Tencent Music Entertainment Group (NYSE:TME) Shares Acquired by Bank of Montreal Can

Bank of Montreal Can increased its stake in shares of Tencent Music Entertainment Group (NYSE:TME - Free Report) by 86.0% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 181,991 shares of the company's stock after purchasing an additional 84,161 shares during the period. Bank of Montreal Can's holdings in Tencent Music Entertainment Group were worth $2,235,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Progeny 3 Inc. purchased a new stake in Tencent Music Entertainment Group in the 2nd quarter worth approximately $11,436,000. Diversified Trust Co purchased a new stake in shares of Tencent Music Entertainment Group in the second quarter valued at $632,000. SG Americas Securities LLC increased its stake in Tencent Music Entertainment Group by 33.3% in the second quarter. SG Americas Securities LLC now owns 317,594 shares of the company's stock valued at $4,462,000 after purchasing an additional 79,307 shares during the last quarter. Fiera Capital Corp lifted its position in Tencent Music Entertainment Group by 21.2% during the third quarter. Fiera Capital Corp now owns 434,353 shares of the company's stock worth $5,234,000 after buying an additional 75,991 shares during the period. Finally, Principal Financial Group Inc. lifted its position in Tencent Music Entertainment Group by 4.0% during the third quarter. Principal Financial Group Inc. now owns 5,478,297 shares of the company's stock worth $66,013,000 after buying an additional 211,873 shares during the period. Hedge funds and other institutional investors own 24.32% of the company's stock.

Analysts Set New Price Targets

TME has been the subject of a number of research analyst reports. Morgan Stanley downgraded shares of Tencent Music Entertainment Group from an "overweight" rating to an "equal weight" rating and dropped their price objective for the company from $15.00 to $13.00 in a research note on Wednesday, September 25th. Barclays initiated coverage on shares of Tencent Music Entertainment Group in a research note on Wednesday, November 6th. They set an "overweight" rating and a $16.00 price target on the stock. Sanford C. Bernstein assumed coverage on shares of Tencent Music Entertainment Group in a research note on Monday, November 4th. They set an "outperform" rating and a $14.00 price objective for the company. Mizuho cut their target price on Tencent Music Entertainment Group from $17.00 to $16.00 and set an "outperform" rating on the stock in a research report on Wednesday, August 14th. Finally, Daiwa America downgraded Tencent Music Entertainment Group from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, August 13th. Four investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat, Tencent Music Entertainment Group presently has an average rating of "Moderate Buy" and a consensus target price of $13.28.

Tencent Music Entertainment Group Stock Performance

TME stock traded up $0.32 during midday trading on Friday, reaching $12.55. The company had a trading volume of 4,449,452 shares, compared to its average volume of 8,539,065. The firm has a market capitalization of $21.54 billion, a PE ratio of 23.24, a P/E/G ratio of 0.93 and a beta of 0.68. The stock has a 50 day moving average price of $11.85 and a 200 day moving average price of $12.58. Tencent Music Entertainment Group has a fifty-two week low of $7.93 and a fifty-two week high of $15.77. The company has a quick ratio of 2.34, a current ratio of 2.34 and a debt-to-equity ratio of 0.09.

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.