Ameriprise Financial Inc. Has $48.31 Million Position in Tencent Music Entertainment Group Sponsored ADR $TME

Key Points

• Ameriprise Financial Inc. increased its stake in Tencent Music Entertainment Group by 14.5% in the first quarter, owning approximately 3.35 million shares valued at about $48.31 million.
• Recent ratings from analysts show a positive outlook for Tencent Music, with price targets raised by firms like Benchmark from $19.00 to $28.00 and Citigroup to $29.00, indicating a "buy" rating.
• Institutional investors currently own 24.32% of Tencent Music's stock, demonstrating significant interest from the investment community.

Ameriprise Financial Inc. lifted its stake in shares of Tencent Music Entertainment Group Sponsored ADR (NYSE:TME - Free Report) by 14.5% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 3,352,533 shares of the company's stock after acquiring an additional 425,593 shares during the quarter. Ameriprise Financial Inc. owned about 0.20% of Tencent Music Entertainment Group worth $48,310,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in the stock. Vanguard Group Inc. increased its stake in shares of Tencent Music Entertainment Group by 1.4% during the first quarter. Vanguard Group Inc. now owns 29,993,486 shares of the company's stock valued at $432,206,000 after acquiring an additional 404,674 shares during the period. Krane Funds Advisors LLC boosted its holdings in Tencent Music Entertainment Group by 20.8% during the first quarter. Krane Funds Advisors LLC now owns 23,984,629 shares of the company's stock worth $345,619,000 after buying an additional 4,128,678 shares in the last quarter. JPMorgan Chase & Co. boosted its holdings in Tencent Music Entertainment Group by 31.1% during the first quarter. JPMorgan Chase & Co. now owns 15,430,218 shares of the company's stock worth $222,349,000 after buying an additional 3,656,695 shares in the last quarter. Nuveen LLC bought a new stake in Tencent Music Entertainment Group during the first quarter worth approximately $85,498,000. Finally, Mirae Asset Global Investments Co. Ltd. boosted its holdings 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 worth $64,579,000 after buying an additional 4,352,834 shares in the last quarter. Institutional investors and hedge funds own 24.32% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on TME shares. Morgan Stanley restated an "overweight" rating on shares of Tencent Music Entertainment Group in a report on Tuesday, May 13th. Wall Street Zen upgraded shares of Tencent Music Entertainment Group from a "hold" rating to a "buy" rating in a report on Friday, August 22nd. Zacks Research upgraded shares of Tencent Music Entertainment Group from a "hold" rating to a "strong-buy" rating in a report on Tuesday, August 26th. Macquarie set a $29.80 target price on shares of Tencent Music Entertainment Group and gave the stock an "outperform" rating in a report on Tuesday, August 12th. Finally, Citigroup reaffirmed a "buy" rating and issued a $29.00 price objective (up previously from $23.00) on shares of Tencent Music Entertainment Group in a research note on Tuesday, August 12th. Two analysts have rated the stock with a Strong Buy rating and nine have issued a Buy rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Buy" and an average target price of $24.47.

Tencent Music Entertainment Group Trading Down 1.5%

Tencent Music Entertainment Group stock traded down $0.36 during midday trading on Monday, reaching $24.54. The stock had a trading volume of 7,157,765 shares, compared to its average volume of 7,400,595. The firm's fifty day simple moving average is $21.96 and its two-hundred day simple moving average is $17.22. Tencent Music Entertainment Group Sponsored ADR has a twelve month low of $9.41 and a twelve month high of $26.54. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.87 and a quick ratio of 1.87. The firm has a market cap of $42.11 billion, a price-to-earnings ratio of 26.96 and a beta of 0.54.

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.