Massachusetts Financial Services Co. MA bought a new position in shares of Tencent Music Entertainment Group Sponsored ADR (NYSE:TME - Free Report) during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund bought 2,238,272 shares of the company's stock, valued at approximately $32,254,000. Massachusetts Financial Services Co. MA owned approximately 0.13% of Tencent Music Entertainment Group at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Ethic Inc. bought a new position in Tencent Music Entertainment Group in the fourth quarter valued at approximately $192,000. Geode Capital Management LLC lifted its position in shares of Tencent Music Entertainment Group by 3.7% in the fourth quarter. Geode Capital Management LLC now owns 4,463,596 shares of the company's stock worth $50,323,000 after purchasing an additional 160,078 shares in the last quarter. PNC Financial Services Group Inc. lifted its position in shares of 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 in the last quarter. American Century Companies Inc. lifted its position in shares of Tencent Music Entertainment Group by 6.2% in the fourth quarter. American Century Companies Inc. now owns 749,447 shares of the company's stock worth $8,506,000 after purchasing an additional 43,859 shares in the last quarter. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS lifted its position in shares of Tencent Music Entertainment Group by 3.1% in the fourth quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 901,402 shares of the company's stock worth $10,231,000 after purchasing an additional 27,500 shares in the last quarter. 24.32% of the stock is currently owned by institutional investors.
Wall Street Analyst Weigh In
A number of brokerages have recently commented on TME. Sanford C. Bernstein reissued an "outperform" rating on shares of Tencent Music Entertainment Group in a research report on Wednesday, May 14th. Macquarie set a $26.20 price objective on shares of Tencent Music Entertainment Group and gave the stock an "outperform" rating in a research report on Tuesday, June 17th. Nomura Securities raised shares of Tencent Music Entertainment Group to a "strong-buy" rating in a research report on Tuesday, April 8th. Deutsche Bank Aktiengesellschaft upgraded shares of Tencent Music Entertainment Group from a "hold" rating to a "buy" rating in a report on Wednesday, March 26th. Finally, Morgan Stanley restated an "overweight" rating on shares of Tencent Music Entertainment Group in a report on Tuesday, May 13th. Two equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Tencent Music Entertainment Group currently has an average rating of "Moderate Buy" and a consensus target price of $16.60.
Get Our Latest Report on TME
Tencent Music Entertainment Group Price Performance
Shares of TME stock traded down $0.11 on Monday, reaching $21.33. The company had a trading volume of 6,983,931 shares, compared to its average volume of 8,098,633. The stock has a market capitalization of $36.60 billion, a PE ratio of 25.39 and a beta of 0.55. The company has a quick ratio of 1.83, a current ratio of 1.83 and a debt-to-equity ratio of 0.05. Tencent Music Entertainment Group Sponsored ADR has a one year low of $9.41 and a one year high of $22.50. The business's 50-day moving average is $18.48 and its 200 day moving average is $14.73.
About Tencent Music Entertainment Group
(
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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