China Universal Asset Management Co. Ltd. raised its position in shares of Tencent Music Entertainment Group (NYSE:TME - Free Report) by 2,115.4% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 230,400 shares of the company's stock after purchasing an additional 220,000 shares during the period. China Universal Asset Management Co. Ltd.'s holdings in Tencent Music Entertainment Group were worth $2,076,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Voya Investment Management LLC boosted its holdings in shares of Tencent Music Entertainment Group by 2.6% during the 4th quarter. Voya Investment Management LLC now owns 71,222 shares of the company's stock worth $590,000 after buying an additional 1,785 shares during the period. Cigna Investments Inc. New boosted its stake in shares of Tencent Music Entertainment Group by 13.6% in the 4th quarter. Cigna Investments Inc. New now owns 15,186 shares of the company's stock valued at $137,000 after purchasing an additional 1,817 shares during the last quarter. Advisor Partners II LLC boosted its stake in shares of Tencent Music Entertainment Group by 19.5% in the 3rd quarter. Advisor Partners II LLC now owns 13,529 shares of the company's stock valued at $86,000 after purchasing an additional 2,207 shares during the last quarter. Tower Research Capital LLC TRC boosted its stake in Tencent Music Entertainment Group by 595.5% during the 2nd quarter. Tower Research Capital LLC TRC now owns 3,394 shares of the company's stock worth $25,000 after acquiring an additional 2,906 shares during the last quarter. Finally, Royal Bank of Canada boosted its stake in Tencent Music Entertainment Group by 5.6% during the 2nd quarter. Royal Bank of Canada now owns 62,176 shares of the company's stock worth $458,000 after acquiring an additional 3,279 shares during the last quarter. 24.32% of the stock is owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth
TME has been the topic of a number of recent research reports. HSBC lifted their price objective on shares of Tencent Music Entertainment Group from $9.50 to $10.40 and gave the company a "hold" rating in a report on Wednesday, March 20th. Bank of America increased their price objective on shares of Tencent Music Entertainment Group from $10.50 to $12.30 and gave the stock a "buy" rating in a research note on Wednesday, March 20th. CLSA initiated coverage on shares of Tencent Music Entertainment Group in a report on Monday, February 5th. They issued an "outperform" rating and a $10.50 target price for the company. UBS Group raised shares of Tencent Music Entertainment Group from a "neutral" rating to a "buy" rating and set a $10.50 target price for the company in a report on Wednesday, January 24th. Finally, The Goldman Sachs Group upgraded shares of Tencent Music Entertainment Group from a "neutral" rating to a "buy" rating and set a $14.00 price objective for the company in a report on Wednesday, March 20th. Two investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat.com, Tencent Music Entertainment Group presently has a consensus rating of "Moderate Buy" and an average target price of $11.63.
Get Our Latest Stock Report on Tencent Music Entertainment Group
Tencent Music Entertainment Group Stock Performance
TME stock traded down $0.20 during trading on Thursday, reaching $11.21. The stock had a trading volume of 2,862,569 shares, compared to its average volume of 9,050,849. Tencent Music Entertainment Group has a 52 week low of $5.70 and a 52 week high of $11.80. The stock's 50 day moving average is $10.24 and its two-hundred day moving average is $8.66. The company has a current ratio of 2.49, a quick ratio of 2.49 and a debt-to-equity ratio of 0.10. The firm has a market cap of $19.24 billion, a PE ratio of 25.48, a PEG ratio of 0.70 and a beta of 0.81.
Tencent Music Entertainment Group Profile
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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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