Tidal Investments LLC Has $1.40 Million Stake in Tencent Music Entertainment Group (NYSE:TME)

Tidal Investments LLC increased its position in shares of Tencent Music Entertainment Group (NYSE:TME) by 28.9% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 116,068 shares of the company’s stock after purchasing an additional 26,004 shares during the period. Tidal Investments LLC’s holdings in Tencent Music Entertainment Group were worth $1,399,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. Progeny 3 Inc. bought a new position in Tencent Music Entertainment Group during the 2nd quarter worth $11,436,000. Bank of Montreal Can increased its position in Tencent Music Entertainment Group by 86.0% during the third quarter. Bank of Montreal Can now owns 181,991 shares of the company’s stock worth $2,235,000 after acquiring an additional 84,161 shares during the period. Fiera Capital Corp raised its stake in Tencent Music Entertainment Group by 21.2% in the 3rd quarter. Fiera Capital Corp now owns 434,353 shares of the company’s stock worth $5,234,000 after purchasing an additional 75,991 shares in the last quarter. Principal Financial Group Inc. raised its stake in Tencent Music Entertainment Group by 4.0% in the 3rd quarter. Principal Financial Group Inc. now owns 5,478,297 shares of the company’s stock worth $66,013,000 after purchasing an additional 211,873 shares in the last quarter. Finally, BNP Paribas Financial Markets boosted its holdings in Tencent Music Entertainment Group by 33.6% in the 3rd quarter. BNP Paribas Financial Markets now owns 1,911,048 shares of the company’s stock valued at $23,028,000 after purchasing an additional 480,504 shares during the period. 24.32% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

TME has been the subject of a number of analyst reports. Barclays assumed coverage on shares of Tencent Music Entertainment Group in a research report on Wednesday, November 6th. They issued an “overweight” rating and a $16.00 price target for the company. Sanford C. Bernstein initiated 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 for the company. Finally, Morgan Stanley cut Tencent Music Entertainment Group from an “overweight” rating to an “equal weight” rating and decreased their price target for the stock from $15.00 to $13.00 in a research report on Wednesday, September 25th. Four investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat, Tencent Music Entertainment Group has a consensus rating of “Moderate Buy” and an average target price of $13.28.

Tencent Music Entertainment Group Stock Down 0.1 %

Shares of NYSE TME opened at $11.77 on Thursday. The company has a market cap of $20.20 billion, a price-to-earnings ratio of 21.80, a PEG ratio of 0.91 and a beta of 0.68. The company has a current ratio of 2.34, a quick ratio of 2.34 and a debt-to-equity ratio of 0.09. Tencent Music Entertainment Group has a 12 month low of $8.15 and a 12 month high of $15.77. The stock has a 50-day moving average price of $11.71 and a two-hundred day moving average price of $12.39.

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.