Caisse DE Depot ET Placement DU Quebec Boosts Position in Tencent Music Entertainment Group (NYSE:TME)

Caisse DE Depot ET Placement DU Quebec boosted its position in Tencent Music Entertainment Group (NYSE:TME) by 79.6% during the 3rd quarter, HoldingsChannel reports. The firm owned 2,481,303 shares of the company’s stock after purchasing an additional 1,099,584 shares during the period. Caisse DE Depot ET Placement DU Quebec’s holdings in Tencent Music Entertainment Group were worth $29,900,000 as of its most recent filing with the SEC.

A number of other large investors have also made changes to their positions in the company. Ashton Thomas Private Wealth LLC bought a new position in shares of Tencent Music Entertainment Group in the second quarter worth about $37,000. Tobam increased its holdings in Tencent Music Entertainment Group by 37.7% in the 2nd quarter. Tobam now owns 3,498 shares of the company’s stock worth $49,000 after acquiring an additional 957 shares in the last quarter. Avior Wealth Management LLC raised 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 acquiring an additional 4,071 shares during the period. Caprock Group LLC bought a new position in shares of Tencent Music Entertainment Group in the third quarter worth approximately $147,000. Finally, Wrapmanager Inc. purchased a new stake in shares of Tencent Music Entertainment Group in the second quarter worth $192,000. 24.32% of the stock is currently owned by institutional investors.

Tencent Music Entertainment Group Price Performance

TME stock opened at $11.41 on Monday. Tencent Music Entertainment Group has a 52 week low of $7.93 and a 52 week high of $15.77. The firm has a market capitalization of $19.58 billion, a P/E ratio of 21.13, a price-to-earnings-growth ratio of 0.86 and a beta of 0.67. The company has a fifty day simple moving average of $11.79 and a two-hundred day simple moving average of $12.63. The company has a quick ratio of 2.34, a current ratio of 2.34 and a debt-to-equity ratio of 0.09.

Analysts Set New Price Targets

A number of research firms recently weighed in on TME. Benchmark lowered 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 Capital Markets lowered Tencent Music Entertainment Group from an “outperform” rating to a “neutral” rating in a research note on Tuesday, August 13th. Sanford C. Bernstein began coverage on Tencent Music Entertainment Group in a research report on Monday, November 4th. They set an “outperform” rating and a $14.00 target price for the company. Daiwa America cut Tencent Music Entertainment Group from a “strong-buy” rating to a “hold” rating in a report on Tuesday, August 13th. Finally, Barclays initiated coverage on Tencent Music Entertainment Group in a research note on Wednesday, November 6th. They issued an “overweight” rating and a $16.00 price target for the company. Four analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $13.28.

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.