Granite Point Capital Management L.P. bought a new position in shares of Tencent Music Entertainment Group – (NYSE:TME) during the fourth quarter, according to its most recent filing with the SEC. The fund bought 40,000 shares of the company’s stock, valued at approximately $529,000.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Clear Perspective Advisors LLC bought a new stake in shares of Tencent Music Entertainment Group during the 4th quarter worth $290,000. SG Americas Securities LLC bought a new stake in shares of Tencent Music Entertainment Group during the 4th quarter worth $441,000. Bank Pictet & Cie Asia Ltd. bought a new stake in shares of Tencent Music Entertainment Group during the 4th quarter worth $500,000. Virtu Financial LLC bought a new stake in shares of Tencent Music Entertainment Group during the 4th quarter worth $580,000. Finally, TD Asset Management Inc. bought a new stake in shares of Tencent Music Entertainment Group during the 4th quarter worth $1,489,000. Institutional investors own 0.04% of the company’s stock.

A number of equities research analysts recently issued reports on the company. Morgan Stanley assumed coverage on Tencent Music Entertainment Group in a research note on Tuesday, January 15th. They issued a “weight” rating and a $12.20 price objective on the stock. Deutsche Bank assumed coverage on Tencent Music Entertainment Group in a research note on Sunday, January 6th. They issued a “hold” rating and a $15.00 price objective on the stock. Goldman Sachs Group assumed coverage on Tencent Music Entertainment Group in a research note on Sunday, January 6th. They issued a “buy” rating on the stock. Stifel Nicolaus assumed coverage on Tencent Music Entertainment Group in a research note on Monday, January 7th. They issued a “hold” rating and a $14.00 price objective on the stock. Finally, Bank of America assumed coverage on Tencent Music Entertainment Group in a research note on Monday, January 7th. They issued a “buy” rating and a $17.10 price objective on the stock. Two research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. The stock has a consensus rating of “Buy” and an average target price of $15.61.

Shares of Tencent Music Entertainment Group stock opened at $15.14 on Monday. Tencent Music Entertainment Group – has a 52-week low of $11.81 and a 52-week high of $16.21.

ILLEGAL ACTIVITY WARNING: “Granite Point Capital Management L.P. Buys New Position in Tencent Music Entertainment Group – (TME)” was first posted by TheOlympiaReport and is owned by of TheOlympiaReport. If you are reading this news story on another domain, it was stolen and reposted in violation of US & international trademark & copyright law. The original version of this news story can be accessed at https://theolympiareport.com/2019/02/11/granite-point-capital-management-l-p-buys-new-position-in-tencent-music-entertainment-group-tme.html.

Tencent Music Entertainment Group Company Profile

Tencent Music Entertainment Group operates an online music entertainment platform that provides online music and music-centric social entertainment services in China. It offers QQ Music, Kugou Music, and Kuwo Music that enable users to discover and listen to music in personalized ways; and WeSing, which enables users to have fun by singing and interacting with friends, sharing their singing performances with friends, and discovering songs that others have sung.

Read More: What is a Futures Contract?

Want to see what other hedge funds are holding TME? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Tencent Music Entertainment Group – (NYSE:TME).

Institutional Ownership by Quarter for Tencent Music Entertainment Group (NYSE:TME)

Receive News & Ratings for Tencent Music Entertainment Group Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Tencent Music Entertainment Group and related companies with MarketBeat.com's FREE daily email newsletter.