Caprock Group LLC Acquires New Stake in Tencent Music Entertainment Group (NYSE:TME)

Caprock Group LLC bought a new stake in shares of Tencent Music Entertainment Group (NYSE:TME) in the third quarter, Holdings Channel reports. The firm bought 12,168 shares of the company’s stock, valued at approximately $147,000.

Several other institutional investors also recently bought and sold shares of the company. Progeny 3 Inc. purchased a new position in shares of Tencent Music Entertainment Group in the second quarter valued at approximately $11,436,000. Swedbank AB purchased a new position in Tencent Music Entertainment Group in the 1st quarter valued at approximately $1,980,000. Diversified Trust Co acquired a new position in shares of Tencent Music Entertainment Group in the second quarter worth $632,000. SG Americas Securities LLC increased its position in shares of Tencent Music Entertainment Group by 33.3% during the second quarter. SG Americas Securities LLC now owns 317,594 shares of the company’s stock worth $4,462,000 after acquiring an additional 79,307 shares during the period. Finally, Fiera Capital Corp raised its stake in shares of Tencent Music Entertainment Group by 21.2% in the third quarter. Fiera Capital Corp now owns 434,353 shares of the company’s stock valued at $5,234,000 after acquiring an additional 75,991 shares in the last quarter. 24.32% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research analysts recently commented on TME shares. Bank of America lowered their target price on 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. Daiwa America lowered shares of Tencent Music Entertainment Group from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, August 13th. Daiwa Capital Markets downgraded shares of Tencent Music Entertainment Group from an “outperform” rating to a “neutral” rating in a research note on Tuesday, August 13th. Mizuho dropped their price objective on shares of Tencent Music Entertainment Group from $17.00 to $16.00 and set an “outperform” rating on the stock in a research report on Wednesday, August 14th. Finally, Barclays assumed 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 objective on the stock. Four 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 has an average rating of “Moderate Buy” and a consensus target price of $13.28.

Tencent Music Entertainment Group Stock Performance

NYSE TME opened at $11.19 on Tuesday. The company has a fifty day moving average of $11.65 and a two-hundred day moving average of $12.72. The company has a market capitalization of $19.20 billion, a PE ratio of 20.72, a P/E/G ratio of 0.87 and a beta of 0.67. Tencent Music Entertainment Group has a 1 year low of $7.93 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.

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.