Tencent Music Entertainment Group (NYSE:TME) Shares Acquired by Alberta Investment Management Corp

Alberta Investment Management Corp lifted its position in Tencent Music Entertainment Group (NYSE:TME - Free Report) by 290.7% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 398,504 shares of the company's stock after acquiring an additional 296,504 shares during the quarter. Alberta Investment Management Corp's holdings in Tencent Music Entertainment Group were worth $4,523,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in TME. Cantillon Capital Management LLC lifted its holdings in shares of Tencent Music Entertainment Group by 39.9% in the 3rd 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. Mawer Investment Management Ltd. lifted its holdings in Tencent Music Entertainment Group by 1,131.8% during the 3rd quarter. Mawer Investment Management Ltd. now owns 4,547,836 shares of the company's stock valued at $54,801,000 after buying an additional 4,178,636 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in Tencent Music Entertainment Group by 287.4% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 4,845,013 shares of the company's stock valued at $58,382,000 after buying an additional 3,594,383 shares in the last quarter. FMR LLC lifted its holdings in Tencent Music Entertainment Group by 98.8% during the 3rd quarter. FMR LLC now owns 5,970,773 shares of the company's stock valued at $71,948,000 after buying an additional 2,967,779 shares in the last quarter. Finally, Coronation Fund Managers Ltd. lifted its holdings in Tencent Music Entertainment Group by 84.6% during the 3rd quarter. Coronation Fund Managers Ltd. now owns 5,656,233 shares of the company's stock valued at $68,158,000 after buying an additional 2,592,381 shares in the last quarter. Institutional investors own 24.32% of the company's stock.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on the stock. Barclays assumed coverage on shares of Tencent Music Entertainment Group in a research report on Wednesday, November 6th. They issued an "overweight" rating and a $16.00 price objective on the stock. Morgan Stanley raised shares of Tencent Music Entertainment Group from an "equal weight" rating to an "overweight" rating and set a $13.00 price objective on the stock in a research report on Tuesday, January 21st. Finally, Sanford C. Bernstein assumed coverage on shares of Tencent Music Entertainment Group in a research report on Monday, November 4th. They issued an "outperform" rating and a $14.00 price objective on the stock. Three research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $14.04.

Tencent Music Entertainment Group Stock Performance

NYSE:TME traded up $1.61 during trading hours on Friday, hitting $14.44. 24,738,722 shares of the company were exchanged, compared to its average volume of 6,790,927. The stock has a market capitalization of $24.79 billion, a price-to-earnings ratio of 26.75, a PEG ratio of 0.77 and a beta of 0.70. Tencent Music Entertainment Group has a 52-week low of $9.15 and a 52-week high of $15.77. The company has a debt-to-equity ratio of 0.09, a current ratio of 2.34 and a quick ratio of 2.34. The company's 50 day moving average price is $11.76 and its 200-day moving average price is $11.55.

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.