Charles Schwab Investment Management Inc. Purchases 115,315 Shares of Tencent Music Entertainment Group (NYSE:TME)

Charles Schwab Investment Management Inc. increased its position in shares of Tencent Music Entertainment Group (NYSE:TME - Free Report) by 15.1% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 877,343 shares of the company's stock after buying an additional 115,315 shares during the period. Charles Schwab Investment Management Inc. owned 0.05% of Tencent Music Entertainment Group worth $10,572,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Intech Investment Management LLC boosted its holdings in shares of Tencent Music Entertainment Group by 9.1% during the 3rd quarter. Intech Investment Management LLC now owns 19,850 shares of the company's stock worth $239,000 after buying an additional 1,664 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. lifted its stake in Tencent Music Entertainment Group by 150.2% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,823,722 shares of the company's stock valued at $21,976,000 after acquiring an additional 1,094,714 shares in the last quarter. Jennison Associates LLC boosted its holdings in Tencent Music Entertainment Group by 93.2% during the third quarter. Jennison Associates LLC now owns 2,818,867 shares of the company's stock worth $33,967,000 after purchasing an additional 1,359,691 shares during the last quarter. Avior Wealth Management LLC lifted its position in shares of Tencent Music Entertainment Group by 253.8% during the 3rd quarter. Avior Wealth Management LLC now owns 5,675 shares of the company's stock worth $68,000 after buying an additional 4,071 shares in the last quarter. Finally, B. Metzler seel. Sohn & Co. Holding AG bought a new position in shares of Tencent Music Entertainment Group in the third quarter valued at approximately $2,270,000. Institutional investors and hedge funds own 24.32% of the company's stock.

Analyst Ratings Changes

TME has been the topic of a number of recent analyst reports. Daiwa Capital Markets lowered Tencent Music Entertainment Group from an "outperform" rating to a "neutral" rating in a report on Tuesday, August 13th. Mizuho reduced their price target 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. Morgan Stanley lowered shares of Tencent Music Entertainment Group from an "overweight" rating to an "equal weight" rating and lowered their price objective for the stock from $15.00 to $13.00 in a research report on Wednesday, September 25th. Benchmark dropped their target price on shares of Tencent Music Entertainment Group from $19.00 to $15.00 and set a "buy" rating on the stock in a research note on Wednesday, August 14th. Finally, Sanford C. Bernstein started 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. Four investment analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $13.28.

Tencent Music Entertainment Group Stock Performance

Shares of Tencent Music Entertainment Group stock traded down $0.70 during trading hours on Tuesday, reaching $12.46. The company had a trading volume of 5,269,513 shares, compared to its average volume of 8,531,629. The firm has a market cap of $21.38 billion, a PE ratio of 24.38, a price-to-earnings-growth ratio of 0.95 and a beta of 0.68. Tencent Music Entertainment Group has a one year low of $8.13 and a one year 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 business has a fifty day simple moving average of $11.88 and a 200 day simple moving average of $12.52.

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.