Matthews International Capital Management LLC Purchases 437,418 Shares of Tencent Music Entertainment Group (NYSE:TME)

Matthews International Capital Management LLC lifted its position in Tencent Music Entertainment Group (NYSE:TME) by 136.9% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 756,957 shares of the company’s stock after buying an additional 437,418 shares during the period. Tencent Music Entertainment Group makes up about 1.8% of Matthews International Capital Management LLC’s portfolio, making the stock its 15th largest position. Matthews International Capital Management LLC’s holdings in Tencent Music Entertainment Group were worth $8,591,000 at the end of the most recent reporting period.

Several other large investors have also recently modified their holdings of the company. Wilmington Savings Fund Society FSB purchased a new position in Tencent Music Entertainment Group in the third quarter worth $64,000. Avior Wealth Management LLC grew its stake in Tencent Music Entertainment Group by 253.8% during the 3rd quarter. Avior Wealth Management LLC now owns 5,675 shares of the company’s stock worth $68,000 after buying an additional 4,071 shares during the last quarter. Caprock Group LLC purchased a new position in Tencent Music Entertainment Group during the 3rd quarter worth $147,000. Diversify Advisory Services LLC acquired a new position in Tencent Music Entertainment Group during the 3rd quarter valued at about $166,000. Finally, DRW Securities LLC purchased a new stake in Tencent Music Entertainment Group in the third quarter valued at about $169,000. Institutional investors own 24.32% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the company. Morgan Stanley upgraded Tencent Music Entertainment Group from an “equal weight” rating to an “overweight” rating and set a $13.00 price target on the stock in a research note on Tuesday, January 21st. Sanford C. Bernstein started coverage on shares of Tencent Music Entertainment Group in a research report on Monday, November 4th. They set an “outperform” rating and a $14.00 target price on the stock. Finally, Barclays started coverage on shares of Tencent Music Entertainment Group in a report on Wednesday, November 6th. They issued an “overweight” rating and a $16.00 price target for the company. Three equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $13.54.

Tencent Music Entertainment Group Trading Up 1.9 %

Shares of Tencent Music Entertainment Group stock opened at $11.81 on Tuesday. Tencent Music Entertainment Group has a 1 year low of $8.88 and a 1 year high of $15.77. The company has a debt-to-equity ratio of 0.09, a current ratio of 2.34 and a quick ratio of 2.34. The stock has a market cap of $20.27 billion, a PE ratio of 21.87, a price-to-earnings-growth ratio of 0.67 and a beta of 0.69. The firm has a fifty day moving average price of $11.47 and a 200 day moving average price of $11.76.

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.