Ballentine Partners LLC Purchases 3,835 Shares of Tencent Music Entertainment Group (NYSE:TME)

Ballentine Partners LLC grew its position in shares of Tencent Music Entertainment Group (NYSE:TME) by 33.9% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 15,132 shares of the company’s stock after acquiring an additional 3,835 shares during the quarter. Ballentine Partners LLC’s holdings in Tencent Music Entertainment Group were worth $136,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Cigna Investments Inc. New raised its holdings in Tencent Music Entertainment Group by 13.6% during the 4th quarter. Cigna Investments Inc. New now owns 15,186 shares of the company’s stock valued at $137,000 after buying an additional 1,817 shares during the period. WT Asset Management Ltd purchased a new stake in Tencent Music Entertainment Group during the 4th quarter valued at $9,330,000. Matthews International Capital Management LLC raised its holdings in Tencent Music Entertainment Group by 32.2% during the 4th quarter. Matthews International Capital Management LLC now owns 4,523,020 shares of the company’s stock valued at $40,752,000 after buying an additional 1,101,370 shares during the period. SG Americas Securities LLC raised its holdings in Tencent Music Entertainment Group by 14.3% during the 4th quarter. SG Americas Securities LLC now owns 325,588 shares of the company’s stock valued at $2,934,000 after buying an additional 40,765 shares during the period. Finally, Nordea Investment Management AB raised its holdings in Tencent Music Entertainment Group by 25.1% during the 4th quarter. Nordea Investment Management AB now owns 1,321,517 shares of the company’s stock valued at $11,735,000 after buying an additional 265,093 shares during the period. 24.32% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several research firms recently weighed in on TME. Benchmark increased their price target on Tencent Music Entertainment Group from $9.00 to $14.00 and gave the company a “buy” rating in a report on Wednesday, March 20th. Mizuho increased their target price on Tencent Music Entertainment Group from $12.00 to $13.00 and gave the stock a “buy” rating in a research note on Wednesday, March 20th. Morgan Stanley increased their target price on Tencent Music Entertainment Group from $11.00 to $13.50 and gave the stock an “overweight” rating in a research note on Wednesday, March 20th. Bank of America increased their target price on Tencent Music Entertainment Group from $10.50 to $12.30 and gave the stock a “buy” rating in a research note on Wednesday, March 20th. Finally, Redburn Atlantic assumed coverage on Tencent Music Entertainment Group in a research note on Monday, February 5th. They issued a “buy” rating and a $12.00 target price on the stock. Two investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $11.63.

Tencent Music Entertainment Group Stock Performance

Shares of Tencent Music Entertainment Group stock opened at $11.84 on Wednesday. The firm has a market cap of $20.32 billion, a P/E ratio of 26.91, a P/E/G ratio of 0.71 and a beta of 0.81. The company has a current ratio of 2.49, a quick ratio of 2.49 and a debt-to-equity ratio of 0.10. Tencent Music Entertainment Group has a 12 month low of $5.70 and a 12 month high of $11.97. The stock’s fifty day moving average price is $10.44 and its 200-day moving average price is $8.83.

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; and WeSing, which enables users to sing from its library of karaoke songs and share their performances in audio or video formats with friends.