Jennison Associates LLC Purchases 1,359,691 Shares of Tencent Music Entertainment Group (NYSE:TME)

Jennison Associates LLC increased its position in Tencent Music Entertainment Group (NYSE:TME) by 93.2% during the 3rd quarter, Holdings Channel.com reports. The firm owned 2,818,867 shares of the company’s stock after purchasing an additional 1,359,691 shares during the period. Jennison Associates LLC’s holdings in Tencent Music Entertainment Group were worth $33,967,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in TME. Mitsubishi UFJ Trust & Banking Corp grew its holdings in Tencent Music Entertainment Group by 13.1% in the first quarter. Mitsubishi UFJ Trust & Banking Corp now owns 205,075 shares of the company’s stock worth $2,290,000 after purchasing an additional 23,827 shares during the period. Vanguard Group Inc. increased its position in Tencent Music Entertainment Group by 0.3% during the 1st quarter. Vanguard Group Inc. now owns 25,057,674 shares of the company’s stock valued at $280,395,000 after buying an additional 84,131 shares in the last quarter. Acadian Asset Management LLC increased its holdings in shares of Tencent Music Entertainment Group by 180,800.0% during the first quarter. Acadian Asset Management LLC now owns 23,517 shares of the company’s stock valued at $262,000 after acquiring an additional 23,504 shares in the last quarter. O Shaughnessy Asset Management LLC raised its position in shares of Tencent Music Entertainment Group by 39.4% in the 1st quarter. O Shaughnessy Asset Management LLC now owns 36,868 shares of the company’s stock worth $413,000 after purchasing an additional 10,419 shares during the last quarter. Finally, CANADA LIFE ASSURANCE Co boosted its stake in Tencent Music Entertainment Group by 39.9% in the 1st quarter. CANADA LIFE ASSURANCE Co now owns 752,474 shares of the company’s stock worth $8,416,000 after purchasing an additional 214,500 shares in the last quarter. Institutional investors own 24.32% of the company’s stock.

Analyst Ratings Changes

Several brokerages have issued reports on TME. Bank of America dropped their target price on shares of Tencent Music Entertainment Group from $18.00 to $15.00 and set a “buy” rating on the stock in a research note on Wednesday, August 14th. Barclays initiated coverage on Tencent Music Entertainment Group in a research report on Wednesday, November 6th. They issued an “overweight” rating and a $16.00 price objective on the stock. Benchmark decreased their price target on Tencent Music Entertainment Group from $19.00 to $15.00 and set a “buy” rating for the company in a research note on Wednesday, August 14th. Mizuho dropped their price objective on 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, Morgan Stanley lowered Tencent Music Entertainment Group from an “overweight” rating to an “equal weight” rating and decreased their target price for the stock from $15.00 to $13.00 in a research report on Wednesday, September 25th. Four 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 company has a consensus rating of “Moderate Buy” and an average target price of $13.28.

Tencent Music Entertainment Group Stock Performance

Shares of Tencent Music Entertainment Group stock opened at $11.52 on Friday. The company has a current ratio of 2.34, a quick ratio of 2.34 and a debt-to-equity ratio of 0.09. Tencent Music Entertainment Group has a 12 month low of $7.93 and a 12 month high of $15.77. The stock’s fifty day moving average price is $11.58 and its 200-day moving average price is $12.76. The firm has a market cap of $19.77 billion, a P/E ratio of 21.33, a P/E/G ratio of 0.84 and a beta of 0.67.

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.