UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC Increases Stock Holdings in Tencent Music Entertainment Group (NYSE:TME)

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in Tencent Music Entertainment Group (NYSE:TME) by 287.4% in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 4,845,013 shares of the company’s stock after acquiring an additional 3,594,383 shares during the quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC owned 0.28% of Tencent Music Entertainment Group worth $58,382,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of TME. QRG Capital Management Inc. raised its position in shares of Tencent Music Entertainment Group by 5.7% in the 2nd quarter. QRG Capital Management Inc. now owns 15,843 shares of the company’s stock valued at $223,000 after purchasing an additional 860 shares during the last quarter. DekaBank Deutsche Girozentrale increased its stake in Tencent Music Entertainment Group by 0.9% during the 2nd quarter. DekaBank Deutsche Girozentrale now owns 101,442 shares of the company’s stock valued at $1,403,000 after purchasing an additional 922 shares in the last quarter. Tobam raised its holdings in shares of Tencent Music Entertainment Group by 37.7% in the second quarter. Tobam now owns 3,498 shares of the company’s stock worth $49,000 after buying an additional 957 shares during the last quarter. Atomi Financial Group Inc. raised its holdings in shares of Tencent Music Entertainment Group by 6.1% in the second quarter. Atomi Financial Group Inc. now owns 26,996 shares of the company’s stock worth $379,000 after buying an additional 1,561 shares during the last quarter. Finally, Intech Investment Management LLC lifted its stake in shares of Tencent Music Entertainment Group by 9.1% during the third quarter. Intech Investment Management LLC now owns 19,850 shares of the company’s stock worth $239,000 after buying an additional 1,664 shares during the period. Hedge funds and other institutional investors own 24.32% of the company’s stock.

Tencent Music Entertainment Group Trading Up 0.8 %

Shares of Tencent Music Entertainment Group stock opened at $12.29 on Wednesday. The firm has a 50-day simple moving average of $11.84 and a two-hundred day simple moving average of $12.58. 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 has a fifty-two week low of $7.93 and a fifty-two week high of $15.77. The company has a market cap of $21.09 billion, a P/E ratio of 22.76, a price-to-earnings-growth ratio of 0.92 and a beta of 0.68.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on TME shares. 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 target price for the company. Daiwa America lowered Tencent Music Entertainment Group from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, August 13th. Benchmark cut their price target on shares of Tencent Music Entertainment Group from $19.00 to $15.00 and set a “buy” rating on the stock in a report on Wednesday, August 14th. Sanford C. Bernstein started coverage on shares of Tencent Music Entertainment Group in a research note on Monday, November 4th. They set an “outperform” rating and a $14.00 price objective for the company. Finally, Mizuho dropped their price objective on shares of Tencent Music Entertainment Group from $17.00 to $16.00 and set an “outperform” rating on the stock in a report on Wednesday, August 14th. Four investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $13.28.

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.