Barclays PLC Raises Stake in Tencent Music Entertainment Group (NYSE:TME)

Barclays PLC increased its position in Tencent Music Entertainment Group (NYSE:TME) by 5.8% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 762,650 shares of the company’s stock after buying an additional 41,990 shares during the period. Barclays PLC’s holdings in Tencent Music Entertainment Group were worth $9,189,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of TME. Bank of New York Mellon Corp raised its holdings in Tencent Music Entertainment Group by 1.8% in the 2nd quarter. Bank of New York Mellon Corp now owns 2,637,301 shares of the company’s stock valued at $37,054,000 after acquiring an additional 46,495 shares during the last quarter. Atomi Financial Group Inc. grew its holdings in Tencent Music Entertainment Group by 6.1% in the 2nd 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 period. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in shares of Tencent Music Entertainment Group by 90.6% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 427,394 shares of the company’s stock valued at $6,005,000 after acquiring an additional 203,177 shares during the last quarter. Tobam lifted its holdings in shares of Tencent Music Entertainment Group by 37.7% during 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 period. Finally, Principal Financial Group Inc. increased its position in shares of Tencent Music Entertainment Group by 116.5% in the second quarter. Principal Financial Group Inc. now owns 5,266,424 shares of the company’s stock worth $73,993,000 after acquiring an additional 2,834,212 shares in the last quarter. Hedge funds and other institutional investors own 24.32% of the company’s stock.

Tencent Music Entertainment Group Stock Performance

Shares of Tencent Music Entertainment Group stock opened at $11.78 on Wednesday. The company has a debt-to-equity ratio of 0.09, a quick ratio of 2.34 and a current ratio of 2.34. Tencent Music Entertainment Group has a 1 year low of $8.15 and a 1 year high of $15.77. The firm’s 50-day simple moving average is $11.72 and its 200-day simple moving average is $12.39. The firm has a market cap of $20.22 billion, a PE ratio of 21.81, a price-to-earnings-growth ratio of 0.91 and a beta of 0.68.

Wall Street Analyst Weigh In

TME has been the subject of several recent research reports. Morgan Stanley downgraded 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. Sanford C. Bernstein assumed coverage on Tencent Music Entertainment Group in a research report on Monday, November 4th. They set an “outperform” rating and a $14.00 price target on the stock. Finally, Barclays started coverage on shares of Tencent Music Entertainment Group in a research report on Wednesday, November 6th. They issued an “overweight” rating and a $16.00 price objective for the company. Four equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat, Tencent Music Entertainment Group currently has an average rating of “Moderate Buy” and an average price target 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.