Sumitomo Mitsui DS Asset Management Company Ltd Grows Holdings in Tencent Music Entertainment Group (NYSE:TME)

Sumitomo Mitsui DS Asset Management Company Ltd raised its position in shares of Tencent Music Entertainment Group (NYSE:TME) by 3.9% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 51,636 shares of the company’s stock after purchasing an additional 1,923 shares during the quarter. Sumitomo Mitsui DS Asset Management Company Ltd’s holdings in Tencent Music Entertainment Group were worth $586,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the company. Cetera Investment Advisers raised its position in shares of Tencent Music Entertainment Group by 10.8% during the 2nd quarter. Cetera Investment Advisers now owns 84,366 shares of the company’s stock valued at $1,185,000 after purchasing an additional 8,216 shares during the period. Harbour Capital Advisors LLC bought a new stake in Tencent Music Entertainment Group during the third quarter valued at about $378,000. Blue Trust Inc. lifted its position in shares of Tencent Music Entertainment Group by 31.5% in the third quarter. Blue Trust Inc. now owns 21,258 shares of the company’s stock valued at $256,000 after acquiring an additional 5,092 shares in the last quarter. Allspring Global Investments Holdings LLC boosted its stake in shares of Tencent Music Entertainment Group by 14.4% in 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 during the period. Finally, Ariose Capital Management Ltd purchased a new stake in shares of Tencent Music Entertainment Group during the third quarter worth about $12,285,000. 24.32% of the stock is currently owned by institutional investors.

Tencent Music Entertainment Group Stock Down 0.1 %

NYSE:TME opened at $12.46 on Wednesday. The stock has a fifty day simple moving average of $11.59 and a 200-day simple moving average of $11.54. The company has a current ratio of 2.34, a quick ratio of 2.34 and a debt-to-equity ratio of 0.09. The company has a market cap of $21.37 billion, a price-to-earnings ratio of 23.06, a price-to-earnings-growth ratio of 0.73 and a beta of 0.70. Tencent Music Entertainment Group has a twelve month low of $9.15 and a twelve month high of $15.77.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on the company. Sanford C. Bernstein began coverage on Tencent Music Entertainment Group in a report on Monday, November 4th. They issued an “outperform” rating and a $14.00 price target on the stock. Barclays began coverage on Tencent Music Entertainment Group in a research note on Wednesday, November 6th. They issued an “overweight” rating and a $16.00 price objective on the stock. Finally, Morgan Stanley raised shares of Tencent Music Entertainment Group from an “equal weight” rating to an “overweight” rating and set a $13.00 target price for the company in a report on Tuesday, January 21st. Three equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat, Tencent Music Entertainment Group has an average rating of “Moderate Buy” and a consensus price target of $14.04.

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.