Allspring Global Investments Holdings LLC Lowers Holdings in Tencent Music Entertainment Group Sponsored ADR $TME

Key Points

• Allspring Global Investments Holdings LLC reduced its holdings in Tencent Music Entertainment Group by 22.3%, selling 1,384,647 shares and now owning 4,825,821 shares worth approximately $92.8 million.
• Several hedge funds are actively modifying their stakes in Tencent Music, with Vanguard Group and JPMorgan Chase increasing their investments significantly during the first quarter.
• Analysts have issued a consensus buy rating for Tencent Music, with an average target price of $24.47, highlighting recent upgrades by Citigroup and others from various ratings to "buy".

Allspring Global Investments Holdings LLC trimmed its holdings in Tencent Music Entertainment Group Sponsored ADR (NYSE:TME - Free Report) by 22.3% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 4,825,821 shares of the company's stock after selling 1,384,647 shares during the quarter. Allspring Global Investments Holdings LLC owned 0.28% of Tencent Music Entertainment Group worth $92,849,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of the company. Vanguard Group Inc. boosted its stake in shares of Tencent Music Entertainment Group by 1.4% during the 1st quarter. Vanguard Group Inc. now owns 29,993,486 shares of the company's stock worth $432,206,000 after acquiring an additional 404,674 shares in the last quarter. Krane Funds Advisors LLC boosted its stake in shares of Tencent Music Entertainment Group by 20.8% during the 1st quarter. Krane Funds Advisors LLC now owns 23,984,629 shares of the company's stock worth $345,619,000 after acquiring an additional 4,128,678 shares in the last quarter. JPMorgan Chase & Co. boosted its stake in shares of Tencent Music Entertainment Group by 31.1% during the 1st quarter. JPMorgan Chase & Co. now owns 15,430,218 shares of the company's stock worth $222,349,000 after acquiring an additional 3,656,695 shares in the last quarter. Nuveen LLC purchased a new stake in shares of Tencent Music Entertainment Group during the 1st quarter worth about $85,498,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in shares of Tencent Music Entertainment Group by 15.2% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 5,062,619 shares of the company's stock worth $72,952,000 after acquiring an additional 666,674 shares in the last quarter. 24.32% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

TME has been the topic of several recent analyst reports. Citigroup reissued a "buy" rating and set a $29.00 target price (up from $23.00) on shares of Tencent Music Entertainment Group in a research note on Tuesday, August 12th. Wall Street Zen upgraded shares of Tencent Music Entertainment Group from a "hold" rating to a "buy" rating in a research report on Friday, August 22nd. Daiwa Capital Markets upgraded shares of Tencent Music Entertainment Group from a "neutral" rating to an "outperform" rating in a research report on Tuesday, August 12th. Sanford C. Bernstein set a $27.50 price target on shares of Tencent Music Entertainment Group and gave the stock an "outperform" rating in a research report on Wednesday, August 13th. Finally, Weiss Ratings restated a "buy (b-)" rating on shares of Tencent Music Entertainment Group in a research report on Wednesday, October 8th. Two research analysts have rated the stock with a Strong Buy rating and ten have assigned a Buy rating to the company. Based on data from MarketBeat.com, Tencent Music Entertainment Group presently has a consensus rating of "Buy" and an average target price of $24.47.

Tencent Music Entertainment Group Stock Up 3.4%

TME stock opened at $23.20 on Tuesday. The company has a market cap of $39.80 billion, a price-to-earnings ratio of 25.49 and a beta of 0.51. The company has a current ratio of 1.87, a quick ratio of 1.87 and a debt-to-equity ratio of 0.04. Tencent Music Entertainment Group Sponsored ADR has a 12 month low of $10.11 and a 12 month high of $26.70. The firm has a 50-day moving average of $24.31 and a two-hundred day moving average of $19.56.

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.

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