State Street Corp Has $154.50 Million Position in Tencent Music Entertainment Group (NYSE:TME)

State Street Corp increased its position in Tencent Music Entertainment Group (NYSE:TME - Free Report) by 1.3% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 12,821,488 shares of the company's stock after purchasing an additional 166,225 shares during the quarter. State Street Corp owned approximately 0.75% of Tencent Music Entertainment Group worth $154,499,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Progeny 3 Inc. acquired a new stake in shares of Tencent Music Entertainment Group during the 2nd quarter worth approximately $11,436,000. Bank of Montreal Can boosted its stake in Tencent Music Entertainment Group by 86.0% in the third quarter. Bank of Montreal Can now owns 181,991 shares of the company's stock valued at $2,235,000 after acquiring an additional 84,161 shares during the last quarter. Fiera Capital Corp grew its holdings in Tencent Music Entertainment Group by 21.2% during the 3rd quarter. Fiera Capital Corp now owns 434,353 shares of the company's stock worth $5,234,000 after acquiring an additional 75,991 shares during the period. Principal Financial Group Inc. raised its position in shares of Tencent Music Entertainment Group by 4.0% during the 3rd quarter. Principal Financial Group Inc. now owns 5,478,297 shares of the company's stock valued at $66,013,000 after acquiring an additional 211,873 shares during the last quarter. Finally, BNP Paribas Financial Markets lifted its stake in shares of Tencent Music Entertainment Group by 33.6% in the 3rd quarter. BNP Paribas Financial Markets now owns 1,911,048 shares of the company's stock valued at $23,028,000 after purchasing an additional 480,504 shares during the period. 24.32% of the stock is owned by institutional investors.

Tencent Music Entertainment Group Stock Down 0.7 %

TME stock traded down $0.09 during mid-day trading on Friday, hitting $11.98. 9,658,326 shares of the company were exchanged, compared to its average volume of 8,556,935. 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 has a 1-year low of $8.15 and a 1-year high of $15.77. The firm's 50 day simple moving average is $11.78 and its 200 day simple moving average is $12.47. The firm has a market cap of $20.56 billion, a P/E ratio of 22.19, a P/E/G ratio of 0.89 and a beta of 0.68.

Analysts Set New Price Targets

Several research analysts have recently issued reports on TME shares. Sanford C. Bernstein began coverage on Tencent Music Entertainment Group in a research report on Monday, November 4th. They issued an "outperform" rating and a $14.00 price target on the stock. Morgan Stanley cut 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 report on Wednesday, September 25th. Finally, Barclays started coverage on Tencent Music Entertainment Group in a research report on Wednesday, November 6th. They set an "overweight" rating and a $16.00 target price for the company. Four equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company's stock. Based on data from MarketBeat, Tencent Music Entertainment Group currently has an average rating of "Moderate Buy" and an average price target 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.