Geode Capital Management LLC Acquires 93,719 Shares of Tencent Music Entertainment Group (NYSE:TME)

Geode Capital Management LLC boosted its holdings in shares of Tencent Music Entertainment Group (NYSE:TME - Free Report) by 2.2% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 4,303,518 shares of the company's stock after buying an additional 93,719 shares during the period. Geode Capital Management LLC owned approximately 0.25% of Tencent Music Entertainment Group worth $51,405,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in TME. Cantillon Capital Management LLC grew its holdings in shares of Tencent Music Entertainment Group by 39.9% during the third 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 in the last quarter. Acadian Asset Management LLC grew its stake in Tencent Music Entertainment Group by 18,902.2% in the 2nd 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 in the last quarter. Mawer Investment Management Ltd. increased its holdings in shares of Tencent Music Entertainment Group by 1,131.8% in the 3rd 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 lifted its holdings in shares of Tencent Music Entertainment Group by 287.4% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 4,845,013 shares of the company's stock worth $58,382,000 after acquiring an additional 3,594,383 shares during the last quarter. Finally, FMR LLC grew its position in 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 in the last quarter. 24.32% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms have commented on TME. Barclays started coverage on shares of Tencent Music Entertainment Group in a research note on Wednesday, November 6th. They set an "overweight" rating and a $16.00 price target on the stock. Morgan Stanley cut Tencent Music Entertainment Group from an "overweight" rating to an "equal weight" rating and decreased their price target for the stock from $15.00 to $13.00 in a research note on Wednesday, September 25th. Finally, Sanford C. Bernstein started coverage on Tencent Music Entertainment Group in a research note on Monday, November 4th. They set an "outperform" rating and a $14.00 price objective 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 data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $13.28.

Tencent Music Entertainment Group Stock Down 1.7 %

Shares of TME traded down $0.20 on Monday, reaching $11.75. The stock 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. Tencent Music Entertainment Group has a 12-month low of $8.19 and a 12-month high of $15.77. The firm has a market capitalization of $20.16 billion, a price-to-earnings ratio of 21.76, a price-to-earnings-growth ratio of 0.91 and a beta of 0.68. The company has a 50-day simple moving average of $11.68 and a 200-day simple moving average of $12.34.

Tencent Music Entertainment Group 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.