Nordea Investment Management AB Has $16.74 Million Stock Position in Tencent Music Entertainment Group (NYSE:TME)

Nordea Investment Management AB increased its position in Tencent Music Entertainment Group (NYSE:TME - Free Report) by 9.5% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,464,366 shares of the company's stock after purchasing an additional 127,561 shares during the quarter. Nordea Investment Management AB owned approximately 0.09% of Tencent Music Entertainment Group worth $16,738,000 at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. Cantillon Capital Management LLC lifted its holdings in shares of Tencent Music Entertainment Group by 39.9% during the 3rd quarter. Cantillon Capital Management LLC now owns 18,456,585 shares of the company's stock worth $222,402,000 after acquiring an additional 5,265,783 shares during the period. Mawer Investment Management Ltd. raised its position in Tencent Music Entertainment Group by 1,131.8% in the third quarter. Mawer Investment Management Ltd. now owns 4,547,836 shares of the company's stock worth $54,801,000 after purchasing an additional 4,178,636 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in Tencent Music Entertainment Group by 287.4% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 4,845,013 shares of the company's stock worth $58,382,000 after purchasing an additional 3,594,383 shares during the period. FMR LLC lifted its stake in Tencent Music Entertainment Group by 98.8% during the third quarter. FMR LLC now owns 5,970,773 shares of the company's stock worth $71,948,000 after purchasing an additional 2,967,779 shares during the period. Finally, Coronation Fund Managers Ltd. grew its stake in shares of Tencent Music Entertainment Group by 84.6% in the 3rd quarter. Coronation Fund Managers Ltd. now owns 5,656,233 shares of the company's stock valued at $68,158,000 after purchasing an additional 2,592,381 shares during the period. Institutional investors and hedge funds own 24.32% of the company's stock.

Tencent Music Entertainment Group Trading Up 0.8 %

Tencent Music Entertainment Group stock traded up $0.09 during mid-day trading on Thursday, hitting $10.91. The stock had a trading volume of 6,439,214 shares, compared to its average volume of 6,736,803. The stock has a 50-day simple moving average of $11.57 and a two-hundred day simple moving average of $12.08. The company has a current ratio of 2.34, a quick ratio of 2.34 and a debt-to-equity ratio of 0.09. The stock has a market capitalization of $18.72 billion, a PE ratio of 20.20, a P/E/G ratio of 0.91 and a beta of 0.69. Tencent Music Entertainment Group has a 12 month low of $8.19 and a 12 month high of $15.77.

Analysts Set New Price Targets

Several research firms recently commented on TME. 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. Sanford C. Bernstein began coverage on shares of Tencent Music Entertainment Group in a report on Monday, November 4th. They issued an "outperform" rating and a $14.00 target price on the stock. Finally, Morgan Stanley downgraded shares of Tencent Music Entertainment Group from an "overweight" rating to an "equal weight" rating and cut their price target for the company from $15.00 to $13.00 in a report on Wednesday, September 25th. Four investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average 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.