Jennison Associates LLC Has $32.16 Million Holdings in Tencent Music Entertainment Group (NYSE:TME)

Jennison Associates LLC lifted its position in Tencent Music Entertainment Group (NYSE:TME) by 0.5% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,833,838 shares of the company’s stock after purchasing an additional 14,971 shares during the quarter. Jennison Associates LLC owned 0.17% of Tencent Music Entertainment Group worth $32,164,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Wilmington Savings Fund Society FSB acquired a new stake in shares of Tencent Music Entertainment Group during the 3rd quarter valued at about $64,000. Avior Wealth Management LLC lifted its stake in Tencent Music Entertainment Group by 253.8% during the third quarter. Avior Wealth Management LLC now owns 5,675 shares of the company’s stock worth $68,000 after purchasing an additional 4,071 shares during the period. Caprock Group LLC acquired a new stake in Tencent Music Entertainment Group during the third quarter valued at approximately $147,000. DRW Securities LLC bought a new stake in shares of Tencent Music Entertainment Group in the 3rd quarter valued at approximately $169,000. Finally, Diversify Advisory Services LLC acquired a new position in shares of Tencent Music Entertainment Group in the 3rd quarter worth approximately $166,000. 24.32% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of brokerages have weighed in on TME. Sanford C. Bernstein began coverage on Tencent Music Entertainment Group in a research report on Monday, November 4th. They issued an “outperform” rating and a $14.00 price target on the stock. Morgan Stanley upgraded shares of Tencent Music Entertainment Group from an “equal weight” rating to an “overweight” rating and set a $13.00 target price for the company in a research report on Tuesday, January 21st. Finally, Barclays began coverage on shares of Tencent Music Entertainment Group in a report on Wednesday, November 6th. They set an “overweight” rating and a $16.00 price target for the company. Three equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $13.54.

Tencent Music Entertainment Group Price Performance

TME opened at $12.02 on Wednesday. The company has a debt-to-equity ratio of 0.09, a current ratio of 2.34 and a quick ratio of 2.34. The company’s 50 day simple moving average is $11.53 and its 200-day simple moving average is $11.63. Tencent Music Entertainment Group has a one year low of $9.07 and a one year high of $15.77. The stock has a market capitalization of $20.62 billion, a P/E ratio of 22.25, a price-to-earnings-growth ratio of 0.72 and a beta of 0.70.

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.