1,902,836 Shares in Tencent Music Entertainment Group (NYSE:TME) Purchased by William Blair Investment Management LLC

William Blair Investment Management LLC acquired a new position in Tencent Music Entertainment Group (NYSE:TME) in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm acquired 1,902,836 shares of the company’s stock, valued at approximately $21,597,000. William Blair Investment Management LLC owned approximately 0.11% of Tencent Music Entertainment Group as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently bought and sold shares of the company. Bank of Montreal Can increased its holdings in Tencent Music Entertainment Group by 86.0% in the 3rd quarter. Bank of Montreal Can now owns 181,991 shares of the company’s stock worth $2,235,000 after buying an additional 84,161 shares in the last quarter. BNP Paribas Financial Markets grew its stake in shares of Tencent Music Entertainment Group by 33.6% during the 3rd quarter. BNP Paribas Financial Markets now owns 1,911,048 shares of the company’s stock valued at $23,028,000 after purchasing an additional 480,504 shares during the period. Nordea Investment Management AB grew its stake in shares of Tencent Music Entertainment Group by 9.5% during the 4th quarter. Nordea Investment Management AB now owns 1,464,366 shares of the company’s stock valued at $16,738,000 after purchasing an additional 127,561 shares during the period. Oppenheimer Asset Management Inc. bought a new stake in shares of Tencent Music Entertainment Group during the 4th quarter valued at about $114,000. Finally, Principal Financial Group Inc. grew its stake in shares of Tencent Music Entertainment Group by 4.0% during the 3rd quarter. Principal Financial Group Inc. now owns 5,478,297 shares of the company’s stock valued at $66,013,000 after purchasing an additional 211,873 shares during the period. 24.32% of the stock is currently owned by institutional investors.

Tencent Music Entertainment Group Stock Up 15.6 %

TME stock opened at $15.10 on Wednesday. Tencent Music Entertainment Group has a twelve month low of $9.41 and a twelve month high of $15.77. 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 stock has a market cap of $25.91 billion, a P/E ratio of 27.96, a PEG ratio of 0.77 and a beta of 0.70. The business’s 50-day moving average price is $12.22 and its 200-day moving average price is $11.75.

Wall Street Analyst Weigh In

Separately, Morgan Stanley upgraded Tencent Music Entertainment Group from an “equal weight” rating to an “overweight” rating and set a $13.00 price target for the company in a research note on Tuesday, January 21st. Three analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $14.04.

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.