Franklin Resources Inc. boosted its position in shares of Tencent Music Entertainment Group (NYSE:TME - Free Report) by 20.9% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 577,113 shares of the company's stock after acquiring an additional 99,799 shares during the period. Franklin Resources Inc.'s holdings in Tencent Music Entertainment Group were worth $7,329,000 at the end of the most recent quarter.
A number of other hedge funds also recently bought and sold shares of TME. Cantillon Capital Management LLC lifted 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 worth $222,402,000 after purchasing an additional 5,265,783 shares during the last quarter. Acadian Asset Management LLC lifted its holdings in shares of Tencent Music Entertainment Group by 18,902.2% during the second quarter. Acadian Asset Management LLC now owns 4,468,752 shares of the company's stock worth $62,765,000 after buying an additional 4,445,235 shares during the last quarter. Mawer Investment Management Ltd. lifted its holdings in shares of Tencent Music Entertainment Group by 1,131.8% during the third quarter. Mawer Investment Management Ltd. now owns 4,547,836 shares of the company's stock worth $54,801,000 after buying an additional 4,178,636 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in shares of Tencent Music Entertainment Group by 287.4% in the third 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 acquiring an additional 3,594,383 shares during the period. Finally, FMR LLC grew its stake in shares of Tencent Music Entertainment Group by 98.8% in the third quarter. FMR LLC now owns 5,970,773 shares of the company's stock worth $71,948,000 after acquiring an additional 2,967,779 shares during the last quarter. 24.32% of the stock is currently owned by institutional investors.
Tencent Music Entertainment Group Price Performance
Shares of TME stock traded down $0.20 during trading hours on Monday, hitting $11.75. The company had a trading volume of 5,924,713 shares, compared to its average volume of 8,518,150. The company has a debt-to-equity ratio of 0.09, a quick ratio of 2.34 and a current ratio of 2.34. The firm has a market capitalization of $20.16 billion, a price-to-earnings ratio of 21.76, a PEG ratio of 0.91 and a beta of 0.68. Tencent Music Entertainment Group has a 12 month low of $8.19 and a 12 month high of $15.77. The firm's fifty day moving average is $11.68 and its 200 day moving average is $12.34.
Wall Street Analyst Weigh In
A number of analysts have weighed in on the stock. 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. Sanford C. Bernstein began coverage on Tencent Music Entertainment Group in a research report on Monday, November 4th. They set an "outperform" rating and a $14.00 target price on the stock. Finally, Morgan Stanley lowered Tencent Music Entertainment Group from an "overweight" rating to an "equal weight" rating and lowered their price target for the company from $15.00 to $13.00 in a research note on Wednesday, September 25th. Four 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.com, Tencent Music Entertainment Group currently has an average rating of "Moderate Buy" and a consensus price target of $13.28.
View Our Latest Analysis on TME
About Tencent Music Entertainment Group
(
Free Report)
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.
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