Dorsey Wright & Associates Has $2.72 Million Holdings in Tencent Music Entertainment Group (NYSE:TME)

Dorsey Wright & Associates grew its holdings in Tencent Music Entertainment Group (NYSE:TME) by 12.7% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 225,275 shares of the company’s stock after acquiring an additional 25,381 shares during the quarter. Dorsey Wright & Associates’ holdings in Tencent Music Entertainment Group were worth $2,715,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. Progeny 3 Inc. bought a new stake in Tencent Music Entertainment Group in the 2nd quarter valued at $11,436,000. Diversified Trust Co acquired a new position in shares of Tencent Music Entertainment Group during the second quarter valued at about $632,000. SG Americas Securities LLC lifted its stake in shares of Tencent Music Entertainment Group by 33.3% in the second quarter. SG Americas Securities LLC now owns 317,594 shares of the company’s stock valued at $4,462,000 after buying an additional 79,307 shares during the period. Fiera Capital Corp grew its position in Tencent Music Entertainment Group by 21.2% during the third quarter. Fiera Capital Corp now owns 434,353 shares of the company’s stock worth $5,234,000 after buying an additional 75,991 shares in the last quarter. Finally, Principal Financial Group Inc. increased its stake in Tencent Music Entertainment Group by 4.0% during the third quarter. Principal Financial Group Inc. now owns 5,478,297 shares of the company’s stock valued at $66,013,000 after acquiring an additional 211,873 shares during the period. Institutional investors and hedge funds own 24.32% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have commented on TME shares. Barclays began coverage on Tencent Music Entertainment Group in a research report on Wednesday, November 6th. They issued an “overweight” rating and a $16.00 price objective for the company. Benchmark decreased their price target 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. Bank of America dropped their price objective on shares of Tencent Music Entertainment Group from $18.00 to $15.00 and set a “buy” rating for the company in a research note on Wednesday, August 14th. Sanford C. Bernstein started coverage on shares of Tencent Music Entertainment Group in a report on Monday, November 4th. They set an “outperform” rating and a $14.00 price objective for the company. Finally, Daiwa Capital Markets cut shares of Tencent Music Entertainment Group from an “outperform” rating to a “neutral” rating in a research note on Tuesday, August 13th. Four investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $13.28.

Tencent Music Entertainment Group Price Performance

NYSE:TME opened at $12.55 on Friday. The firm has a market cap of $21.54 billion, a PE ratio of 23.24, a price-to-earnings-growth ratio of 0.92 and a beta of 0.68. The company’s 50-day moving average price is $11.86 and its two-hundred day moving average price is $12.54. The company has a quick ratio of 2.34, a current ratio of 2.34 and a debt-to-equity ratio of 0.09. Tencent Music Entertainment Group has a 12 month low of $7.93 and a 12 month high of $15.77.

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.