Swiss National Bank Buys 17,100 Shares of Tencent Music Entertainment Group (NYSE:TME)

Swiss National Bank lifted its stake in shares of Tencent Music Entertainment Group (NYSE:TME) by 1.0% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,704,330 shares of the company’s stock after acquiring an additional 17,100 shares during the quarter. Swiss National Bank owned approximately 0.10% of Tencent Music Entertainment Group worth $20,537,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently made changes to their positions in TME. Thrivent Financial for Lutherans increased its position in Tencent Music Entertainment Group by 31.7% during the 3rd quarter. Thrivent Financial for Lutherans now owns 15,550 shares of the company’s stock valued at $187,000 after purchasing an additional 3,746 shares during the period. WIM INVESTMENT MANAGEMENT Ltd acquired a new stake in shares of Tencent Music Entertainment Group during the third quarter worth $4,630,000. Vaughan Nelson Investment Management L.P. raised its stake in Tencent Music Entertainment Group by 38.3% during the third 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 lifted its holdings in Tencent Music Entertainment Group by 889.3% in the third quarter. KBC Group NV now owns 329,713 shares of the company’s stock valued at $3,973,000 after buying an additional 296,385 shares during the period. Finally, Aigen Investment Management LP bought a new stake in Tencent Music Entertainment Group during the third quarter valued at $601,000. 24.32% of the stock is owned by institutional investors and hedge funds.

Tencent Music Entertainment Group Price Performance

TME stock opened at $11.52 on Friday. The company has a market capitalization of $19.77 billion, a P/E ratio of 21.33, a price-to-earnings-growth ratio of 0.84 and a beta of 0.67. 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 simple moving average of $11.58 and a two-hundred day simple moving average of $12.76. The company has a debt-to-equity ratio of 0.09, a quick ratio of 2.34 and a current ratio of 2.34.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on TME. Benchmark dropped their price objective on Tencent Music Entertainment Group from $19.00 to $15.00 and set a “buy” rating on the stock in a research note on Wednesday, August 14th. Sanford C. Bernstein began coverage on Tencent Music Entertainment Group in a report on Monday, November 4th. They set an “outperform” rating and a $14.00 price target on the stock. Morgan Stanley lowered shares of Tencent Music Entertainment Group from an “overweight” rating to an “equal weight” rating and lowered their price objective for the company from $15.00 to $13.00 in a research note on Wednesday, September 25th. Barclays assumed coverage on shares of Tencent Music Entertainment Group in a research note on Wednesday, November 6th. They set an “overweight” rating and a $16.00 target price on the stock. Finally, Daiwa America cut shares of Tencent Music Entertainment Group from a “strong-buy” rating to a “hold” rating in a report on Tuesday, August 13th. Four analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target 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.