject of several recent research reports. Morgan Stanley downgraded 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. Barclays assumed coverage on shares of Tencent Music Entertainment Group in a report on Wednesday, November 6th. They issued an “overweight” rating and a $16.00 price target for the company. Finally, Sanford C. Bernstein initiated coverage on shares of Tencent Music Entertainment Group in a research note on Monday, November 4th. They set an “outperform” rating and a $14.00 price objective on the stock. Four equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $13.28.

Check Out Our Latest Analysis on TME

Tencent Music Entertainment Group Company Profile

(Free Report)

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.

See Also

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Institutional Ownership by Quarter for Tencent Music Entertainment Group (NYSE:TME)

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