Tencent Music Entertainment Group (NYSE:TME) Shares Purchased by BNP Paribas Financial Markets

BNP Paribas Financial Markets increased its stake in Tencent Music Entertainment Group (NYSE:TME - Free Report) by 33.6% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,911,048 shares of the company's stock after purchasing an additional 480,504 shares during the quarter. BNP Paribas Financial Markets owned 0.11% of Tencent Music Entertainment Group worth $23,028,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. California State Teachers Retirement System increased its position in shares of Tencent Music Entertainment Group by 7.0% in the first quarter. California State Teachers Retirement System now owns 215,202 shares of the company's stock valued at $2,408,000 after buying an additional 14,145 shares in the last quarter. iA Global Asset Management Inc. grew its position in shares of Tencent Music Entertainment Group by 728.9% in the first quarter. iA Global Asset Management Inc. now owns 11,687 shares of the company's stock valued at $131,000 after purchasing an additional 10,277 shares during the last quarter. Swedbank AB purchased a new position in shares of Tencent Music Entertainment Group during the 1st quarter worth approximately $1,980,000. DNB Asset Management AS raised its position in shares of Tencent Music Entertainment Group by 9.7% during the 2nd quarter. DNB Asset Management AS now owns 53,305 shares of the company's stock worth $749,000 after purchasing an additional 4,707 shares during the last quarter. Finally, Symmetry Partners LLC purchased a new stake in Tencent Music Entertainment Group in the 2nd quarter valued at approximately $236,000. 24.32% of the stock is owned by hedge funds and other institutional investors.

Tencent Music Entertainment Group Trading Down 0.9 %

TME traded down $0.10 during trading on Friday, hitting $11.41. 6,029,293 shares of the company's stock were exchanged, compared to its average volume of 8,574,999. Tencent Music Entertainment Group has a 1 year low of $7.93 and a 1 year high of $15.77. The stock has a 50 day moving average price of $11.79 and a 200 day moving average price of $12.65. The firm has a market cap of $19.58 billion, a P/E ratio of 21.13, a price-to-earnings-growth ratio of 0.87 and a beta of 0.67. The company has a current ratio of 2.34, a quick ratio of 2.34 and a debt-to-equity ratio of 0.09.

Wall Street Analyst Weigh In

TME has been the subject of several recent research reports. Daiwa Capital Markets downgraded Tencent Music Entertainment Group from an "outperform" rating to a "neutral" rating in a research report on Tuesday, August 13th. Benchmark lowered their target price on shares of Tencent Music Entertainment Group from $19.00 to $15.00 and set a "buy" rating for the company in a research note on Wednesday, August 14th. Morgan Stanley downgraded Tencent Music Entertainment Group from an "overweight" rating to an "equal weight" rating and lowered their price objective for the company from $15.00 to $13.00 in a research report on Wednesday, September 25th. Sanford C. Bernstein began coverage on Tencent Music Entertainment Group in a research report on Monday, November 4th. They set an "outperform" rating and a $14.00 target price on the stock. Finally, Daiwa America downgraded shares of Tencent Music Entertainment Group from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, August 13th. Four investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to data from MarketBeat.com, the stock 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.