Perpetual Ltd Has $17.35 Million Holdings in Tencent Music Entertainment Group (NYSE:TME)

Perpetual Ltd trimmed its position in Tencent Music Entertainment Group (NYSE:TME) by 1.8% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,528,269 shares of the company’s stock after selling 28,482 shares during the quarter. Perpetual Ltd’s holdings in Tencent Music Entertainment Group were worth $17,346,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of TME. Cantillon Capital Management LLC raised 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 buying an additional 5,265,783 shares in the last quarter. Mawer Investment Management Ltd. increased its stake in Tencent Music Entertainment Group by 1,131.8% in the third quarter. Mawer Investment Management Ltd. now owns 4,547,836 shares of the company’s stock valued at $54,801,000 after acquiring an additional 4,178,636 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in Tencent Music Entertainment Group by 287.4% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 4,845,013 shares of the company’s stock worth $58,382,000 after purchasing an additional 3,594,383 shares in the last quarter. FMR LLC lifted its stake in Tencent Music Entertainment Group by 98.8% during the third quarter. FMR LLC now owns 5,970,773 shares of the company’s stock worth $71,948,000 after purchasing an additional 2,967,779 shares during the period. Finally, Coronation Fund Managers Ltd. lifted its stake in Tencent Music Entertainment Group by 84.6% during the third quarter. Coronation Fund Managers Ltd. now owns 5,656,233 shares of the company’s stock worth $68,158,000 after purchasing an additional 2,592,381 shares during the period. 24.32% of the stock is currently owned by institutional investors and hedge funds.

Tencent Music Entertainment Group Stock Up 3.7 %

Shares of NYSE TME opened at $10.79 on Tuesday. Tencent Music Entertainment Group has a 12-month low of $8.19 and a 12-month high of $15.77. The firm’s 50-day simple moving average is $11.46 and its 200 day simple moving average is $11.89. 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 company has a market cap of $18.50 billion, a price-to-earnings ratio of 19.98, a price-to-earnings-growth ratio of 0.65 and a beta of 0.69.

Analysts Set New Price Targets

TME has been the topic of several analyst reports. Morgan Stanley lowered Tencent Music Entertainment Group from an “overweight” rating to an “equal weight” rating and lowered their price objective for the company from $15.00 to $13.00 in a research note on Wednesday, September 25th. 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 objective for the company. Finally, Sanford C. Bernstein assumed 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 on the stock. Four research 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, Tencent Music Entertainment Group presently has a consensus rating of “Moderate Buy” and a consensus target price 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.