WIM INVESTMENT MANAGEMENT Ltd Invests $4.63 Million in Tencent Music Entertainment Group (NYSE:TME)

WIM INVESTMENT MANAGEMENT Ltd bought a new position in shares of Tencent Music Entertainment Group (NYSE:TME) in the third quarter, according to the company in its most recent filing with the SEC. The fund bought 384,200 shares of the company’s stock, valued at approximately $4,630,000. Tencent Music Entertainment Group accounts for 1.9% of WIM INVESTMENT MANAGEMENT Ltd’s investment portfolio, making the stock its 9th biggest position.

Other institutional investors have also modified their holdings of the company. Ashton Thomas Private Wealth LLC purchased a new stake in shares of Tencent Music Entertainment Group during the 2nd quarter worth about $37,000. Tobam lifted its position in Tencent Music Entertainment Group by 37.7% during 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. iA Global Asset Management Inc. lifted its position in Tencent Music Entertainment Group by 728.9% during the 1st quarter. iA Global Asset Management Inc. now owns 11,687 shares of the company’s stock worth $131,000 after acquiring an additional 10,277 shares in the last quarter. Diversify Advisory Services LLC acquired a new position in Tencent Music Entertainment Group during the 3rd quarter worth approximately $166,000. Finally, Wrapmanager Inc. acquired a new position in Tencent Music Entertainment Group during the 2nd quarter worth approximately $192,000. Hedge funds and other institutional investors own 24.32% of the company’s stock.

Tencent Music Entertainment Group Price Performance

Shares of NYSE TME opened at $11.07 on Friday. Tencent Music Entertainment Group has a twelve month low of $7.93 and a twelve month high of $15.77. The company has a current ratio of 2.34, a quick ratio of 2.34 and a debt-to-equity ratio of 0.09. The company has a market capitalization of $19.00 billion, a price-to-earnings ratio of 20.50, a price-to-earnings-growth ratio of 0.83 and a beta of 0.67. The business has a 50 day simple moving average of $11.45 and a 200-day simple moving average of $12.80.

Analyst Upgrades and Downgrades

Several research firms recently commented on TME. Daiwa Capital Markets lowered Tencent Music Entertainment Group from an “outperform” rating to a “neutral” rating in a research report on Tuesday, August 13th. Barclays began coverage on Tencent Music Entertainment Group in a research report on Wednesday, November 6th. They set an “overweight” rating and a $16.00 price target on the stock. 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 price target on the stock. Daiwa America lowered Tencent Music Entertainment Group from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, August 13th. Finally, Morgan Stanley lowered Tencent Music Entertainment Group from an “overweight” rating to an “equal weight” rating and cut their target price for the company from $15.00 to $13.00 in a research report on Wednesday, September 25th. Four investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $13.28.

About Tencent Music Entertainment Group

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.