Hsbc Holdings PLC Has $44 Million 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 boosted its position in Tencent Music Entertainment Group Sponsored ADR (NYSE:TME - Free Report) by 0.6% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 3,053,082 shares of the company's stock after acquiring an additional 17,694 shares during the quarter. Hsbc Holdings PLC owned 0.18% of Tencent Music Entertainment Group worth $43,995,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in the company. Quantbot Technologies LP boosted its holdings in Tencent Music Entertainment Group by 451.3% in the first quarter. Quantbot Technologies LP now owns 81,420 shares of the company's stock valued at $1,173,000 after purchasing an additional 66,651 shares in the last quarter. Wellington Management Group LLP boosted its position in shares of Tencent Music Entertainment Group by 419.7% during the 1st quarter. Wellington Management Group LLP now owns 1,948,415 shares of the company's stock worth $28,077,000 after purchasing an additional 1,573,531 shares in the last quarter. Korea Investment CORP grew its stake in shares of Tencent Music Entertainment Group by 21.6% during the 1st quarter. Korea Investment CORP now owns 657,902 shares of the company's stock worth $9,480,000 after purchasing an additional 117,000 shares during the period. Brooklyn Investment Group grew its stake in shares of Tencent Music Entertainment Group by 957.1% during the 1st quarter. Brooklyn Investment Group now owns 4,757 shares of the company's stock worth $69,000 after purchasing an additional 4,307 shares during the period. Finally, American Century Companies Inc. boosted its position in shares of Tencent Music Entertainment Group by 6.4% in the 1st quarter. American Century Companies Inc. now owns 797,572 shares of the company's stock worth $11,493,000 after buying an additional 48,125 shares in the last quarter. Institutional investors and hedge funds own 24.32% of the company's stock.

Tencent Music Entertainment Group Stock Down 2.5%

Shares of TME traded down $0.65 during midday trading on Wednesday, reaching $25.59. 2,240,118 shares of the stock were exchanged, compared to its average volume of 7,479,915. Tencent Music Entertainment Group Sponsored ADR has a 12-month low of $9.41 and a 12-month high of $26.54. The firm has a 50 day simple moving average of $21.57 and a 200-day simple moving average of $16.93. The company has a quick ratio of 1.87, a current ratio of 1.87 and a debt-to-equity ratio of 0.04. The company has a market cap of $43.91 billion, a price-to-earnings ratio of 28.18 and a beta of 0.50.

Analysts Set New Price Targets

A number of analysts recently commented on TME shares. Citigroup reiterated a "buy" rating and set a $29.00 price objective (up previously from $23.00) on shares of Tencent Music Entertainment Group in a research report on Tuesday, August 12th. Wall Street Zen raised Tencent Music Entertainment Group from a "hold" rating to a "buy" rating in a research report on Friday, August 22nd. Sanford C. Bernstein set a $27.50 price target on Tencent Music Entertainment Group and gave the stock an "outperform" rating in a research report on Wednesday, August 13th. Barclays reaffirmed an "overweight" rating and issued a $27.00 target price (up from $16.00) on shares of Tencent Music Entertainment Group in a research report on Tuesday, August 12th. Finally, Daiwa Capital Markets raised Tencent Music Entertainment Group from a "neutral" rating to an "outperform" rating in a research report on Tuesday, August 12th. One analyst has rated the stock with a Strong Buy rating and nine have given a Buy rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Buy" and an average price target of $24.47.

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.