Cantillon Capital Management LLC Boosts Stock Position in Tencent Music Entertainment Group (NYSE:TME)

Cantillon Capital Management LLC lifted its stake in shares of Tencent Music Entertainment Group (NYSE:TME) by 39.9% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 18,456,585 shares of the company’s stock after purchasing an additional 5,265,783 shares during the period. Cantillon Capital Management LLC owned 1.08% of Tencent Music Entertainment Group worth $222,402,000 at the end of the most recent quarter.

Other large investors have also bought and sold shares of the company. Ashton Thomas Private Wealth LLC bought a new position in shares of Tencent Music Entertainment Group in the second quarter worth $37,000. Tobam boosted its stake 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 purchasing an additional 957 shares during the period. iA Global Asset Management Inc. boosted its stake in Tencent Music Entertainment Group by 728.9% in the 1st quarter. iA Global Asset Management Inc. now owns 11,687 shares of the company’s stock worth $131,000 after purchasing an additional 10,277 shares during the period. Caprock Group LLC purchased a new position in Tencent Music Entertainment Group during the 3rd quarter valued at about $147,000. Finally, Diversify Advisory Services LLC bought a new position in Tencent Music Entertainment Group in the 3rd quarter valued at $166,000. 24.32% of the stock is owned by hedge funds and other institutional investors.

Tencent Music Entertainment Group Price Performance

Shares of Tencent Music Entertainment Group stock opened at $11.49 on Tuesday. The business has a 50 day moving average of $11.48 and a 200 day moving average of $12.79. The company has a market cap of $19.72 billion, a PE ratio of 21.28, a P/E/G ratio of 0.83 and a beta of 0.67. 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 52 week low of $7.93 and a 52 week high of $15.77.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the company. Daiwa Capital Markets downgraded Tencent Music Entertainment Group from an “outperform” rating to a “neutral” rating in a research report on Tuesday, August 13th. 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 target price 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. Morgan Stanley cut shares of Tencent Music Entertainment Group from an “overweight” rating to an “equal weight” rating and cut their price objective for the company from $15.00 to $13.00 in a research note on Wednesday, September 25th. Finally, Daiwa America cut shares of Tencent Music Entertainment Group from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, August 13th. Four investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $13.28.

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.