Tencent Music Entertainment Group (NYSE:TME) Shares Purchased by Bank of Montreal Can

Bank of Montreal Can grew its position in shares of Tencent Music Entertainment Group (NYSE:TME) by 86.0% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 181,991 shares of the company’s stock after purchasing an additional 84,161 shares during the period. Bank of Montreal Can’s holdings in Tencent Music Entertainment Group were worth $2,235,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in TME. Ashton Thomas Private Wealth LLC purchased a new stake in Tencent Music Entertainment Group during the 2nd quarter worth $37,000. Tobam grew its stake in shares of Tencent Music Entertainment Group by 37.7% during the second quarter. Tobam now owns 3,498 shares of the company’s stock valued at $49,000 after acquiring an additional 957 shares in the last quarter. Avior Wealth Management LLC increased its position in shares of Tencent Music Entertainment Group by 253.8% during the third 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 during the last quarter. Caprock Group LLC acquired a new position in shares of Tencent Music Entertainment Group in the third quarter worth about $147,000. Finally, Wrapmanager Inc. purchased a new position in Tencent Music Entertainment Group in the second quarter valued at about $192,000. 24.32% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on TME shares. Barclays initiated coverage on 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. Morgan Stanley lowered shares of Tencent Music Entertainment Group from an “overweight” rating to an “equal weight” rating and dropped their price target for the stock from $15.00 to $13.00 in a research note on Wednesday, September 25th. Sanford C. Bernstein assumed coverage on shares of Tencent Music Entertainment Group in a research note on Monday, November 4th. They set an “outperform” rating and a $14.00 price objective on the stock. 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. Finally, Benchmark dropped their target price on shares of Tencent Music Entertainment Group from $19.00 to $15.00 and set a “buy” rating for the company in a research report on Wednesday, August 14th. Four analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $13.28.

Tencent Music Entertainment Group Price Performance

Shares of NYSE:TME opened at $12.23 on Friday. The company has a market cap of $20.98 billion, a PE ratio of 22.64, a P/E/G ratio of 0.93 and a beta of 0.68. Tencent Music Entertainment Group has a fifty-two week low of $7.93 and a fifty-two week high of $15.77. The firm has a 50-day simple moving average of $11.85 and a 200 day simple moving average of $12.58. The company has a quick ratio of 2.34, a current ratio of 2.34 and a debt-to-equity ratio of 0.09.

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.