5,352 Shares in Tencent Music Entertainment Group (NYSE:TME) Acquired by Wilmington Savings Fund Society FSB

Wilmington Savings Fund Society FSB purchased a new stake in Tencent Music Entertainment Group (NYSE:TME) during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 5,352 shares of the company’s stock, valued at approximately $64,000.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Cantillon Capital Management LLC grew its stake 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 valued at $222,402,000 after acquiring an additional 5,265,783 shares in the last quarter. State Street Corp boosted its stake in shares of Tencent Music Entertainment Group by 1.3% during the 3rd quarter. State Street Corp now owns 12,821,488 shares of the company’s stock valued at $154,499,000 after buying an additional 166,225 shares during the period. Driehaus Capital Management LLC grew its holdings in shares of Tencent Music Entertainment Group by 37.0% during the 2nd quarter. Driehaus Capital Management LLC now owns 7,129,342 shares of the company’s stock valued at $100,167,000 after acquiring an additional 1,925,124 shares in the last quarter. The Manufacturers Life Insurance Company increased its stake in shares of Tencent Music Entertainment Group by 58.6% in the second quarter. The Manufacturers Life Insurance Company now owns 6,180,406 shares of the company’s stock worth $86,835,000 after acquiring an additional 2,284,347 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC raised its holdings in shares of Tencent Music Entertainment Group by 14.4% during the third quarter. Allspring Global Investments Holdings LLC now owns 5,973,760 shares of the company’s stock worth $71,984,000 after acquiring an additional 753,383 shares in the last quarter. Institutional investors and hedge funds own 24.32% of the company’s stock.

Wall Street Analysts Forecast Growth

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

Tencent Music Entertainment Group Stock Performance

TME opened at $11.95 on Friday. The company has a quick ratio of 2.34, a current ratio of 2.34 and a debt-to-equity ratio of 0.09. The stock’s 50 day moving average price is $11.68 and its two-hundred day moving average price is $12.36. The firm has a market capitalization of $20.51 billion, a P/E ratio of 22.13, a price-to-earnings-growth ratio of 0.91 and a beta of 0.68. Tencent Music Entertainment Group has a 12-month low of $8.15 and a 12-month high of $15.77.

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.