Nuveen LLC Takes Position in Tencent Music Entertainment Group Sponsored ADR (NYSE:TME)

Key Points

• Nuveen LLC acquired 5,933,229 shares of Tencent Music Entertainment Group, valued at approximately $85.5 million, representing about 0.35% of the company's total stock.
• Research analysts showed mixed ratings for Tencent Music, with Wall Street Zen downgrading the stock from "buy" to "hold" while others set target prices as high as $29.80.
• The company's stock has experienced significant volatility, with a current market cap of $43.61 billion and a yearly price range from $9.41 to $25.98.

Nuveen LLC acquired a new position in Tencent Music Entertainment Group Sponsored ADR (NYSE:TME - Free Report) during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 5,933,229 shares of the company's stock, valued at approximately $85,498,000. Nuveen LLC owned 0.35% of Tencent Music Entertainment Group as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Oppenheimer Asset Management Inc. lifted its position in shares of Tencent Music Entertainment Group by 35.6% during the 1st quarter. Oppenheimer Asset Management Inc. now owns 13,609 shares of the company's stock valued at $196,000 after buying an additional 3,570 shares in the last quarter. Vise Technologies Inc. bought a new position in Tencent Music Entertainment Group in the 4th quarter worth approximately $169,000. Ethic Inc. purchased a new stake in Tencent Music Entertainment Group during the 4th quarter valued at approximately $192,000. Vident Advisory LLC raised its position in shares of Tencent Music Entertainment Group by 23.0% during the fourth quarter. Vident Advisory LLC now owns 18,889 shares of the company's stock valued at $214,000 after buying an additional 3,538 shares during the last quarter. Finally, Ballentine Partners LLC boosted its stake in Tencent Music Entertainment Group by 10.6% during the first quarter. Ballentine Partners LLC now owns 21,054 shares of the company's stock valued at $303,000 after buying an additional 2,019 shares during the last quarter. Hedge funds and other institutional investors own 24.32% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on TME. Benchmark increased their target price on Tencent Music Entertainment Group from $19.00 to $28.00 and gave the company a "buy" rating in a research report on Wednesday. Barclays restated an "overweight" rating and issued a $27.00 target price (up from $16.00) on shares of Tencent Music Entertainment Group in a report on Tuesday. Morgan Stanley reiterated an "overweight" rating on shares of Tencent Music Entertainment Group in a research report on Tuesday, May 13th. Citigroup restated a "buy" rating and set a $29.00 price objective (up from $23.00) on shares of Tencent Music Entertainment Group in a research report on Tuesday. Finally, Wall Street Zen cut Tencent Music Entertainment Group from a "buy" rating to a "hold" rating in a report on Monday. One analyst has rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of "Buy" and a consensus price target of $23.29.

Tencent Music Entertainment Group Trading Down 0.2%

Tencent Music Entertainment Group stock traded down $0.05 during trading hours on Thursday, hitting $25.55. The company had a trading volume of 10,218,926 shares, compared to its average volume of 6,378,803. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.83 and a current ratio of 1.87. The firm has a market cap of $43.85 billion, a P/E ratio of 28.08 and a beta of 0.50. The company has a 50-day moving average price of $20.46 and a two-hundred day moving average price of $16.15. Tencent Music Entertainment Group Sponsored ADR has a 1 year low of $9.41 and a 1 year high of $26.54.

About Tencent Music Entertainment Group

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.