Sumitomo Mitsui Trust Group Inc. Increases Stake in Tencent Music Entertainment Group (NYSE:TME)

Sumitomo Mitsui Trust Group Inc. lifted its stake in shares of Tencent Music Entertainment Group (NYSE:TME) by 0.3% during the 4th quarter, Holdings Channel.com reports. 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.’s holdings in Tencent Music Entertainment Group were worth $20,059,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of TME. Wilmington Savings Fund Society FSB purchased a new position in shares of Tencent Music Entertainment Group during the third quarter valued at about $64,000. Avior Wealth Management LLC increased its position in shares of Tencent Music Entertainment Group by 253.8% during the third quarter. Avior Wealth Management LLC now owns 5,675 shares of the company’s stock valued at $68,000 after buying an additional 4,071 shares during the period. Caprock Group LLC bought a new stake in Tencent Music Entertainment Group during the third quarter worth about $147,000. Diversify Advisory Services LLC bought a new stake in Tencent Music Entertainment Group during the third quarter worth about $166,000. Finally, DRW Securities LLC bought a new stake in Tencent Music Entertainment Group during the third quarter worth about $169,000. Hedge funds and other institutional investors own 24.32% of the company’s stock.

Analyst Upgrades and Downgrades

TME has been the topic of several research reports. Sanford C. Bernstein initiated 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 on the stock. Barclays initiated coverage on shares of Tencent Music Entertainment Group in a research note on Wednesday, November 6th. They set an “overweight” rating and a $16.00 price objective on the stock. 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 objective on the stock in a research note on Tuesday, January 21st. Three research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $14.04.

Tencent Music Entertainment Group Trading Up 1.7 %

Shares of NYSE TME opened at $12.65 on Thursday. The firm’s 50 day moving average price is $11.59 and its 200-day moving average price is $11.53. The company has a market cap of $21.71 billion, a PE ratio of 23.43, a P/E/G ratio of 0.73 and a beta of 0.70. 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.