Franklin Resources Inc. Boosts Stock Holdings in Tencent Music Entertainment Group (NYSE:TME)

Franklin Resources Inc. raised its stake in Tencent Music Entertainment Group (NYSE:TME) by 20.9% during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 577,113 shares of the company’s stock after acquiring an additional 99,799 shares during the period. Franklin Resources Inc.’s holdings in Tencent Music Entertainment Group were worth $7,329,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of the stock. Ashton Thomas Private Wealth LLC purchased a new stake in shares of Tencent Music Entertainment Group in the second quarter worth about $37,000. Tobam increased its stake in Tencent Music Entertainment Group by 37.7% in the 2nd quarter. Tobam now owns 3,498 shares of the company’s stock worth $49,000 after acquiring an additional 957 shares during the last quarter. Wilmington Savings Fund Society FSB bought a new stake in Tencent Music Entertainment Group in the 3rd quarter worth approximately $64,000. Avior Wealth Management LLC boosted its position in shares of Tencent Music Entertainment Group by 253.8% during the 3rd quarter. Avior Wealth Management LLC now owns 5,675 shares of the company’s stock valued at $68,000 after acquiring an additional 4,071 shares during the last quarter. Finally, Caprock Group LLC purchased a new position in shares of Tencent Music Entertainment Group in the third quarter valued at $147,000. Hedge funds and other institutional investors own 24.32% of the company’s stock.

Tencent Music Entertainment Group Price Performance

Shares of TME stock opened at $11.95 on Monday. The stock has a 50 day moving average price of $11.68 and a 200 day moving average price of $12.36. Tencent Music Entertainment Group has a 52-week low of $8.15 and a 52-week high of $15.77. The company has a debt-to-equity ratio of 0.09, a quick ratio of 2.34 and a current ratio of 2.34. The firm has a market capitalization of $20.51 billion, a P/E ratio of 22.13, a P/E/G ratio of 0.91 and a beta of 0.68.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on TME shares. Morgan Stanley downgraded shares of Tencent Music Entertainment Group from an “overweight” rating to an “equal weight” rating and decreased their price target for the company from $15.00 to $13.00 in a research note on Wednesday, September 25th. Barclays started coverage on shares of Tencent Music Entertainment Group in a research report on Wednesday, November 6th. They set an “overweight” rating and a $16.00 target price on the stock. Finally, Sanford C. Bernstein assumed coverage on Tencent Music Entertainment Group in a research report on Monday, November 4th. They issued an “outperform” rating and a $14.00 price target for the company. Four research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $13.28.

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.