Massachusetts Financial Services Co. MA purchased a new stake in Tencent Music Entertainment Group Sponsored ADR (NYSE:TME - Free Report) in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 2,238,272 shares of the company's stock, valued at approximately $32,254,000. Massachusetts Financial Services Co. MA owned 0.13% of Tencent Music Entertainment Group at the end of the most recent quarter.
Several other institutional investors have also added to or reduced their stakes in the company. Raymond James Financial Inc. purchased a new stake in shares of Tencent Music Entertainment Group during the 4th quarter worth approximately $731,000. PNC Financial Services Group Inc. grew its holdings in Tencent Music Entertainment Group by 10.9% in the fourth quarter. PNC Financial Services Group Inc. now owns 11,138 shares of the company's stock worth $126,000 after purchasing an additional 1,094 shares during the period. Corient Private Wealth LLC lifted its stake in shares of Tencent Music Entertainment Group by 4.2% in the fourth quarter. Corient Private Wealth LLC now owns 33,708 shares of the company's stock worth $383,000 after buying an additional 1,370 shares in the last quarter. Royal London Asset Management Ltd. bought a new position in Tencent Music Entertainment Group during the fourth quarter valued at approximately $7,416,000. Finally, Contrarius Group Holdings Ltd purchased a new stake in Tencent Music Entertainment Group during the fourth quarter valued at approximately $24,276,000. 24.32% of the stock is currently owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
A number of brokerages recently weighed in on TME. Sanford C. Bernstein reiterated an "outperform" rating on shares of Tencent Music Entertainment Group in a report on Wednesday, May 14th. Morgan Stanley reaffirmed an "overweight" rating on shares of Tencent Music Entertainment Group in a research report on Tuesday, May 13th. Macquarie set a $26.20 price target on shares of Tencent Music Entertainment Group and gave the company an "outperform" rating in a research note on Tuesday, June 17th. Nomura Securities upgraded shares of Tencent Music Entertainment Group to a "strong-buy" rating in a research report on Tuesday, April 8th. Finally, Deutsche Bank Aktiengesellschaft raised shares of Tencent Music Entertainment Group from a "hold" rating to a "buy" rating in a research note on Wednesday, March 26th. Two equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, Tencent Music Entertainment Group presently has a consensus rating of "Moderate Buy" and a consensus price target of $16.60.
Read Our Latest Report on TME
Tencent Music Entertainment Group Stock Performance
Shares of TME opened at $22.37 on Friday. The company has a current ratio of 1.83, a quick ratio of 1.83 and a debt-to-equity ratio of 0.05. The stock has a 50 day moving average of $18.33 and a 200 day moving average of $14.61. Tencent Music Entertainment Group Sponsored ADR has a 12 month low of $9.41 and a 12 month high of $22.50. The company has a market capitalization of $38.38 billion, a price-to-earnings ratio of 26.63 and a beta of 0.55.
Tencent Music Entertainment Group Company Profile
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Free Report)
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.
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