Tencent Music Entertainment Group (NYSE:TME) Shares Purchased by Caisse DE Depot ET Placement DU Quebec

Caisse DE Depot ET Placement DU Quebec raised its stake in shares of Tencent Music Entertainment Group (NYSE:TME - Free Report) by 79.6% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 2,481,303 shares of the company's stock after acquiring an additional 1,099,584 shares during the quarter. Caisse DE Depot ET Placement DU Quebec owned approximately 0.14% of Tencent Music Entertainment Group worth $29,900,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in TME. Cantillon Capital Management LLC raised its stake 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 worth $222,402,000 after acquiring an additional 5,265,783 shares in the last quarter. Ninety One UK Ltd purchased a new position in Tencent Music Entertainment Group in the second quarter worth $122,775,000. Driehaus Capital Management LLC increased its position in shares of Tencent Music Entertainment Group by 37.0% during the second quarter. Driehaus Capital Management LLC now owns 7,129,342 shares of the company's stock worth $100,167,000 after purchasing an additional 1,925,124 shares in the last quarter. The Manufacturers Life Insurance Company lifted its holdings in shares of 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 valued at $86,835,000 after purchasing an additional 2,284,347 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC lifted its holdings in shares of Tencent Music Entertainment Group by 14.4% during the 3rd 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 during the last quarter. 24.32% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the company. Benchmark reduced their target price on Tencent Music Entertainment Group from $19.00 to $15.00 and set a "buy" rating on the stock in a research report on Wednesday, August 14th. Daiwa America lowered shares of Tencent Music Entertainment Group from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, August 13th. Sanford C. Bernstein started coverage on shares of Tencent Music Entertainment Group in a research note on Monday, November 4th. They issued an "outperform" rating and a $14.00 target price for the company. Daiwa Capital Markets lowered shares of Tencent Music Entertainment Group from an "outperform" rating to a "neutral" rating in a research note on Tuesday, August 13th. Finally, Bank of America lowered their price objective on shares of 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. Four equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $13.28.

Tencent Music Entertainment Group Stock Performance

TME traded up $0.78 during midday trading on Monday, hitting $12.19. 9,559,686 shares of the company were exchanged, compared to its average volume of 8,579,237. The company's 50 day simple moving average is $11.79 and its 200 day simple moving average is $12.63. The firm has a market capitalization of $20.92 billion, a price-to-earnings ratio of 22.57, a price-to-earnings-growth ratio of 0.86 and a beta of 0.67. Tencent Music Entertainment Group has a 1-year low of $7.93 and a 1-year high of $15.77. The company has a current ratio of 2.34, a quick ratio of 2.34 and a debt-to-equity ratio of 0.09.

Tencent Music Entertainment Group Company 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.