Veritas Asset Management LLP Makes New $25.15 Million Investment in Tencent Music Entertainment Group (NYSE:TME)

Veritas Asset Management LLP purchased a new position in shares of Tencent Music Entertainment Group (NYSE:TME - Free Report) during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 2,087,245 shares of the company's stock, valued at approximately $25,151,000. Tencent Music Entertainment Group comprises approximately 0.2% of Veritas Asset Management LLP's holdings, making the stock its 20th biggest position. Veritas Asset Management LLP owned about 0.12% of Tencent Music Entertainment Group at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. Vanguard Group Inc. grew its holdings in Tencent Music Entertainment Group by 0.3% during the first quarter. Vanguard Group Inc. now owns 25,057,674 shares of the company's stock worth $280,395,000 after acquiring an additional 84,131 shares during the period. Ninety One UK Ltd acquired a new position in shares of Tencent Music Entertainment Group during the 2nd quarter worth $122,775,000. Driehaus Capital Management LLC increased its holdings in shares of Tencent Music Entertainment Group by 37.0% in the 2nd quarter. Driehaus Capital Management LLC now owns 7,129,342 shares of the company's stock valued at $100,167,000 after purchasing an additional 1,925,124 shares in the last quarter. The Manufacturers Life Insurance Company lifted its stake in shares of Tencent Music Entertainment Group by 58.6% in the second quarter. The Manufacturers Life Insurance Company now owns 6,180,406 shares of the company's stock valued at $86,835,000 after purchasing an additional 2,284,347 shares during the period. Finally, Allspring Global Investments Holdings LLC boosted its holdings in Tencent Music Entertainment Group by 14.4% during the third quarter. Allspring Global Investments Holdings LLC now owns 5,973,760 shares of the company's stock worth $71,984,000 after buying an additional 753,383 shares in the last quarter. Hedge funds and other institutional investors own 24.32% of the company's stock.

Analyst Ratings Changes

TME has been the topic of several research reports. Benchmark cut 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. Daiwa Capital Markets cut Tencent Music Entertainment Group from an "outperform" rating to a "neutral" rating in a report on Tuesday, August 13th. Morgan Stanley downgraded Tencent Music Entertainment Group from an "overweight" rating to an "equal weight" rating and reduced their target price 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. Finally, Bank of America dropped their price target on shares of Tencent Music Entertainment Group from $18.00 to $15.00 and set a "buy" rating for the company in a research report on Wednesday, August 14th. Four analysts have rated the stock with a hold rating and nine have given a buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $12.67.

Tencent Music Entertainment Group Stock Performance

Shares of Tencent Music Entertainment Group stock traded down $0.01 during trading on Friday, hitting $11.12. 3,935,120 shares of the stock were exchanged, compared to its average volume of 6,705,895. The stock has a market cap of $19.08 billion, a PE ratio of 22.24, a P/E/G ratio of 0.82 and a beta of 0.67. The stock's fifty day moving average is $11.28 and its 200 day moving average is $12.87. Tencent Music Entertainment Group has a 12 month low of $6.76 and a 12 month high of $15.77. 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 (NYSE:TME - Get Free Report) last announced its earnings results on Tuesday, August 13th. The company reported $0.15 earnings per share for the quarter, missing the consensus estimate of $0.16 by ($0.01). The business had revenue of $985.00 million for the quarter, compared to the consensus estimate of $1 billion. Tencent Music Entertainment Group had a net margin of 20.35% and a return on equity of 10.11%. As a group, sell-side analysts anticipate that Tencent Music Entertainment Group will post 0.63 EPS for the current year.

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.