Quantbot Technologies LP Makes New Investment in Tencent Music Entertainment Group (NYSE:TME)

Quantbot Technologies LP acquired a new position in shares of Tencent Music Entertainment Group (NYSE:TME) in the third quarter, Holdings Channel reports. The fund acquired 204,462 shares of the company’s stock, valued at approximately $2,464,000.

A number of other hedge funds also recently added to or reduced their stakes in the stock. QRG Capital Management Inc. lifted its position in Tencent Music Entertainment Group by 5.7% during the 2nd quarter. QRG Capital Management Inc. now owns 15,843 shares of the company’s stock worth $223,000 after acquiring an additional 860 shares during the period. DekaBank Deutsche Girozentrale raised its stake in shares of Tencent Music Entertainment Group by 0.9% during the 2nd quarter. DekaBank Deutsche Girozentrale now owns 101,442 shares of the company’s stock worth $1,403,000 after buying an additional 922 shares in the last quarter. Tobam raised its stake in shares of Tencent Music Entertainment Group by 37.7% during the 2nd quarter. Tobam now owns 3,498 shares of the company’s stock worth $49,000 after buying an additional 957 shares in the last quarter. Atomi Financial Group Inc. raised its stake in shares of Tencent Music Entertainment Group by 6.1% during the 2nd 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 in the last quarter. Finally, Intech Investment Management LLC raised its stake in shares of Tencent Music Entertainment Group by 9.1% during the 3rd 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 in the last quarter. 24.32% of the stock is owned by institutional investors and hedge funds.

Tencent Music Entertainment Group Stock Performance

Tencent Music Entertainment Group stock opened at $11.51 on Friday. The company has a debt-to-equity ratio of 0.09, a quick ratio of 2.34 and a current ratio of 2.34. The stock has a fifty day moving average of $11.76 and a two-hundred day moving average of $12.69. The company has a market capitalization of $19.75 billion, a price-to-earnings ratio of 21.31, a PEG ratio of 0.85 and a beta of 0.67. Tencent Music Entertainment Group has a fifty-two week low of $7.93 and a fifty-two week high of $15.77.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on the company. Sanford C. Bernstein assumed coverage on Tencent Music Entertainment Group in a research note on Monday, November 4th. They set an “outperform” rating and a $14.00 target price for the company. Mizuho cut their target price on Tencent Music Entertainment Group from $17.00 to $16.00 and set an “outperform” rating for the company in a research note on Wednesday, August 14th. Daiwa America downgraded Tencent Music Entertainment Group from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, August 13th. Benchmark cut their target price on Tencent Music Entertainment Group from $19.00 to $15.00 and set a “buy” rating for the company in a research note on Wednesday, August 14th. Finally, Morgan Stanley downgraded Tencent Music Entertainment Group from an “overweight” rating to an “equal weight” rating and cut their target price for the stock from $15.00 to $13.00 in a research note on Wednesday, September 25th. Four equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target 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.