Vanguard Group Inc. increased its stake in shares of Tencent Music Entertainment Group (NYSE:TME - Free Report) by 0.8% during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 24,944,394 shares of the company's stock after purchasing an additional 207,197 shares during the quarter. Vanguard Group Inc. owned 1.45% of Tencent Music Entertainment Group worth $159,145,000 at the end of the most recent quarter.
Several other large investors have also recently modified their holdings of the stock. BlackRock Inc. increased its position in shares of Tencent Music Entertainment Group by 5.1% during the 3rd quarter. BlackRock Inc. now owns 34,614,084 shares of the company's stock valued at $140,534,000 after purchasing an additional 1,668,411 shares during the last quarter. State Street Corp grew its position in Tencent Music Entertainment Group by 1.7% in the 2nd quarter. State Street Corp now owns 12,609,950 shares of the company's stock valued at $93,061,000 after acquiring an additional 212,995 shares during the last quarter. Invesco Ltd. grew its position in Tencent Music Entertainment Group by 17.6% in the 3rd quarter. Invesco Ltd. now owns 11,648,403 shares of the company's stock valued at $74,317,000 after acquiring an additional 1,747,251 shares during the last quarter. Wellington Management Group LLP grew its position in Tencent Music Entertainment Group by 65.3% in the 3rd quarter. Wellington Management Group LLP now owns 10,928,746 shares of the company's stock valued at $69,725,000 after acquiring an additional 4,317,720 shares during the last quarter. Finally, Goldman Sachs Group Inc. grew its position in shares of Tencent Music Entertainment Group by 35.4% during the 2nd quarter. Goldman Sachs Group Inc. now owns 9,450,325 shares of the company's stock worth $69,743,000 after buying an additional 2,473,039 shares in the last quarter. Institutional investors own 24.32% of the company's stock.
Analyst Ratings Changes
A number of equities research analysts recently weighed in on the company. Citigroup upgraded Tencent Music Entertainment Group from a "neutral" rating to a "buy" rating and upped their price objective for the stock from $9.00 to $13.00 in a research note on Wednesday, March 20th. The Goldman Sachs Group upgraded Tencent Music Entertainment Group from a "neutral" rating to a "buy" rating and set a $14.00 price target for the company in a research note on Wednesday, March 20th. Redburn Atlantic started coverage on Tencent Music Entertainment Group in a research note on Monday, February 5th. They issued a "buy" rating and a $12.00 price target for the company. CLSA started coverage on Tencent Music Entertainment Group in a report on Monday, February 5th. They issued an "outperform" rating and a $10.50 price objective on the stock. Finally, Morgan Stanley increased their price objective on Tencent Music Entertainment Group from $11.00 to $13.50 and gave the company an "overweight" rating in a report on Wednesday, March 20th. Two analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $11.63.
Check Out Our Latest Research Report on TME
Tencent Music Entertainment Group Price Performance
Shares of NYSE TME traded up $0.17 during midday trading on Tuesday, hitting $11.29. The stock had a trading volume of 6,634,260 shares, compared to its average volume of 9,182,844. Tencent Music Entertainment Group has a 1 year low of $5.70 and a 1 year high of $11.80. The company has a market capitalization of $19.37 billion, a PE ratio of 25.64, a P/E/G ratio of 0.76 and a beta of 0.81. The company has a quick ratio of 2.49, a current ratio of 2.49 and a debt-to-equity ratio of 0.10. The stock has a 50 day simple moving average of $10.13 and a 200-day simple moving average of $8.61.
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; and WeSing, which enables users to sing from its library of karaoke songs and share their performances in audio or video formats with friends.
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