Bamco Inc. NY Grows Stake in Tencent Music Entertainment Group (NYSE:TME)

Bamco Inc. NY increased its holdings in Tencent Music Entertainment Group (NYSE:TME) by 7.9% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,082,925 shares of the company’s stock after purchasing an additional 226,472 shares during the period. Bamco Inc. NY owned 0.18% of Tencent Music Entertainment Group worth $37,149,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in TME. California State Teachers Retirement System grew its stake in Tencent Music Entertainment Group by 7.0% during the first quarter. California State Teachers Retirement System now owns 215,202 shares of the company’s stock valued at $2,408,000 after acquiring an additional 14,145 shares in the last quarter. DNB Asset Management AS lifted its position in shares of Tencent Music Entertainment Group by 9.7% in the second quarter. DNB Asset Management AS now owns 53,305 shares of the company’s stock worth $749,000 after buying an additional 4,707 shares in the last quarter. Symmetry Partners LLC bought a new position in Tencent Music Entertainment Group during the second quarter valued at approximately $236,000. QRG Capital Management Inc. grew its holdings 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 valued at $223,000 after buying an additional 860 shares in the last quarter. Finally, SG Americas Securities LLC increased its stake in Tencent Music Entertainment Group by 33.3% in the 2nd quarter. SG Americas Securities LLC now owns 317,594 shares of the company’s stock worth $4,462,000 after acquiring an additional 79,307 shares during the last quarter. 24.32% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

TME has been the subject of a number of recent research reports. Daiwa Capital Markets lowered shares of Tencent Music Entertainment Group from an “outperform” rating to a “neutral” rating in a report on Tuesday, August 13th. Benchmark decreased their target price on shares of Tencent Music Entertainment Group from $19.00 to $15.00 and set a “buy” rating on the stock in a research report on Wednesday, August 14th. Daiwa America lowered Tencent Music Entertainment Group from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, August 13th. Morgan Stanley lowered Tencent Music Entertainment Group from an “overweight” rating to an “equal weight” rating and lowered their price objective for the company from $15.00 to $13.00 in a research note on Wednesday, September 25th. Finally, Bank of America cut their target price on Tencent Music Entertainment Group from $18.00 to $15.00 and set a “buy” rating on the stock in a research report on Wednesday, August 14th. Four equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $13.28.

Tencent Music Entertainment Group Price Performance

Shares of TME stock opened at $12.19 on Tuesday. The company has a market capitalization of $20.92 billion, a P/E ratio of 22.57, a P/E/G ratio of 0.86 and a beta of 0.68. The company’s 50-day simple moving average is $11.79 and its two-hundred day simple moving average is $12.63. Tencent Music Entertainment Group has a one year low of $7.93 and a one year high of $15.77. The company has a debt-to-equity ratio of 0.09, a current ratio of 2.34 and a quick 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.