MML Investors Services LLC Makes New Investment in Tencent Music Entertainment Group (NYSE:TME)

MML Investors Services LLC purchased a new position in shares of Tencent Music Entertainment Group (NYSE:TME) in the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 14,098 shares of the company’s stock, valued at approximately $170,000.

Several other large investors also recently added to or reduced their stakes in TME. Cantillon Capital Management LLC raised its stake in shares of Tencent Music Entertainment Group by 39.9% during the 3rd quarter. Cantillon Capital Management LLC now owns 18,456,585 shares of the company’s stock valued at $222,402,000 after purchasing an additional 5,265,783 shares during the period. State Street Corp raised its position in shares of Tencent Music Entertainment Group by 1.3% in the third quarter. State Street Corp now owns 12,821,488 shares of the company’s stock worth $154,499,000 after buying an additional 166,225 shares in the last quarter. Driehaus Capital Management LLC boosted its stake in Tencent Music Entertainment Group by 37.0% during the second quarter. Driehaus Capital Management LLC now owns 7,129,342 shares of the company’s stock valued at $100,167,000 after buying an additional 1,925,124 shares during the period. The Manufacturers Life Insurance Company grew its position in Tencent Music Entertainment Group by 58.6% during the second quarter. The Manufacturers Life Insurance Company now owns 6,180,406 shares of the company’s stock worth $86,835,000 after buying an additional 2,284,347 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC grew its position in Tencent Music Entertainment Group by 14.4% during the third quarter. Allspring Global Investments Holdings LLC now owns 5,973,760 shares of the company’s stock worth $71,984,000 after buying an additional 753,383 shares in the last quarter. Hedge funds and other institutional investors own 24.32% of the company’s stock.

Analyst Ratings Changes

Several analysts have weighed in on the company. Barclays started coverage on Tencent Music Entertainment Group in a report on Wednesday, November 6th. They issued an “overweight” rating and a $16.00 price target on the stock. Morgan Stanley cut Tencent Music Entertainment Group from an “overweight” rating to an “equal weight” rating and cut their price objective for the stock from $15.00 to $13.00 in a report on Wednesday, September 25th. Finally, Sanford C. Bernstein began coverage on shares of Tencent Music Entertainment Group in a report on Monday, November 4th. They set an “outperform” rating and a $14.00 target price on the stock. Four equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $13.28.

Tencent Music Entertainment Group Trading Down 1.7 %

Shares of TME opened at $11.72 on Friday. Tencent Music Entertainment Group has a twelve month low of $8.19 and a twelve month high of $15.77. The stock has a market capitalization of $20.11 billion, a P/E ratio of 21.70, a PEG ratio of 0.91 and a beta of 0.68. 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 firm has a fifty day simple moving average of $11.65 and a two-hundred day simple moving average of $12.29.

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.