Cantillon Capital Management LLC Boosts Stock Position in Tencent Music Entertainment Group (NYSE:TME)

Cantillon Capital Management LLC grew its position in Tencent Music Entertainment Group (NYSE:TME) by 39.9% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 18,456,585 shares of the company’s stock after buying an additional 5,265,783 shares during the period. Cantillon Capital Management LLC’s holdings in Tencent Music Entertainment Group were worth $222,402,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Ninety One UK Ltd bought a new stake in shares of Tencent Music Entertainment Group during the second quarter valued at approximately $122,775,000. Acadian Asset Management LLC lifted its holdings in shares of Tencent Music Entertainment Group by 18,902.2% during the second quarter. Acadian Asset Management LLC now owns 4,468,752 shares of the company’s stock valued at $62,765,000 after purchasing an additional 4,445,235 shares in the last quarter. Mawer Investment Management Ltd. boosted its position in shares of Tencent Music Entertainment Group by 1,131.8% during the third quarter. Mawer Investment Management Ltd. now owns 4,547,836 shares of the company’s stock valued at $54,801,000 after buying an additional 4,178,636 shares during the last quarter. Bamco Inc. NY bought a new stake in Tencent Music Entertainment Group in the 1st quarter worth about $40,857,000. Finally, Principal Financial Group Inc. raised its position in Tencent Music Entertainment Group by 116.5% in the 2nd quarter. Principal Financial Group Inc. now owns 5,266,424 shares of the company’s stock worth $73,993,000 after buying an additional 2,834,212 shares during the last quarter. Institutional investors own 24.32% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on TME shares. Bank of America dropped their target price on shares of Tencent Music Entertainment Group from $18.00 to $15.00 and set a “buy” rating on the stock in a report on Wednesday, August 14th. Mizuho lowered their target price on Tencent Music Entertainment Group from $17.00 to $16.00 and set an “outperform” rating on the stock in a report on Wednesday, August 14th. Daiwa Capital Markets downgraded Tencent Music Entertainment Group from an “outperform” rating to a “neutral” rating in a research note on Tuesday, August 13th. Daiwa America downgraded shares of Tencent Music Entertainment Group from a “strong-buy” rating to a “hold” rating in a report on Tuesday, August 13th. Finally, Sanford C. Bernstein began coverage on shares of Tencent Music Entertainment Group in a research report on Monday, November 4th. They issued an “outperform” rating and a $14.00 price target on the stock. Four analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $13.28.

Tencent Music Entertainment Group Stock Up 3.8 %

Shares of TME opened at $11.49 on Tuesday. The firm has a market cap of $19.72 billion, a P/E ratio of 21.28, a PEG ratio of 0.83 and a beta of 0.67. Tencent Music Entertainment Group has a 12 month low of $7.93 and a 12 month high of $15.77. The stock’s 50 day moving average is $11.48 and its two-hundred day moving average is $12.79. The company has a current ratio of 2.34, a quick ratio of 2.34 and a debt-to-equity ratio of 0.09.

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.