Matthews International Capital Management LLC increased its position in shares of Tencent Music Entertainment Group (NYSE:TME - Free Report) by 136.9% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 756,957 shares of the company's stock after acquiring an additional 437,418 shares during the quarter. Tencent Music Entertainment Group accounts for about 1.8% of Matthews International Capital Management LLC's holdings, making the stock its 15th largest position. Matthews International Capital Management LLC's holdings in Tencent Music Entertainment Group were worth $8,591,000 at the end of the most recent reporting period.
A number of other large investors have also made changes to their positions in the company. Cantillon Capital Management LLC increased its stake in Tencent Music Entertainment Group by 39.9% in the 3rd quarter. Cantillon Capital Management LLC now owns 18,456,585 shares of the company's stock valued at $222,402,000 after buying an additional 5,265,783 shares during the period. State Street Corp grew its position in Tencent Music Entertainment Group by 1.3% in the third quarter. State Street Corp now owns 12,821,488 shares of the company's stock worth $154,499,000 after acquiring an additional 166,225 shares in the last quarter. Allspring Global Investments Holdings LLC grew its position in Tencent Music Entertainment Group by 14.4% in the third quarter. Allspring Global Investments Holdings LLC now owns 5,973,760 shares of the company's stock worth $71,984,000 after acquiring an additional 753,383 shares in the last quarter. 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. Finally, Coronation Fund Managers Ltd. grew its position in Tencent Music Entertainment Group by 84.6% in the third quarter. Coronation Fund Managers Ltd. now owns 5,656,233 shares of the company's stock worth $68,158,000 after acquiring an additional 2,592,381 shares in the last quarter. Institutional investors and hedge funds own 24.32% of the company's stock.
Wall Street Analyst Weigh In
Several analysts have commented on the stock. Sanford C. Bernstein assumed coverage on shares of Tencent Music Entertainment Group in a research report on Monday, November 4th. They issued an "outperform" rating and a $14.00 target price for the company. Barclays began coverage on shares of Tencent Music Entertainment Group in a research report on Wednesday, November 6th. They issued an "overweight" rating and a $16.00 target price for the company. Finally, Morgan Stanley raised shares of Tencent Music Entertainment Group from an "equal weight" rating to an "overweight" rating and set a $13.00 price objective for the company in a report on Tuesday, January 21st. Three research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $13.54.
Check Out Our Latest Stock Analysis on TME
Tencent Music Entertainment Group Price Performance
Shares of TME stock traded down $0.04 during mid-day trading on Tuesday, reaching $11.77. The company's stock had a trading volume of 5,212,404 shares, compared to its average volume of 7,102,694. Tencent Music Entertainment Group has a 1-year low of $8.88 and a 1-year high of $15.77. The company has a market cap of $20.19 billion, a P/E ratio of 21.79, a PEG ratio of 0.67 and a beta of 0.69. 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's 50-day moving average is $11.48 and its two-hundred day moving average is $11.74.
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.
Featured Articles
Before you consider Tencent Music Entertainment Group, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Tencent Music Entertainment Group wasn't on the list.
While Tencent Music Entertainment Group currently has a "Moderate Buy" rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Options trading isn’t just for the Wall Street elite; it’s an accessible strategy for anyone armed with the proper knowledge. Think of options as a strategic toolkit, with each tool designed for a specific financial task. Get this report to learn how options trading can help you use the market’s volatility to your advantage.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.
