Geode Capital Management LLC Grows Stock Holdings in Tencent Music Entertainment Group (NYSE:TME)

Geode Capital Management LLC increased its stake in Tencent Music Entertainment Group (NYSE:TME) by 2.2% during the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 4,303,518 shares of the company’s stock after buying an additional 93,719 shares during the quarter. Geode Capital Management LLC’s holdings in Tencent Music Entertainment Group were worth $51,405,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Cantillon Capital Management LLC grew its stake in shares of Tencent Music Entertainment Group by 39.9% in the third quarter. Cantillon Capital Management LLC now owns 18,456,585 shares of the company’s stock worth $222,402,000 after acquiring an additional 5,265,783 shares during the last quarter. State Street Corp increased its stake in Tencent Music Entertainment Group by 1.3% during the 3rd quarter. State Street Corp now owns 12,821,488 shares of the company’s stock valued at $154,499,000 after purchasing an additional 166,225 shares in the last quarter. Driehaus Capital Management LLC increased its stake in Tencent Music Entertainment Group by 37.0% during the 2nd quarter. Driehaus Capital Management LLC now owns 7,129,342 shares of the company’s stock valued at $100,167,000 after purchasing an additional 1,925,124 shares in the last quarter. The Manufacturers Life Insurance Company lifted its stake in shares of Tencent Music Entertainment Group by 58.6% in the second quarter. The Manufacturers Life Insurance Company now owns 6,180,406 shares of the company’s stock worth $86,835,000 after buying an additional 2,284,347 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC grew its holdings in shares of Tencent Music Entertainment Group by 14.4% during the third quarter. Allspring Global Investments Holdings LLC now owns 5,973,760 shares of the company’s stock valued at $71,984,000 after buying an additional 753,383 shares during the last quarter. Institutional investors own 24.32% of the company’s stock.

Tencent Music Entertainment Group Price Performance

NYSE TME opened at $11.95 on Monday. Tencent Music Entertainment Group has a 52 week low of $8.15 and a 52 week high of $15.77. The firm has a market capitalization of $20.51 billion, a P/E ratio of 22.13, a PEG ratio of 0.91 and a beta of 0.68. The company has a quick ratio of 2.34, a current ratio of 2.34 and a debt-to-equity ratio of 0.09. The company has a 50-day moving average price of $11.68 and a 200-day moving average price of $12.36.

Analyst Ratings Changes

A number of brokerages recently weighed in on TME. Barclays started 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 objective for the company. Sanford C. Bernstein initiated coverage on Tencent Music Entertainment Group in a report on Monday, November 4th. They set an “outperform” rating and a $14.00 price target on the stock. Finally, Morgan Stanley downgraded 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. Four analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $13.28.

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.