Quantbot Technologies LP Acquires New Stake in Tencent Music Entertainment Group (NYSE:TME)

Quantbot Technologies LP acquired a new stake in Tencent Music Entertainment Group (NYSE:TME) during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund acquired 204,462 shares of the company’s stock, valued at approximately $2,464,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Ninety One UK Ltd purchased a new stake in Tencent Music Entertainment Group during the 2nd quarter worth about $122,775,000. Cantillon Capital Management LLC increased its holdings in Tencent Music Entertainment Group by 39.9% during the 3rd quarter. Cantillon Capital Management LLC now owns 18,456,585 shares of the company’s stock worth $222,402,000 after purchasing an additional 5,265,783 shares during the period. Acadian Asset Management LLC increased its holdings in Tencent Music Entertainment Group by 18,902.2% during the 2nd quarter. Acadian Asset Management LLC now owns 4,468,752 shares of the company’s stock worth $62,765,000 after purchasing an additional 4,445,235 shares during the period. Mawer Investment Management Ltd. increased its holdings in Tencent Music Entertainment Group by 1,131.8% during the 3rd quarter. Mawer Investment Management Ltd. now owns 4,547,836 shares of the company’s stock worth $54,801,000 after purchasing an additional 4,178,636 shares during the period. Finally, FMR LLC increased its holdings in Tencent Music Entertainment Group by 98.8% during the 3rd quarter. FMR LLC now owns 5,970,773 shares of the company’s stock worth $71,948,000 after purchasing an additional 2,967,779 shares during the period. Hedge funds and other institutional investors own 24.32% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the company. Barclays assumed coverage on Tencent Music Entertainment Group in a report on Wednesday, November 6th. They set an “overweight” rating and a $16.00 price target on the stock. Benchmark cut their price target on Tencent Music Entertainment Group from $19.00 to $15.00 and set a “buy” rating on the stock in a report on Wednesday, August 14th. Daiwa Capital Markets cut Tencent Music Entertainment Group from an “outperform” rating to a “neutral” rating in a research report on Tuesday, August 13th. Morgan Stanley cut Tencent Music Entertainment Group from an “overweight” rating to an “equal weight” rating and lowered their price objective for the stock from $15.00 to $13.00 in a research report on Wednesday, September 25th. Finally, Daiwa America cut Tencent Music Entertainment Group from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, August 13th. Four research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat.com, Tencent Music Entertainment Group presently has a consensus rating of “Moderate Buy” and a consensus target price of $13.28.

Tencent Music Entertainment Group Stock Up 4.0 %

Shares of NYSE TME opened at $11.51 on Friday. The stock has a market cap of $19.75 billion, a PE ratio of 21.31, a price-to-earnings-growth ratio of 0.85 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. Tencent Music Entertainment Group has a 52-week low of $7.93 and a 52-week high of $15.77. The business has a 50-day moving average price of $11.76 and a 200 day moving average price of $12.69.

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.