Hsbc Holdings PLC Increases Stock Holdings in Tencent Music Entertainment Group Sponsored ADR $TME

Key Points

• Hsbc Holdings PLC increased its stake in Tencent Music Entertainment Group by 0.6%, owning approximately 3,053,082 shares valued at nearly $44 million as of the latest SEC filing.
• Tencent Music Entertainment Group has recently seen significant shifts in institutional holdings, with multiple investors increasing their stakes, including Balyasny Asset Management which dramatically raised its holdings by 2,271.0%.
• Analysts display a generally positive outlook on Tencent Music, with target price upgrades from firms like Barclays and Citigroup, setting new price targets of up to $29.00 for the stock.

Hsbc Holdings PLC lifted its holdings in Tencent Music Entertainment Group Sponsored ADR (NYSE:TME - Free Report) by 0.6% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,053,082 shares of the company's stock after buying an additional 17,694 shares during the quarter. Hsbc Holdings PLC owned 0.18% of Tencent Music Entertainment Group worth $43,995,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of TME. Brooklyn Investment Group boosted its stake in shares of Tencent Music Entertainment Group by 957.1% in the first quarter. Brooklyn Investment Group now owns 4,757 shares of the company's stock valued at $69,000 after buying an additional 4,307 shares in the last quarter. Vise Technologies Inc. purchased a new stake in shares of Tencent Music Entertainment Group in the fourth quarter valued at approximately $169,000. Ethic Inc. purchased a new stake in shares of Tencent Music Entertainment Group in the fourth quarter valued at approximately $192,000. Oppenheimer Asset Management Inc. raised its holdings in Tencent Music Entertainment Group by 35.6% during the first quarter. Oppenheimer Asset Management Inc. now owns 13,609 shares of the company's stock worth $196,000 after purchasing an additional 3,570 shares during the last quarter. Finally, Vident Advisory LLC raised its holdings in Tencent Music Entertainment Group by 23.0% during the fourth quarter. Vident Advisory LLC now owns 18,889 shares of the company's stock worth $214,000 after purchasing an additional 3,538 shares during the last quarter. 24.32% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on TME. Benchmark lifted their price objective on Tencent Music Entertainment Group from $19.00 to $28.00 and gave the stock a "buy" rating in a report on Wednesday, August 13th. Wall Street Zen raised Tencent Music Entertainment Group from a "hold" rating to a "buy" rating in a report on Friday. Morgan Stanley reaffirmed an "overweight" rating on shares of Tencent Music Entertainment Group in a report on Tuesday, May 13th. Macquarie set a $29.80 price objective on Tencent Music Entertainment Group and gave the stock an "outperform" rating in a report on Tuesday, August 12th. Finally, Daiwa Capital Markets raised Tencent Music Entertainment Group from a "neutral" rating to an "outperform" rating in a report on Tuesday, August 12th. One research analyst has rated the stock with a Strong Buy rating and nine have given a Buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Buy" and an average target price of $24.47.

Tencent Music Entertainment Group Price Performance

Shares of NYSE TME traded up $0.31 during trading on Tuesday, reaching $26.03. The company had a trading volume of 3,597,986 shares, compared to its average volume of 7,375,401. Tencent Music Entertainment Group Sponsored ADR has a twelve month low of $9.41 and a twelve month high of $26.54. The stock has a market capitalization of $44.66 billion, a PE ratio of 28.54 and a beta of 0.50. The stock has a 50-day moving average price of $21.41 and a two-hundred day moving average price of $16.86. 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 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.