12,168 Shares in Tencent Music Entertainment Group (NYSE:TME) Purchased by Caprock Group LLC

Caprock Group LLC acquired a new stake in Tencent Music Entertainment Group (NYSE:TME) during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 12,168 shares of the company’s stock, valued at approximately $147,000.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Ashton Thomas Private Wealth LLC acquired a new stake in Tencent Music Entertainment Group in the 2nd quarter worth about $37,000. Tobam increased its position in shares of Tencent Music Entertainment Group by 37.7% during the second quarter. Tobam now owns 3,498 shares of the company’s stock worth $49,000 after purchasing an additional 957 shares in the last quarter. iA Global Asset Management Inc. increased its position in shares of Tencent Music Entertainment Group by 728.9% during the first quarter. iA Global Asset Management Inc. now owns 11,687 shares of the company’s stock worth $131,000 after purchasing an additional 10,277 shares in the last quarter. Wrapmanager Inc. acquired a new position in Tencent Music Entertainment Group in the 2nd quarter valued at $192,000. Finally, Diversify Advisory Services LLC purchased a new position in Tencent Music Entertainment Group in the 3rd quarter valued at $166,000. 24.32% of the stock is currently owned by hedge funds and other institutional investors.

Tencent Music Entertainment Group Trading Down 2.9 %

Shares of TME stock opened at $11.19 on Tuesday. Tencent Music Entertainment Group has a 1-year low of $7.93 and a 1-year high of $15.77. The firm has a market cap of $19.20 billion, a PE ratio of 20.72, a price-to-earnings-growth ratio of 0.87 and a beta of 0.67. The company has a 50-day moving average of $11.65 and a two-hundred day moving average of $12.72. The company has a debt-to-equity ratio of 0.09, a current ratio of 2.34 and a quick ratio of 2.34.

Analyst Ratings Changes

A number of brokerages have recently commented on TME. Daiwa Capital Markets cut shares of Tencent Music Entertainment Group from an “outperform” rating to a “neutral” rating in a research report on Tuesday, August 13th. Benchmark decreased their target price on shares of 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. Barclays began coverage on 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. Morgan Stanley downgraded Tencent Music Entertainment Group from an “overweight” rating to an “equal weight” rating and reduced their price objective for the stock from $15.00 to $13.00 in a research report on Wednesday, September 25th. Finally, Bank of America dropped their target price on Tencent Music Entertainment Group from $18.00 to $15.00 and set a “buy” rating for the company in a report on Wednesday, August 14th. 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, 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.