384,200 Shares in Tencent Music Entertainment Group (NYSE:TME) Bought by WIM INVESTMENT MANAGEMENT Ltd

WIM INVESTMENT MANAGEMENT Ltd acquired a new position in shares of Tencent Music Entertainment Group (NYSE:TME) in the third quarter, according to its most recent 13F filing with the SEC. The institutional investor acquired 384,200 shares of the company’s stock, valued at approximately $4,630,000. Tencent Music Entertainment Group comprises 1.9% of WIM INVESTMENT MANAGEMENT Ltd’s holdings, making the stock its 9th biggest position.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Vaughan Nelson Investment Management L.P. grew its stake in Tencent Music Entertainment Group by 38.3% during the 3rd quarter. Vaughan Nelson Investment Management L.P. now owns 78,083 shares of the company’s stock worth $941,000 after buying an additional 21,620 shares during the last quarter. KBC Group NV grew its stake in shares of Tencent Music Entertainment Group by 889.3% in the third quarter. KBC Group NV now owns 329,713 shares of the company’s stock worth $3,973,000 after purchasing an additional 296,385 shares in the last quarter. Aigen Investment Management LP bought a new position in shares of Tencent Music Entertainment Group in the third quarter worth $601,000. GSA Capital Partners LLP grew its stake in shares of Tencent Music Entertainment Group by 47.9% in the third quarter. GSA Capital Partners LLP now owns 163,027 shares of the company’s stock worth $1,964,000 after purchasing an additional 52,818 shares in the last quarter. Finally, State of New Jersey Common Pension Fund D grew its stake in shares of Tencent Music Entertainment Group by 1,583.7% in the third quarter. State of New Jersey Common Pension Fund D now owns 302,696 shares of the company’s stock worth $3,647,000 after purchasing an additional 284,718 shares in the last quarter. 24.32% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several research analysts have recently issued reports on TME shares. Mizuho decreased their price target 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. Benchmark decreased 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. Daiwa Capital Markets cut Tencent Music Entertainment Group from an “outperform” rating to a “neutral” rating in a research note on Tuesday, August 13th. Sanford C. Bernstein began coverage on Tencent Music Entertainment Group in a research note on Monday, November 4th. They issued an “outperform” rating and a $14.00 price target for the company. Finally, Barclays began coverage on 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 given a buy rating to the stock. According to data from MarketBeat, Tencent Music Entertainment Group has a consensus rating of “Moderate Buy” and a consensus target price of $13.28.

Tencent Music Entertainment Group Trading Up 2.4 %

Shares of NYSE TME opened at $11.07 on Friday. Tencent Music Entertainment Group has a 12 month low of $7.93 and a 12 month high of $15.77. The company has a market cap of $19.00 billion, a price-to-earnings ratio of 20.50, a P/E/G ratio of 0.83 and a beta of 0.67. 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 business has a fifty day simple moving average of $11.45 and a 200-day simple moving average of $12.80.

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.