Jennison Associates LLC Buys 1,359,691 Shares of Tencent Music Entertainment Group (NYSE:TME)

Jennison Associates LLC increased its position in Tencent Music Entertainment Group (NYSE:TME - Free Report) by 93.2% in the third quarter, according to its most recent 13F filing with the SEC. The firm owned 2,818,867 shares of the company's stock after purchasing an additional 1,359,691 shares during the period. Jennison Associates LLC owned about 0.16% of Tencent Music Entertainment Group worth $33,967,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Progeny 3 Inc. purchased a new position in shares of Tencent Music Entertainment Group during the second quarter valued at $11,436,000. Swedbank AB purchased a new position in Tencent Music Entertainment Group during the 1st quarter valued at about $1,980,000. Diversified Trust Co purchased a new position in Tencent Music Entertainment Group during the 2nd quarter valued at about $632,000. SG Americas Securities LLC lifted its position in shares of Tencent Music Entertainment Group by 33.3% in the second quarter. SG Americas Securities LLC now owns 317,594 shares of the company's stock worth $4,462,000 after purchasing an additional 79,307 shares in the last quarter. Finally, Fiera Capital Corp grew its position in Tencent Music Entertainment Group by 21.2% during the third quarter. Fiera Capital Corp now owns 434,353 shares of the company's stock valued at $5,234,000 after purchasing an additional 75,991 shares in the last quarter. 24.32% of the stock is currently owned by hedge funds and other institutional investors.

Tencent Music Entertainment Group Stock Down 0.1 %

Shares of NYSE TME traded down $0.01 during mid-day trading on Friday, reaching $11.51. 3,211,903 shares of the company's stock were exchanged, compared to its average volume of 8,599,871. The firm has a market capitalization of $19.75 billion, a price-to-earnings ratio of 21.33, a PEG ratio of 0.84 and a beta of 0.67. Tencent Music Entertainment Group has a twelve month low of $7.93 and a twelve month 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. The business has a fifty day simple moving average of $11.58 and a 200 day simple moving average of $12.76.

Analysts Set New Price Targets

TME has been the subject of a number of research reports. Benchmark decreased their target price on shares of Tencent Music Entertainment Group from $19.00 to $15.00 and set a "buy" rating for the company in a research note on Wednesday, August 14th. Morgan Stanley downgraded 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 report on Wednesday, September 25th. Mizuho reduced their price objective on shares of Tencent Music Entertainment Group from $17.00 to $16.00 and set an "outperform" rating for the company in a research note on Wednesday, August 14th. 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, 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. Four research analysts have rated the stock with a hold rating and ten have given a buy rating to the company's stock. According to MarketBeat.com, Tencent Music Entertainment Group has an average rating of "Moderate Buy" and an average price target of $13.28.

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.