Sustainable Growth Advisers LP Makes New $4.74 Million Investment in Tencent Music Entertainment Group (NYSE:TME)

Sustainable Growth Advisers LP acquired a new position in shares of Tencent Music Entertainment Group (NYSE:TME - Free Report) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 417,913 shares of the company's stock, valued at approximately $4,743,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. PNC Financial Services Group Inc. boosted its stake in shares of Tencent Music Entertainment Group by 10.9% in the 4th quarter. PNC Financial Services Group Inc. now owns 11,138 shares of the company's stock valued at $126,000 after purchasing an additional 1,094 shares during the last quarter. Intech Investment Management LLC lifted its holdings in Tencent Music Entertainment Group by 9.1% in the third 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 during the period. Sumitomo Mitsui DS Asset Management Company Ltd boosted its stake in Tencent Music Entertainment Group by 3.9% in the fourth quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 51,636 shares of the company's stock valued at $586,000 after acquiring an additional 1,923 shares during the last quarter. Thrivent Financial for Lutherans grew its holdings in Tencent Music Entertainment Group by 31.7% during the 3rd quarter. Thrivent Financial for Lutherans now owns 15,550 shares of the company's stock worth $187,000 after acquiring an additional 3,746 shares during the period. Finally, Avior Wealth Management LLC grew its holdings in Tencent Music Entertainment Group by 253.8% during the 3rd quarter. Avior Wealth Management LLC now owns 5,675 shares of the company's stock worth $68,000 after acquiring an additional 4,071 shares during the period. Institutional investors and hedge funds own 24.32% of the company's stock.

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Analyst Ratings Changes

Separately, Morgan Stanley upgraded Tencent Music Entertainment Group from an "equal weight" rating to an "overweight" rating and set a $13.00 price target on the stock in a research report on Tuesday, January 21st. Three equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company's stock. According to data from MarketBeat, Tencent Music Entertainment Group presently has a consensus rating of "Moderate Buy" and an average price target of $14.04.

Tencent Music Entertainment Group Stock Up 15.6 %

TME traded up $2.04 during trading on Tuesday, hitting $15.10. The company had a trading volume of 36,495,956 shares, compared to its average volume of 8,196,905. The company has a market capitalization of $25.91 billion, a PE ratio of 27.96, a PEG ratio of 0.77 and a beta of 0.70. The company has a quick ratio of 2.34, a current ratio of 2.34 and a debt-to-equity ratio of 0.09. Tencent Music Entertainment Group has a one year low of $9.41 and a one year high of $15.77. The firm's 50-day moving average price is $12.13 and its 200 day moving average price is $11.71.

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.