Tencent Music Entertainment Group (NYSE:TME) Shares Purchased by State Street Corp

State Street Corp grew its position in Tencent Music Entertainment Group (NYSE:TME) by 1.3% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 12,821,488 shares of the company’s stock after purchasing an additional 166,225 shares during the period. State Street Corp’s holdings in Tencent Music Entertainment Group were worth $154,499,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently bought and sold shares of TME. Blue Trust Inc. grew its position in Tencent Music Entertainment Group by 30.9% in the 2nd quarter. Blue Trust Inc. now owns 16,166 shares of the company’s stock worth $227,000 after purchasing an additional 3,819 shares during the last quarter. Vaughan Nelson Investment Management L.P. bought a new position in Tencent Music Entertainment Group in the 2nd quarter worth about $793,000. China Universal Asset Management Co. Ltd. grew its position in Tencent Music Entertainment Group by 13.1% in the 2nd quarter. China Universal Asset Management Co. Ltd. now owns 205,700 shares of the company’s stock worth $2,890,000 after purchasing an additional 23,900 shares during the last quarter. Ninety One North America Inc. bought a new position in Tencent Music Entertainment Group in the 2nd quarter worth about $34,757,000. Finally, Ninety One UK Ltd bought a new position in Tencent Music Entertainment Group in the 2nd quarter worth about $122,775,000. Institutional investors own 24.32% of the company’s stock.

Tencent Music Entertainment Group Stock Down 0.7 %

TME stock opened at $11.98 on Friday. Tencent Music Entertainment Group has a 12-month low of $8.15 and a 12-month 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. The company has a market cap of $20.56 billion, a price-to-earnings ratio of 22.19, a PEG ratio of 0.89 and a beta of 0.68. The company has a 50 day moving average of $11.78 and a two-hundred day moving average of $12.47.

Analysts Set New Price Targets

TME has been the subject of several recent analyst reports. Sanford C. Bernstein initiated coverage on shares of Tencent Music Entertainment Group in a report on Monday, November 4th. They issued an “outperform” rating and a $14.00 price objective for the company. Morgan Stanley cut shares of Tencent Music Entertainment Group from an “overweight” rating to an “equal weight” rating and decreased their price objective for the company from $15.00 to $13.00 in a report on Wednesday, September 25th. Finally, Barclays initiated coverage on shares of Tencent Music Entertainment Group in a report on Wednesday, November 6th. They issued an “overweight” rating and a $16.00 price objective for the company. Four analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus 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.