Zurcher Kantonalbank Zurich Cantonalbank Has $5.51 Million Stake in Tencent Music Entertainment Group (NYSE:TME)

Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in Tencent Music Entertainment Group (NYSE:TME) by 6.9% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 456,906 shares of the company’s stock after buying an additional 29,512 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Tencent Music Entertainment Group were worth $5,506,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Cantillon Capital Management LLC lifted its stake in shares of Tencent Music Entertainment Group by 39.9% in the 3rd quarter. Cantillon Capital Management LLC now owns 18,456,585 shares of the company’s stock valued at $222,402,000 after purchasing an additional 5,265,783 shares during the period. Ninety One UK Ltd acquired a new stake in shares of Tencent Music Entertainment Group in the 2nd quarter valued at approximately $122,775,000. Driehaus Capital Management LLC boosted its position in shares of Tencent Music Entertainment Group by 37.0% during the second quarter. Driehaus Capital Management LLC now owns 7,129,342 shares of the company’s stock worth $100,167,000 after purchasing an additional 1,925,124 shares in the last quarter. The Manufacturers Life Insurance Company increased its position in shares of Tencent Music Entertainment Group by 58.6% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 6,180,406 shares of the company’s stock valued at $86,835,000 after buying an additional 2,284,347 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC raised its stake in Tencent Music Entertainment Group by 14.4% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 5,973,760 shares of the company’s stock worth $71,984,000 after buying an additional 753,383 shares during the period. 24.32% of the stock is owned by institutional investors.

Tencent Music Entertainment Group Stock Performance

Shares of NYSE TME opened at $12.19 on Tuesday. 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 stock has a 50 day moving average price of $11.79 and a 200 day moving average price of $12.63. The stock has a market capitalization of $20.92 billion, a PE ratio of 22.57, a price-to-earnings-growth ratio of 0.86 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.

Wall Street Analysts Forecast Growth

TME has been the subject of a number of research analyst reports. Morgan Stanley cut Tencent Music Entertainment Group from an “overweight” rating to an “equal weight” rating and decreased their target price for the company from $15.00 to $13.00 in a research note on Wednesday, September 25th. Daiwa America downgraded shares of Tencent Music Entertainment Group from a “strong-buy” rating to a “hold” rating in a report on Tuesday, August 13th. Daiwa Capital Markets cut shares of Tencent Music Entertainment Group from an “outperform” rating to a “neutral” rating in a report on Tuesday, August 13th. Barclays began coverage on shares of Tencent Music Entertainment Group in a report on Wednesday, November 6th. They set an “overweight” rating and a $16.00 price objective on the stock. Finally, Bank of America reduced their target price on shares of Tencent Music Entertainment Group from $18.00 to $15.00 and set a “buy” rating for the company in a research note on Wednesday, August 14th. Four research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $13.28.

Tencent Music Entertainment Group 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.