Nomura Holdings Inc. Buys 17,211 Shares of Tencent Music Entertainment Group Sponsored ADR $TME

Key Points

• Nomura Holdings Inc. increased its stake in Tencent Music Entertainment Group by 36% during Q1, holding 65,000 shares valued at approximately $937,000.
• Multiple analysts have upgraded Tencent Music's stock ratings, with Barclays setting a new target price of $27.00 and Macquarie assigning a target price of $29.80.
• The company's stock is currently trading around $24.94 per share, with a market cap of $42.80 billion and a P/E ratio of 27.41.

Nomura Holdings Inc. increased its holdings in Tencent Music Entertainment Group Sponsored ADR (NYSE:TME - Free Report) by 36.0% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 65,000 shares of the company's stock after acquiring an additional 17,211 shares during the period. Nomura Holdings Inc.'s holdings in Tencent Music Entertainment Group were worth $937,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in TME. Vanguard Group Inc. grew its stake in shares of Tencent Music Entertainment Group by 1.4% in the 1st quarter. Vanguard Group Inc. now owns 29,993,486 shares of the company's stock worth $432,206,000 after buying an additional 404,674 shares in the last quarter. Krane Funds Advisors LLC lifted its position in shares of Tencent Music Entertainment Group by 20.8% during the 1st quarter. Krane Funds Advisors LLC now owns 23,984,629 shares of the company's stock valued at $345,619,000 after buying an additional 4,128,678 shares in the last quarter. JPMorgan Chase & Co. raised its holdings in Tencent Music Entertainment Group by 31.1% in the 1st quarter. JPMorgan Chase & Co. now owns 15,430,218 shares of the company's stock valued at $222,349,000 after acquiring an additional 3,656,695 shares during the last quarter. Nuveen LLC purchased a new stake in Tencent Music Entertainment Group in the first quarter valued at $85,498,000. Finally, Mirae Asset Global Investments Co. Ltd. grew its position 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 valued at $64,579,000 after acquiring an additional 4,352,834 shares in the last quarter. 24.32% of the stock is currently owned by institutional investors.

Tencent Music Entertainment Group Stock Performance

NYSE TME traded up $0.12 during trading on Monday, hitting $24.61. 2,255,602 shares of the company's stock traded hands, compared to its average volume of 7,376,825. Tencent Music Entertainment Group Sponsored ADR has a 12-month low of $9.41 and a 12-month high of $26.54. The business has a 50 day moving average of $22.56 and a 200-day moving average of $17.62. The stock has a market capitalization of $42.22 billion, a price-to-earnings ratio of 27.04 and a beta of 0.54. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.87 and a current ratio of 1.87.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the company. Daiwa Capital Markets raised Tencent Music Entertainment Group from a "neutral" rating to an "outperform" rating in a report on Tuesday, August 12th. Morgan Stanley reissued an "overweight" rating on shares of Tencent Music Entertainment Group in a research note on Tuesday, May 13th. Citigroup reiterated a "buy" rating and issued a $29.00 price target (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. Finally, Zacks Research raised shares of Tencent Music Entertainment Group from a "hold" rating to a "strong-buy" rating in a report on Tuesday, August 26th. Two research analysts have rated the stock with a Strong Buy rating and nine have assigned a Buy rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Buy" and an average price target of $24.47.

About Tencent Music Entertainment Group

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.