Tencent Music Entertainment Group (NYSE:TME) Holdings Increased by Veritas Asset Management LLP

Veritas Asset Management LLP grew its stake in shares of Tencent Music Entertainment Group (NYSE:TME) by 44.6% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 3,017,695 shares of the company’s stock after buying an additional 930,450 shares during the quarter. Tencent Music Entertainment Group comprises 0.3% of Veritas Asset Management LLP’s holdings, making the stock its 18th biggest position. Veritas Asset Management LLP owned about 0.18% of Tencent Music Entertainment Group worth $34,251,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Wilmington Savings Fund Society FSB bought a new stake in shares of Tencent Music Entertainment Group during the 3rd quarter worth about $64,000. Avior Wealth Management LLC raised its holdings in shares of Tencent Music Entertainment Group by 253.8% in the 3rd quarter. Avior Wealth Management LLC now owns 5,675 shares of the company’s stock worth $68,000 after purchasing an additional 4,071 shares in the last quarter. Caprock Group LLC bought a new stake in shares of Tencent Music Entertainment Group in the 3rd quarter worth approximately $147,000. Diversify Advisory Services LLC bought a new stake in shares of Tencent Music Entertainment Group in the 3rd quarter worth approximately $166,000. Finally, DRW Securities LLC bought a new stake in shares of Tencent Music Entertainment Group in the 3rd quarter worth approximately $169,000. 24.32% of the stock is currently owned by institutional investors.

Tencent Music Entertainment Group Price Performance

NYSE TME opened at $12.98 on Tuesday. The company has a quick ratio of 2.34, a current ratio of 2.34 and a debt-to-equity ratio of 0.09. The stock has a market capitalization of $22.27 billion, a PE ratio of 24.03, a price-to-earnings-growth ratio of 0.77 and a beta of 0.70. The company has a 50 day moving average price of $11.79 and a two-hundred day moving average price of $11.52. Tencent Music Entertainment Group has a 12-month low of $9.15 and a 12-month high of $15.77.

Wall Street Analyst Weigh In

A number of research firms recently commented on TME. Barclays began coverage on shares of Tencent Music Entertainment Group in a report on Wednesday, November 6th. They issued an “overweight” rating and a $16.00 target price on the stock. Sanford C. Bernstein began coverage on shares of Tencent Music Entertainment Group in a research report on Monday, November 4th. They issued an “outperform” rating and a $14.00 target price 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 target price on the stock in a research report on Tuesday, January 21st. Three research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat, Tencent Music Entertainment Group has an average rating of “Moderate Buy” and a consensus price target of $14.04.

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.