Matthews International Capital Management LLC Grows Position in Tencent Music Entertainment Group (NYSE:TME)

Matthews International Capital Management LLC grew its position in shares of Tencent Music Entertainment Group (NYSE:TME) by 136.9% in the 4th quarter, Holdings Channel.com reports. The firm owned 756,957 shares of the company’s stock after buying an additional 437,418 shares during the period. Tencent Music Entertainment Group comprises approximately 1.8% of Matthews International Capital Management LLC’s portfolio, making the stock its 15th biggest holding. Matthews International Capital Management LLC’s holdings in Tencent Music Entertainment Group were worth $8,591,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also recently made changes to their positions in the company. Bank of Montreal Can increased its holdings in Tencent Music Entertainment Group by 86.0% in the third quarter. Bank of Montreal Can now owns 181,991 shares of the company’s stock valued at $2,235,000 after buying an additional 84,161 shares in the last quarter. BNP Paribas Financial Markets grew its position in shares of Tencent Music Entertainment Group by 33.6% during the 3rd quarter. BNP Paribas Financial Markets now owns 1,911,048 shares of the company’s stock valued at $23,028,000 after acquiring an additional 480,504 shares during the period. Fiera Capital Corp increased its stake in shares of Tencent Music Entertainment Group by 21.2% in the 3rd quarter. Fiera Capital Corp now owns 434,353 shares of the company’s stock valued at $5,234,000 after purchasing an additional 75,991 shares in the last quarter. Principal Financial Group Inc. raised its holdings in Tencent Music Entertainment Group by 4.0% in the 3rd quarter. Principal Financial Group Inc. now owns 5,478,297 shares of the company’s stock worth $66,013,000 after purchasing an additional 211,873 shares during the period. Finally, US Bancorp DE boosted its position in Tencent Music Entertainment Group by 278.6% during the third quarter. US Bancorp DE now owns 101,174 shares of the company’s stock worth $1,219,000 after purchasing an additional 74,452 shares in the last quarter. 24.32% of the stock is currently owned by institutional investors and hedge funds.

Tencent Music Entertainment Group Stock Performance

NYSE:TME opened at $11.81 on Tuesday. The company has a market cap of $20.27 billion, a P/E ratio of 21.87, a P/E/G ratio of 0.67 and a beta of 0.69. Tencent Music Entertainment Group has a twelve month low of $8.88 and a twelve month high of $15.77. The company’s 50-day moving average price is $11.47 and its 200-day moving average price is $11.76. The company has a current ratio of 2.34, a quick ratio of 2.34 and a debt-to-equity ratio of 0.09.

Wall Street Analyst Weigh In

TME has been the subject of a number of recent analyst reports. Sanford C. Bernstein assumed coverage on Tencent Music Entertainment Group in a research report on Monday, November 4th. They issued an “outperform” rating and a $14.00 price objective for the company. Morgan Stanley raised shares of Tencent Music Entertainment Group from an “equal weight” rating to an “overweight” rating and set a $13.00 price target for the company in a report on Tuesday, January 21st. Finally, Barclays assumed coverage on shares of Tencent Music Entertainment Group in a report on Wednesday, November 6th. They set an “overweight” rating and a $16.00 price objective on the stock. Three investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $13.54.

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.