Allspring Global Investments Holdings LLC decreased its holdings in Tencent Music Entertainment Group Sponsored ADR (NYSE:TME - Free Report) by 4.4% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 6,210,468 shares of the company's stock after selling 285,891 shares during the quarter. Allspring Global Investments Holdings LLC owned about 0.36% of Tencent Music Entertainment Group worth $89,803,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other institutional investors and hedge funds also recently added to or reduced their stakes in TME. JPMorgan Chase & Co. lifted its stake in Tencent Music Entertainment Group by 558.2% in the fourth quarter. JPMorgan Chase & Co. now owns 11,773,523 shares of the company's stock worth $133,629,000 after acquiring an additional 9,984,690 shares during the period. Artisan Partners Limited Partnership purchased a new stake in Tencent Music Entertainment Group in the fourth quarter worth $113,031,000. Norges Bank purchased a new stake in Tencent Music Entertainment Group in the fourth quarter worth $99,539,000. Mawer Investment Management Ltd. lifted its position in Tencent Music Entertainment Group by 152.2% during the fourth quarter. Mawer Investment Management Ltd. now owns 11,467,410 shares of the company's stock valued at $130,155,000 after buying an additional 6,919,574 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. lifted its position in Tencent Music Entertainment Group by 3,382.1% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 4,481,537 shares of the company's stock valued at $64,579,000 after buying an additional 4,352,834 shares during the period. Hedge funds and other institutional investors own 24.32% of the company's stock.
Tencent Music Entertainment Group Price Performance
Shares of NYSE:TME opened at $19.10 on Friday. Tencent Music Entertainment Group Sponsored ADR has a 1-year low of $9.41 and a 1-year high of $19.40. The company has a debt-to-equity ratio of 0.05, a current ratio of 1.83 and a quick ratio of 1.83. The business has a fifty day moving average price of $16.46 and a 200-day moving average price of $13.81. The company has a market capitalization of $32.77 billion, a PE ratio of 22.73 and a beta of 0.51.
Wall Street Analysts Forecast Growth
Several equities analysts have commented on TME shares. Deutsche Bank Aktiengesellschaft raised Tencent Music Entertainment Group from a "hold" rating to a "buy" rating in a research report on Wednesday, March 26th. Mizuho raised their price objective on Tencent Music Entertainment Group from $16.00 to $17.00 and gave the company an "outperform" rating in a research report on Wednesday, March 19th. Morgan Stanley reissued an "overweight" rating on shares of Tencent Music Entertainment Group in a research report on Tuesday, May 13th. Nomura Securities raised Tencent Music Entertainment Group to a "strong-buy" rating in a research report on Tuesday, April 8th. Finally, Macquarie set a $26.20 price objective on Tencent Music Entertainment Group and gave the company an "outperform" rating in a research report on Tuesday, June 17th. Two investment 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. According to MarketBeat.com, Tencent Music Entertainment Group presently has an average rating of "Moderate Buy" and a consensus price target of $16.60.
Check Out Our Latest Report on TME
Tencent Music Entertainment Group Profile
(
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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