Fmr LLC Purchases 2,967,779 Shares of Tencent Music Entertainment Group (NYSE:TME)

FMR LLC raised its position in shares of Tencent Music Entertainment Group (NYSE:TME - Free Report) by 98.8% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 5,970,773 shares of the company's stock after buying an additional 2,967,779 shares during the period. FMR LLC owned about 0.35% of Tencent Music Entertainment Group worth $71,948,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently modified their holdings of the company. Ashton Thomas Private Wealth LLC bought a new position in Tencent Music Entertainment Group in the second quarter valued at approximately $37,000. Tobam boosted its stake in Tencent Music Entertainment Group by 37.7% in the second quarter. Tobam now owns 3,498 shares of the company's stock valued at $49,000 after acquiring an additional 957 shares during the last quarter. Avior Wealth Management LLC boosted its stake in Tencent Music Entertainment Group by 253.8% in the third quarter. Avior Wealth Management LLC now owns 5,675 shares of the company's stock valued at $68,000 after acquiring an additional 4,071 shares during the last quarter. Caprock Group LLC bought a new position in Tencent Music Entertainment Group in the third quarter valued at approximately $147,000. Finally, Diversify Advisory Services LLC bought a new position in Tencent Music Entertainment Group in the third quarter valued at approximately $166,000. Institutional investors and hedge funds own 24.32% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on the stock. Morgan Stanley cut shares of Tencent Music Entertainment Group from an "overweight" rating to an "equal weight" rating and reduced their price target for the stock from $15.00 to $13.00 in a research report on Wednesday, September 25th. Daiwa America lowered shares of Tencent Music Entertainment Group from a "strong-buy" rating to a "hold" rating in a report on Tuesday, August 13th. Mizuho decreased 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 report on Wednesday, August 14th. Barclays started coverage on shares of Tencent Music Entertainment Group in a report on Wednesday, November 6th. They issued an "overweight" rating and a $16.00 price target for the company. Finally, Benchmark decreased their price target on shares of Tencent Music Entertainment Group from $19.00 to $15.00 and set a "buy" rating for the company in a report 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's stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $13.28.

Tencent Music Entertainment Group Stock Performance

Shares of TME stock traded up $0.32 on Friday, reaching $12.55. The stock had a trading volume of 4,449,508 shares, compared to its average volume of 7,536,245. The firm has a market capitalization of $21.54 billion, a price-to-earnings ratio of 23.24, a P/E/G ratio of 0.92 and a beta of 0.68. The company has a quick ratio of 2.34, a current ratio of 2.34 and a debt-to-equity ratio of 0.09. Tencent Music Entertainment Group has a 12 month low of $7.93 and a 12 month high of $15.77. The firm's 50-day moving average is $11.85 and its two-hundred day moving average is $12.58.

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.