204,462 Shares in Tencent Music Entertainment Group (NYSE:TME) Purchased by Quantbot Technologies LP

Quantbot Technologies LP acquired a new position in 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 and Exchange Commission (SEC). The fund acquired 204,462 shares of the company's stock, valued at approximately $2,464,000.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Bayesian Capital Management LP acquired a new position in shares of Tencent Music Entertainment Group during the first quarter worth approximately $352,000. California State Teachers Retirement System lifted its holdings in Tencent Music Entertainment Group by 7.0% during the 1st quarter. California State Teachers Retirement System now owns 215,202 shares of the company's stock worth $2,408,000 after buying an additional 14,145 shares in the last quarter. iA Global Asset Management Inc. lifted its holdings in Tencent Music Entertainment Group by 728.9% during the 1st quarter. iA Global Asset Management Inc. now owns 11,687 shares of the company's stock worth $131,000 after buying an additional 10,277 shares in the last quarter. Swedbank AB bought a new position in Tencent Music Entertainment Group in the 1st quarter valued at $1,980,000. Finally, DNB Asset Management AS increased its stake in shares of Tencent Music Entertainment Group by 9.7% in the 2nd quarter. DNB Asset Management AS now owns 53,305 shares of the company's stock valued at $749,000 after buying an additional 4,707 shares during the period. Institutional investors and hedge funds own 24.32% of the company's stock.

Analyst Ratings Changes

Several research firms recently issued reports on TME. Daiwa America cut Tencent Music Entertainment Group from a "strong-buy" rating to a "hold" rating in a report on Tuesday, August 13th. Barclays began coverage on shares of Tencent Music Entertainment Group in a research report on Wednesday, November 6th. They set an "overweight" rating and a $16.00 price target for the company. Bank of America cut their price objective on shares of Tencent Music Entertainment Group from $18.00 to $15.00 and set a "buy" rating on the stock in a report on Wednesday, August 14th. Sanford C. Bernstein assumed coverage on shares of Tencent Music Entertainment Group in a report on Monday, November 4th. They set an "outperform" rating and a $14.00 target price for the company. Finally, Daiwa Capital Markets lowered Tencent Music Entertainment Group from an "outperform" rating to a "neutral" rating in a research report on Tuesday, August 13th. Four analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $13.28.

Tencent Music Entertainment Group Stock Down 0.9 %

TME traded down $0.10 during trading on Friday, reaching $11.41. The company had a trading volume of 6,029,293 shares, compared to its average volume of 8,574,999. The company has a market cap of $19.58 billion, a P/E ratio of 21.31, a PEG ratio of 0.87 and a beta of 0.67. Tencent Music Entertainment Group has a 12 month low of $7.93 and a 12 month high of $15.77. The company has a debt-to-equity ratio of 0.09, a current ratio of 2.34 and a quick ratio of 2.34. The business's fifty day moving average price is $11.76 and its 200 day moving average price is $12.69.

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.