Geode Capital Management LLC Buys 93,719 Shares of Tencent Music Entertainment Group (NYSE:TME)

Geode Capital Management LLC lifted its stake in shares of Tencent Music Entertainment Group (NYSE:TME) by 2.2% in the third quarter, according to its most recent filing with the SEC. The fund owned 4,303,518 shares of the company’s stock after acquiring an additional 93,719 shares during the period. Geode Capital Management LLC owned approximately 0.25% of Tencent Music Entertainment Group worth $51,405,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. DekaBank Deutsche Girozentrale boosted its stake in shares of Tencent Music Entertainment Group by 0.9% in the 2nd quarter. DekaBank Deutsche Girozentrale now owns 101,442 shares of the company’s stock valued at $1,403,000 after purchasing an additional 922 shares in the last quarter. Tobam boosted its position in Tencent Music Entertainment Group by 37.7% during the second quarter. Tobam now owns 3,498 shares of the company’s stock valued at $49,000 after buying an additional 957 shares during the period. Atomi Financial Group Inc. grew its stake in shares of Tencent Music Entertainment Group by 6.1% during the second quarter. Atomi Financial Group Inc. now owns 26,996 shares of the company’s stock valued at $379,000 after buying an additional 1,561 shares during the last quarter. Intech Investment Management LLC grew its stake in shares of Tencent Music Entertainment Group by 9.1% during the third quarter. Intech Investment Management LLC now owns 19,850 shares of the company’s stock valued at $239,000 after buying an additional 1,664 shares during the last quarter. Finally, Diversify Wealth Management LLC increased its holdings in shares of Tencent Music Entertainment Group by 3.9% in the third quarter. Diversify Wealth Management LLC now owns 49,146 shares of the company’s stock worth $570,000 after buying an additional 1,862 shares during the period. 24.32% of the stock is currently owned by hedge funds and other institutional investors.

Tencent Music Entertainment Group Price Performance

Shares of NYSE TME opened at $11.95 on Monday. Tencent Music Entertainment Group has a 1 year low of $8.15 and a 1 year high of $15.77. The stock 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. The company’s 50-day moving average is $11.68 and its 200 day moving average is $12.36. The company has a debt-to-equity ratio of 0.09, a current ratio of 2.34 and a quick ratio of 2.34.

Wall Street Analysts Forecast Growth

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