Jennison Associates LLC Acquires 1,359,691 Shares of Tencent Music Entertainment Group (NYSE:TME)

Jennison Associates LLC grew its stake in Tencent Music Entertainment Group (NYSE:TME) by 93.2% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,818,867 shares of the company’s stock after acquiring an additional 1,359,691 shares during the quarter. Jennison Associates LLC owned 0.16% of Tencent Music Entertainment Group worth $33,967,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of the company. Vanguard Group Inc. grew its stake in shares of Tencent Music Entertainment Group by 0.3% during the 1st quarter. Vanguard Group Inc. now owns 25,057,674 shares of the company’s stock worth $280,395,000 after acquiring an additional 84,131 shares in the last quarter. Cantillon Capital Management LLC increased its stake in shares of Tencent Music Entertainment Group by 39.9% during the third quarter. Cantillon Capital Management LLC now owns 18,456,585 shares of the company’s stock worth $222,402,000 after purchasing an additional 5,265,783 shares during the period. Ninety One UK Ltd acquired a new stake in shares of Tencent Music Entertainment Group during the second quarter worth $122,775,000. Driehaus Capital Management LLC raised its stake in Tencent Music Entertainment Group by 37.0% in the 2nd quarter. Driehaus Capital Management LLC now owns 7,129,342 shares of the company’s stock worth $100,167,000 after purchasing an additional 1,925,124 shares in the last quarter. Finally, The Manufacturers Life Insurance Company boosted its stake in shares of Tencent Music Entertainment Group by 58.6% in the second quarter. The Manufacturers Life Insurance Company now owns 6,180,406 shares of the company’s stock valued at $86,835,000 after buying an additional 2,284,347 shares during the period. 24.32% of the stock is currently owned by institutional investors and hedge funds.

Tencent Music Entertainment Group Stock Performance

NYSE:TME opened at $11.52 on Friday. Tencent Music Entertainment Group has a twelve month low of $7.93 and a twelve month high of $15.77. 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 cap of $19.77 billion, a P/E ratio of 21.33, a PEG ratio of 0.84 and a beta of 0.67. The business’s 50-day moving average price is $11.58 and its two-hundred day moving average price is $12.76.

Analysts Set New Price Targets

A number of brokerages have weighed in on TME. Morgan Stanley downgraded Tencent Music Entertainment Group from an “overweight” rating to an “equal weight” rating and reduced their target price for the company from $15.00 to $13.00 in a report on Wednesday, September 25th. 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 note on Wednesday, August 14th. Daiwa America cut Tencent Music Entertainment Group from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, August 13th. Bank of America lowered their target price on Tencent Music Entertainment Group from $18.00 to $15.00 and set a “buy” rating for the company in a report on Wednesday, August 14th. Finally, 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 target price for the company. Four equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $13.28.

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.