Sumitomo Mitsui Trust Group Inc. Buys 4,837 Shares of Tencent Music Entertainment Group (NYSE:TME)

Sumitomo Mitsui Trust Group Inc. boosted its holdings in Tencent Music Entertainment Group (NYSE:TME) by 0.3% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,767,319 shares of the company’s stock after buying an additional 4,837 shares during the period. Sumitomo Mitsui Trust Group Inc. owned approximately 0.10% of Tencent Music Entertainment Group worth $20,059,000 as of its most recent filing with the Securities and Exchange Commission.

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

Wall Street Analyst Weigh In

TME has been the subject of several analyst reports. Barclays initiated coverage on shares of Tencent Music Entertainment Group in a report on Wednesday, November 6th. They issued an “overweight” rating and a $16.00 price target for the company. Sanford C. Bernstein initiated coverage on shares of Tencent Music Entertainment Group in a report on Monday, November 4th. They issued an “outperform” rating and a $14.00 price target for the company. Finally, Morgan Stanley raised shares of 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 report on Tuesday, January 21st. Three investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $14.04.

Tencent Music Entertainment Group Stock Performance

NYSE TME opened at $12.65 on Thursday. The company has a market capitalization of $21.71 billion, a P/E ratio of 23.43, a P/E/G ratio of 0.73 and a beta of 0.70. The company has a fifty day moving average of $11.59 and a 200-day moving average of $11.53. Tencent Music Entertainment Group has a 52-week low of $9.15 and a 52-week high of $15.77. 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 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.