Vaughan Nelson Investment Management L.P. Buys 21,620 Shares of Tencent Music Entertainment Group (NYSE:TME)

Vaughan Nelson Investment Management L.P. grew its stake in Tencent Music Entertainment Group (NYSE:TME) by 38.3% during the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 78,083 shares of the company’s stock after purchasing an additional 21,620 shares during the quarter. Vaughan Nelson Investment Management L.P.’s holdings in Tencent Music Entertainment Group were worth $941,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Ashton Thomas Private Wealth LLC bought a new position in shares of Tencent Music Entertainment Group in the second quarter valued at approximately $37,000. Tobam increased its position in shares of Tencent Music Entertainment Group by 37.7% during the second quarter. Tobam now owns 3,498 shares of the company’s stock valued at $49,000 after acquiring an additional 957 shares during the last quarter. iA Global Asset Management Inc. increased its position in shares of Tencent Music Entertainment Group by 728.9% during the first quarter. iA Global Asset Management Inc. now owns 11,687 shares of the company’s stock valued at $131,000 after acquiring an additional 10,277 shares during the last quarter. Wrapmanager Inc. purchased a new stake in shares of Tencent Music Entertainment Group during the second quarter valued at approximately $192,000. Finally, Diversify Advisory Services LLC purchased a new stake in shares of Tencent Music Entertainment Group during the third quarter valued at approximately $166,000. Institutional investors own 24.32% of the company’s stock.

Wall Street Analysts Forecast Growth

TME has been the subject of a number of research analyst reports. 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 report on Wednesday, November 6th. They set an “overweight” rating and a $16.00 price target for the company. Sanford C. Bernstein started 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 for the company. Benchmark decreased their target price on Tencent Music Entertainment Group from $19.00 to $15.00 and set a “buy” rating for the company in a research report on Wednesday, August 14th. Finally, Morgan Stanley downgraded 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 research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $13.28.

Tencent Music Entertainment Group Price Performance

Shares of NYSE TME opened at $11.07 on Monday. The stock has a market cap of $19.00 billion, a PE ratio of 20.50, a price-to-earnings-growth ratio of 0.83 and a beta of 0.67. Tencent Music Entertainment Group has a fifty-two week low of $7.93 and a fifty-two week high of $15.77. The company has a debt-to-equity ratio of 0.09, a quick ratio of 2.34 and a current ratio of 2.34. The stock has a fifty day moving average of $11.45 and a 200-day moving average of $12.80.

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.