Bamco Inc. NY Purchases 226,472 Shares of Tencent Music Entertainment Group (NYSE:TME)

Bamco Inc. NY grew its position in Tencent Music Entertainment Group (NYSE:TME - Free Report) by 7.9% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 3,082,925 shares of the company's stock after acquiring an additional 226,472 shares during the period. Bamco Inc. NY owned 0.18% of Tencent Music Entertainment Group worth $37,149,000 at the end of the most recent reporting period.

Several other large investors also recently made changes to their positions in TME. Cantillon Capital Management LLC raised its position in shares of Tencent Music Entertainment Group by 39.9% during the 3rd quarter. Cantillon Capital Management LLC now owns 18,456,585 shares of the company's stock valued at $222,402,000 after acquiring an additional 5,265,783 shares during the last quarter. Ninety One UK Ltd bought a new position in shares of Tencent Music Entertainment Group during the second quarter worth about $122,775,000. Driehaus Capital Management LLC raised its holdings in shares of Tencent Music Entertainment Group by 37.0% in the second 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 during the last quarter. The Manufacturers Life Insurance Company lifted its position in Tencent Music Entertainment Group by 58.6% during the 2nd 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 stake in Tencent Music Entertainment Group by 14.4% in 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 purchasing an additional 753,383 shares in the last quarter. Institutional investors own 24.32% of the company's stock.

Tencent Music Entertainment Group Trading Up 2.1 %

NYSE:TME traded up $0.26 during trading hours on Tuesday, reaching $12.45. The company's stock had a trading volume of 3,036,804 shares, compared to its average volume of 8,552,537. The firm has a 50-day simple moving average of $11.79 and a 200-day simple moving average of $12.63. The company has a debt-to-equity ratio of 0.09, a quick ratio of 2.34 and a current ratio of 2.34. Tencent Music Entertainment Group has a 1 year low of $7.93 and a 1 year high of $15.77. The firm has a market capitalization of $21.37 billion, a price-to-earnings ratio of 22.57, a PEG ratio of 0.86 and a beta of 0.68.

Wall Street Analysts Forecast Growth

TME has been the topic of a number of recent research reports. Daiwa Capital Markets lowered Tencent Music Entertainment Group from an "outperform" rating to a "neutral" rating in a research note on Tuesday, August 13th. Bank of America dropped their price target on Tencent Music Entertainment Group from $18.00 to $15.00 and set a "buy" rating for the company in a research note on Wednesday, August 14th. Sanford C. Bernstein assumed 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 target for the company. Mizuho decreased their target price on shares of Tencent Music Entertainment Group from $17.00 to $16.00 and set an "outperform" rating for the company in a research report on Wednesday, August 14th. Finally, Benchmark decreased their target price on Tencent Music Entertainment Group from $19.00 to $15.00 and set a "buy" rating for the company in a research note on Wednesday, August 14th. Four equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $13.28.

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.