Allspring Global Investments Holdings LLC Sells 285,891 Shares of Tencent Music Entertainment Group Sponsored ADR (NYSE:TME)

Allspring Global Investments Holdings LLC reduced its holdings in shares of Tencent Music Entertainment Group Sponsored ADR (NYSE:TME - Free Report) by 4.4% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 6,210,468 shares of the company's stock after selling 285,891 shares during the period. Allspring Global Investments Holdings LLC owned about 0.36% of Tencent Music Entertainment Group worth $89,803,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in TME. JPMorgan Chase & Co. grew its holdings in shares of Tencent Music Entertainment Group by 558.2% during the 4th quarter. JPMorgan Chase & Co. now owns 11,773,523 shares of the company's stock valued at $133,629,000 after purchasing an additional 9,984,690 shares during the last quarter. Artisan Partners Limited Partnership purchased a new position in shares of Tencent Music Entertainment Group in the fourth quarter worth about $113,031,000. Norges Bank bought a new stake in shares of Tencent Music Entertainment Group in the 4th quarter valued at about $99,539,000. Mawer Investment Management Ltd. boosted its holdings in Tencent Music Entertainment Group by 152.2% during the 4th quarter. Mawer Investment Management Ltd. now owns 11,467,410 shares of the company's stock valued at $130,155,000 after acquiring an additional 6,919,574 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. increased its stake in Tencent Music Entertainment Group by 3,382.1% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 4,481,537 shares of the company's stock worth $64,579,000 after purchasing an additional 4,352,834 shares during the period. 24.32% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the company. Mizuho increased their price objective on Tencent Music Entertainment Group from $16.00 to $17.00 and gave the company an "outperform" rating in a research note on Wednesday, March 19th. Macquarie set a $26.20 price target on shares of Tencent Music Entertainment Group and gave the stock an "outperform" rating in a report on Tuesday, June 17th. 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. Sanford C. Bernstein reissued an "outperform" rating on shares of Tencent Music Entertainment Group in a research note on Wednesday, May 14th. Finally, Morgan Stanley reaffirmed an "overweight" rating on shares of Tencent Music Entertainment Group in a research report on Tuesday, May 13th. Two analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Tencent Music Entertainment Group has an average rating of "Moderate Buy" and an average target price of $16.60.

Tencent Music Entertainment Group Stock Down 0.2%

Shares of TME traded down $0.04 on Wednesday, reaching $19.20. The stock had a trading volume of 2,696,682 shares, compared to its average volume of 8,143,320. The company has a debt-to-equity ratio of 0.05, a quick ratio of 1.83 and a current ratio of 1.83. Tencent Music Entertainment Group Sponsored ADR has a 12-month low of $9.41 and a 12-month high of $19.58. The firm has a market capitalization of $32.95 billion, a price-to-earnings ratio of 22.86 and a beta of 0.54. The company has a 50-day simple moving average of $16.75 and a 200-day simple moving average of $13.91.

Tencent Music Entertainment Group Company 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.