Swiss National Bank Has $19.30 Million Stock Holdings in Tencent Music Entertainment Group (NYSE:TME)

Swiss National Bank cut its holdings in Tencent Music Entertainment Group (NYSE:TME) by 0.2% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 1,700,630 shares of the company’s stock after selling 3,700 shares during the quarter. Swiss National Bank owned approximately 0.10% of Tencent Music Entertainment Group worth $19,302,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Cantillon Capital Management LLC increased its stake in shares of Tencent Music Entertainment Group by 18.3% in the fourth quarter. Cantillon Capital Management LLC now owns 21,840,815 shares of the company’s stock valued at $247,893,000 after buying an additional 3,384,230 shares in the last quarter. State Street Corp increased its stake in shares of Tencent Music Entertainment Group by 1.3% in the third quarter. State Street Corp now owns 12,821,488 shares of the company’s stock valued at $154,499,000 after buying an additional 166,225 shares in the last quarter. Allspring Global Investments Holdings LLC increased its stake in shares of Tencent Music Entertainment Group by 8.7% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 6,496,359 shares of the company’s stock valued at $73,539,000 after buying an additional 522,599 shares in the last quarter. FMR LLC increased its position in Tencent Music Entertainment Group by 98.8% in 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, Principal Financial Group Inc. increased its position in Tencent Music Entertainment Group by 4.0% in the third quarter. Principal Financial Group Inc. now owns 5,478,297 shares of the company’s stock worth $66,013,000 after purchasing an additional 211,873 shares during the period. 24.32% of the stock is currently owned by institutional investors and hedge funds.

Tencent Music Entertainment Group Price Performance

Shares of TME opened at $15.10 on Wednesday. The company has a current ratio of 2.34, a quick ratio of 2.34 and a debt-to-equity ratio of 0.09. Tencent Music Entertainment Group has a 1 year low of $9.41 and a 1 year high of $15.77. The stock has a market cap of $25.91 billion, a P/E ratio of 27.96, a price-to-earnings-growth ratio of 0.77 and a beta of 0.70. The stock’s 50-day moving average price is $12.22 and its two-hundred day moving average price is $11.75.

Wall Street Analysts Forecast Growth

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