Veritas Asset Management LLP Has $34.25 Million Stock Position in Tencent Music Entertainment Group (NYSE:TME)

Veritas Asset Management LLP lifted its position in Tencent Music Entertainment Group (NYSE:TME) by 44.6% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 3,017,695 shares of the company’s stock after buying an additional 930,450 shares during the quarter. Tencent Music Entertainment Group comprises approximately 0.3% of Veritas Asset Management LLP’s holdings, making the stock its 18th largest position. Veritas Asset Management LLP’s holdings in Tencent Music Entertainment Group were worth $34,251,000 at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of TME. Cantillon Capital Management LLC raised its stake in Tencent Music Entertainment Group by 39.9% during the 3rd quarter. Cantillon Capital Management LLC now owns 18,456,585 shares of the company’s stock valued at $222,402,000 after purchasing an additional 5,265,783 shares during the last quarter. Mawer Investment Management Ltd. raised its stake in Tencent Music Entertainment Group by 1,131.8% during the 3rd quarter. Mawer Investment Management Ltd. now owns 4,547,836 shares of the company’s stock valued at $54,801,000 after purchasing an additional 4,178,636 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in Tencent Music Entertainment Group by 287.4% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 4,845,013 shares of the company’s stock valued at $58,382,000 after purchasing an additional 3,594,383 shares during the last quarter. FMR LLC increased its holdings in Tencent Music Entertainment Group by 98.8% in the 3rd quarter. FMR LLC now owns 5,970,773 shares of the company’s stock valued at $71,948,000 after buying an additional 2,967,779 shares during the period. Finally, Coronation Fund Managers Ltd. increased its holdings in Tencent Music Entertainment Group by 84.6% in the 3rd quarter. Coronation Fund Managers Ltd. now owns 5,656,233 shares of the company’s stock valued at $68,158,000 after buying an additional 2,592,381 shares during the period. 24.32% of the stock is currently owned by institutional investors and hedge funds.

Tencent Music Entertainment Group Stock Performance

Shares of NYSE:TME opened at $12.98 on Tuesday. The company has a market capitalization of $22.27 billion, a price-to-earnings ratio of 24.03, a P/E/G ratio of 0.77 and a beta of 0.70. The firm’s 50 day simple moving average is $11.79 and its 200 day simple moving average is $11.52. The company has a debt-to-equity ratio of 0.09, a current ratio of 2.34 and a quick ratio of 2.34. Tencent Music Entertainment Group has a fifty-two week low of $9.15 and a fifty-two week high of $15.77.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on TME shares. Barclays began coverage on shares of Tencent Music Entertainment Group in a report on Wednesday, November 6th. They issued an “overweight” rating and a $16.00 price target on the stock. Morgan Stanley raised shares of Tencent Music Entertainment Group from an “equal weight” rating to an “overweight” rating and set a $13.00 target price on the stock in a report on Tuesday, January 21st. Finally, Sanford C. Bernstein began coverage on shares of Tencent Music Entertainment Group in a report on Monday, November 4th. They set an “outperform” rating and a $14.00 price objective on the stock. Three investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $14.04.

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.