Nordea Investment Management AB Acquires 79,734 Shares of Tencent Music Entertainment Group Sponsored ADR $TME

Key Points

• Nordea Investment Management AB increased its stake in Tencent Music Entertainment Group by 5.0%, acquiring an additional 79,734 shares, bringing its total holdings to 1,682,287 shares worth $32.67 million.
• Several institutional investors also boosted their investments in Tencent Music, with Vanguard Group increasing its holdings by 1.4% and JPMorgan Chase by 31.1% in the first quarter.
• Analysts forecast a positive outlook for Tencent Music, with multiple firms setting price targets above $24, while the company currently has a consensus rating of "Buy."

Nordea Investment Management AB increased its holdings in shares of Tencent Music Entertainment Group Sponsored ADR (NYSE:TME - Free Report) by 5.0% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,682,287 shares of the company's stock after purchasing an additional 79,734 shares during the quarter. Nordea Investment Management AB owned 0.10% of Tencent Music Entertainment Group worth $32,670,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently bought and sold shares of the company. Vanguard Group Inc. lifted its holdings in Tencent Music Entertainment Group by 1.4% in 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 lifted its holdings in Tencent Music Entertainment Group by 20.8% in the first quarter. Krane Funds Advisors LLC now owns 23,984,629 shares of the company's stock valued at $345,619,000 after acquiring an additional 4,128,678 shares during the period. JPMorgan Chase & Co. lifted its holdings in Tencent Music Entertainment Group by 31.1% in the first 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 period. Nuveen LLC bought a new position in Tencent Music Entertainment Group in the first quarter valued at about $85,498,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in Tencent Music Entertainment Group by 15.2% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 5,062,619 shares of the company's stock valued at $72,952,000 after acquiring an additional 666,674 shares during the period. Institutional investors own 24.32% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on TME shares. Sanford C. Bernstein set a $27.50 target price on Tencent Music Entertainment Group and gave the company an "outperform" rating in a report on Wednesday, August 13th. Daiwa Capital Markets raised Tencent Music Entertainment Group from a "neutral" rating to an "outperform" rating in a research note on Tuesday, August 12th. Benchmark raised their price objective on Tencent Music Entertainment Group from $19.00 to $28.00 and gave the stock a "buy" rating in a research note on Wednesday, August 13th. Barclays reaffirmed an "overweight" rating and issued a $27.00 price objective (up previously from $16.00) on shares of Tencent Music Entertainment Group in a research note on Tuesday, August 12th. Finally, Weiss Ratings reaffirmed a "buy (b-)" rating on shares of Tencent Music Entertainment Group in a research note on Wednesday, October 8th. One investment analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Buy" and an average price target of $24.47.

Tencent Music Entertainment Group Price Performance

NYSE:TME opened at $22.35 on Friday. Tencent Music Entertainment Group Sponsored ADR has a 1 year low of $10.11 and a 1 year high of $26.70. 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 capitalization of $38.35 billion, a price-to-earnings ratio of 24.56 and a beta of 0.51. The business has a 50 day simple moving average of $24.37 and a 200-day simple moving average of $19.75.

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.

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