The Manufacturers Life Insurance Company Has $71.79 Million Position in Tencent Music Entertainment Group (NYSE:TME)

The Manufacturers Life Insurance Company lessened its position in Tencent Music Entertainment Group (NYSE:TME - Free Report) by 3.6% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 5,957,714 shares of the company's stock after selling 222,692 shares during the quarter. The Manufacturers Life Insurance Company owned 0.35% of Tencent Music Entertainment Group worth $71,790,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors also recently modified their holdings of TME. QRG Capital Management Inc. boosted its position in shares of Tencent Music Entertainment Group by 5.7% during the second quarter. QRG Capital Management Inc. now owns 15,843 shares of the company's stock valued at $223,000 after buying an additional 860 shares during the last quarter. DekaBank Deutsche Girozentrale boosted its stake in shares of Tencent Music Entertainment Group by 0.9% in the second quarter. DekaBank Deutsche Girozentrale now owns 101,442 shares of the company's stock worth $1,403,000 after acquiring an additional 922 shares during the period. Tobam lifted its stake in Tencent Music Entertainment Group by 37.7% in the 2nd quarter. Tobam now owns 3,498 shares of the company's stock worth $49,000 after purchasing an additional 957 shares in the last quarter. Atomi Financial Group Inc. increased its holdings in shares of Tencent Music Entertainment Group by 6.1% in the 2nd quarter. Atomi Financial Group Inc. now owns 26,996 shares of the company's stock worth $379,000 after buying an additional 1,561 shares during the last quarter. Finally, Intech Investment Management LLC raised its stake in shares of 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 acquiring an additional 1,664 shares during the period. 24.32% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on TME shares. Barclays began coverage on shares of Tencent Music Entertainment Group in a research note on Wednesday, November 6th. They issued an "overweight" rating and a $16.00 price objective for the company. Sanford C. Bernstein assumed coverage on Tencent Music Entertainment Group in a research report on Monday, November 4th. They issued an "outperform" rating and a $14.00 price objective for the company. Daiwa Capital Markets downgraded shares of Tencent Music Entertainment Group from an "outperform" rating to a "neutral" rating in a research note on Tuesday, August 13th. Mizuho cut their target price on Tencent Music Entertainment Group from $17.00 to $16.00 and set an "outperform" rating for the company in a research note on Wednesday, August 14th. Finally, Daiwa America cut shares of Tencent Music Entertainment Group from a "strong-buy" rating to a "hold" rating in a report on Tuesday, August 13th. Four research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to MarketBeat.com, Tencent Music Entertainment Group has a consensus rating of "Moderate Buy" and an average target price of $13.28.

Tencent Music Entertainment Group Price Performance

Shares of Tencent Music Entertainment Group stock traded up $0.44 on Thursday, hitting $11.51. The company had a trading volume of 5,693,570 shares, compared to its average volume of 8,586,066. The company has a debt-to-equity ratio of 0.09, a current ratio of 2.34 and a quick ratio of 2.34. The company has a market cap of $19.75 billion, a PE ratio of 21.31, a PEG ratio of 0.85 and a beta of 0.67. The business has a 50-day simple moving average of $11.76 and a 200-day simple moving average of $12.69. Tencent Music Entertainment Group has a 52 week low of $7.93 and a 52 week high of $15.77.

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.