UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC Has $58.38 Million Stock Position in Tencent Music Entertainment Group (NYSE:TME)

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in Tencent Music Entertainment Group (NYSE:TME - Free Report) by 287.4% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,845,013 shares of the company's stock after purchasing an additional 3,594,383 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC owned about 0.28% of Tencent Music Entertainment Group worth $58,382,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in TME. Ashton Thomas Private Wealth LLC acquired a new stake in shares of Tencent Music Entertainment Group in the second quarter valued at about $37,000. Tobam grew its stake in shares of Tencent Music Entertainment Group by 37.7% in the second 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. Avior Wealth Management LLC boosted its stake 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 valued at $68,000 after purchasing an additional 4,071 shares in the last quarter. Caprock Group LLC acquired a new stake in Tencent Music Entertainment Group during the third quarter valued at approximately $147,000. Finally, Diversify Advisory Services LLC purchased a new stake in shares of Tencent Music Entertainment Group during the third quarter valued at $166,000. Institutional investors and hedge funds own 24.32% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the stock. Mizuho cut their target price on shares of Tencent Music Entertainment Group from $17.00 to $16.00 and set an "outperform" rating on the stock in a research note on Wednesday, August 14th. Sanford C. Bernstein initiated coverage on Tencent Music Entertainment Group in a research note on Monday, November 4th. They set an "outperform" rating and a $14.00 target price on the stock. Morgan Stanley lowered shares of Tencent Music Entertainment Group from an "overweight" rating to an "equal weight" rating and reduced their price target for the stock from $15.00 to $13.00 in a research report on Wednesday, September 25th. Daiwa Capital Markets cut shares of Tencent Music Entertainment Group from an "outperform" rating to a "neutral" rating in a report on Tuesday, August 13th. Finally, Benchmark lowered their price target on 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. Four equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $13.28.

Tencent Music Entertainment Group Price Performance

NYSE TME traded down $0.14 during trading on Wednesday, reaching $12.16. 4,207,952 shares of the company traded hands, compared to its average volume of 8,565,731. The stock's 50 day moving average price is $11.84 and its two-hundred day moving average price is $12.58. The company has a debt-to-equity ratio of 0.09, a quick ratio of 2.34 and a current ratio of 2.34. The company has a market cap of $20.87 billion, a price-to-earnings ratio of 22.76, a P/E/G ratio of 0.92 and a beta of 0.68. Tencent Music Entertainment Group has a 1-year low of $7.93 and a 1-year high of $15.77.

Tencent Music Entertainment Group 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.