Bamco Inc. NY Acquires 226,472 Shares of Tencent Music Entertainment Group (NYSE:TME)

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

Several other hedge funds have also recently modified their holdings of the business. Ashton Thomas Private Wealth LLC purchased a new position in Tencent Music Entertainment Group in the second quarter valued at about $37,000. Tobam grew its position in shares of Tencent Music Entertainment Group by 37.7% in the 2nd 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. Avior Wealth Management LLC raised its stake in shares of Tencent Music Entertainment Group by 253.8% during the 3rd quarter. Avior Wealth Management LLC now owns 5,675 shares of the company’s stock worth $68,000 after acquiring an additional 4,071 shares in the last quarter. Caprock Group LLC purchased a new stake in Tencent Music Entertainment Group during the third quarter valued at approximately $147,000. Finally, Diversify Advisory Services LLC acquired a new stake in Tencent Music Entertainment Group in the third quarter valued at approximately $166,000. Hedge funds and other institutional investors own 24.32% of the company’s stock.

Tencent Music Entertainment Group Stock Up 6.8 %

Shares of TME opened at $12.19 on Tuesday. The company has a market capitalization of $20.92 billion, a price-to-earnings ratio of 22.57, a PEG ratio of 0.86 and a beta of 0.68. Tencent Music Entertainment Group has a 52 week low of $7.93 and a 52 week high of $15.77. The stock’s 50-day moving average price is $11.79 and its 200-day moving average price is $12.63. The company has a quick ratio of 2.34, a current ratio of 2.34 and a debt-to-equity ratio of 0.09.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on TME. Morgan Stanley lowered Tencent Music Entertainment Group from an “overweight” rating to an “equal weight” rating and decreased their price objective for the company from $15.00 to $13.00 in a report on Wednesday, September 25th. Daiwa Capital Markets downgraded Tencent Music Entertainment Group from an “outperform” rating to a “neutral” rating in a report on Tuesday, August 13th. Bank of America cut their price objective on shares of Tencent Music Entertainment Group from $18.00 to $15.00 and set a “buy” rating on the stock in a report on Wednesday, August 14th. Daiwa America cut shares of Tencent Music Entertainment Group from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, August 13th. Finally, Mizuho cut their price target on shares of Tencent Music Entertainment Group from $17.00 to $16.00 and set an “outperform” rating on the stock in a research note on Wednesday, August 14th. Four research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat, Tencent Music Entertainment Group has an average rating of “Moderate Buy” and a consensus price target of $13.28.

About Tencent Music Entertainment Group

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.