Origin Asset Management LLP Has $7.59 Million Stake in Tencent Music Entertainment Group (NYSE:TME)

Origin Asset Management LLP decreased its stake in shares of Tencent Music Entertainment Group (NYSE:TME - Free Report) by 70.4% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 668,531 shares of the company's stock after selling 1,591,490 shares during the period. Tencent Music Entertainment Group accounts for about 17.4% of Origin Asset Management LLP's holdings, making the stock its 3rd largest position. Origin Asset Management LLP's holdings in Tencent Music Entertainment Group were worth $7,588,000 as of its most recent filing with the SEC.

Other institutional investors have also made changes to their positions in the company. Cetera Investment Advisers raised its position in shares of Tencent Music Entertainment Group by 10.8% in the second quarter. Cetera Investment Advisers now owns 84,366 shares of the company's stock valued at $1,185,000 after purchasing an additional 8,216 shares during the period. Harbour Capital Advisors LLC acquired a new position in Tencent Music Entertainment Group during the 3rd quarter worth $378,000. Blue Trust Inc. boosted its holdings in Tencent Music Entertainment Group by 31.5% during the third quarter. Blue Trust Inc. now owns 21,258 shares of the company's stock valued at $256,000 after acquiring an additional 5,092 shares during the period. Allspring Global Investments Holdings LLC grew its position in shares of 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 valued at $71,984,000 after purchasing an additional 753,383 shares during the last quarter. Finally, Ariose Capital Management Ltd bought a new position in shares of Tencent Music Entertainment Group in the third quarter worth about $12,285,000. 24.32% of the stock is owned by institutional investors.

Tencent Music Entertainment Group Price Performance

Tencent Music Entertainment Group stock traded up $0.21 during mid-day trading on Wednesday, hitting $12.65. 6,388,963 shares of the company were exchanged, compared to its average volume of 6,695,883. The company has a quick ratio of 2.34, a current ratio of 2.34 and a debt-to-equity ratio of 0.09. The company has a market capitalization of $21.71 billion, a PE ratio of 23.43, a price-to-earnings-growth ratio of 0.73 and a beta of 0.70. Tencent Music Entertainment Group has a 1-year low of $9.15 and a 1-year high of $15.77. The business has a fifty day moving average of $11.59 and a 200 day moving average of $11.53.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the stock. 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 research report on Tuesday, January 21st. Barclays assumed coverage on Tencent Music Entertainment Group in a report on Wednesday, November 6th. They set an "overweight" rating and a $16.00 price objective on the stock. Finally, Sanford C. Bernstein started coverage on Tencent Music Entertainment Group in a research report on Monday, November 4th. They set an "outperform" rating and a $14.00 price objective on the stock. Three analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $14.04.

Tencent Music Entertainment Group Company 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.