Tencent Music Entertainment Group (NYSE:TME) Shares Bought by Principal Financial Group Inc.

Principal Financial Group Inc. raised its holdings in shares of Tencent Music Entertainment Group (NYSE:TME - Free Report) by 4.0% during the third quarter, according to its most recent filing with the SEC. The firm owned 5,478,297 shares of the company's stock after purchasing an additional 211,873 shares during the period. Principal Financial Group Inc. owned 0.32% of Tencent Music Entertainment Group worth $66,013,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of the business. DekaBank Deutsche Girozentrale boosted its position in Tencent Music Entertainment Group by 0.9% during the 2nd quarter. DekaBank Deutsche Girozentrale now owns 101,442 shares of the company's stock valued at $1,403,000 after acquiring an additional 922 shares in the last quarter. Tobam raised its holdings in Tencent Music Entertainment Group by 37.7% in the second quarter. Tobam now owns 3,498 shares of the company's stock worth $49,000 after purchasing an additional 957 shares in the last quarter. Atomi Financial Group Inc. lifted its position in shares of Tencent Music Entertainment Group by 6.1% during the second quarter. Atomi Financial Group Inc. now owns 26,996 shares of the company's stock valued at $379,000 after buying an additional 1,561 shares during the last quarter. Intech Investment Management LLC boosted its holdings in shares of Tencent Music Entertainment Group by 9.1% in the 3rd quarter. Intech Investment Management LLC now owns 19,850 shares of the company's stock valued at $239,000 after buying an additional 1,664 shares in the last quarter. Finally, Diversify Wealth Management LLC raised its stake in shares of Tencent Music Entertainment Group by 3.9% during the 3rd quarter. Diversify Wealth Management LLC now owns 49,146 shares of the company's stock worth $570,000 after acquiring an additional 1,862 shares in the last quarter. Hedge funds and other institutional investors own 24.32% of the company's stock.

Tencent Music Entertainment Group Stock Performance

Tencent Music Entertainment Group stock traded up $0.16 during midday trading on Friday, hitting $11.95. 5,063,011 shares of the company were exchanged, compared to its average volume of 8,528,683. The business has a fifty day simple moving average of $11.68 and a two-hundred day simple moving average of $12.36. 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 has a market capitalization of $20.51 billion, a PE ratio of 22.13, a price-to-earnings-growth ratio of 0.91 and a beta of 0.68. Tencent Music Entertainment Group has a fifty-two week low of $8.15 and a fifty-two week high of $15.77.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on TME shares. Barclays began coverage on Tencent Music Entertainment Group in a research report on Wednesday, November 6th. They set an "overweight" rating and a $16.00 price target on the stock. Morgan Stanley lowered Tencent Music Entertainment Group from an "overweight" rating to an "equal weight" rating and dropped 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 shares of Tencent Music Entertainment Group in a research report on Monday, November 4th. They issued 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 assigned a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $13.28.

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.