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

Perpetual Ltd lowered its stake in shares of Tencent Music Entertainment Group (NYSE:TME) by 1.8% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,528,269 shares of the company’s stock after selling 28,482 shares during the period. Perpetual Ltd’s holdings in Tencent Music Entertainment Group were worth $17,346,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of TME. State of New Jersey Common Pension Fund D purchased a new position in Tencent Music Entertainment Group in the second quarter valued at about $253,000. American Century Companies Inc. lifted its holdings in shares of Tencent Music Entertainment Group by 5.2% during the 2nd quarter. American Century Companies Inc. now owns 613,767 shares of the company’s stock valued at $8,623,000 after buying an additional 30,399 shares during the last quarter. Envestnet Asset Management Inc. grew its stake in shares of Tencent Music Entertainment Group by 320.2% in the 2nd quarter. Envestnet Asset Management Inc. now owns 123,759 shares of the company’s stock valued at $1,739,000 after buying an additional 94,308 shares in the last quarter. Vanguard Personalized Indexing Management LLC increased its holdings in Tencent Music Entertainment Group by 13.7% in the second quarter. Vanguard Personalized Indexing Management LLC now owns 31,594 shares of the company’s stock worth $442,000 after buying an additional 3,805 shares during the last quarter. Finally, XTX Topco Ltd bought a new position in Tencent Music Entertainment Group during the second quarter valued at approximately $325,000. 24.32% of the stock is currently owned by hedge funds and other institutional investors.

Tencent Music Entertainment Group Trading Up 3.7 %

Shares of Tencent Music Entertainment Group stock opened at $10.79 on Tuesday. Tencent Music Entertainment Group has a 1 year low of $8.19 and a 1 year high of $15.77. The company’s fifty day simple moving average is $11.46 and its 200-day simple moving average is $11.89. The company has a market cap of $18.50 billion, a price-to-earnings ratio of 19.98, a PEG ratio of 0.65 and a beta of 0.69. The company has a current ratio of 2.34, a quick ratio of 2.34 and a debt-to-equity ratio of 0.09.

Wall Street Analyst Weigh In

Several research firms have commented on TME. Sanford C. Bernstein started coverage on shares of Tencent Music Entertainment Group in a research report on Monday, November 4th. They issued an “outperform” rating and a $14.00 target price for the company. Morgan Stanley downgraded shares of Tencent Music Entertainment Group from an “overweight” rating to an “equal weight” rating and lowered their target price for the stock from $15.00 to $13.00 in a research report on Wednesday, September 25th. Finally, 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. Four analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat.com, Tencent Music Entertainment Group presently has an average rating of “Moderate Buy” and a consensus price target 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.