Swedbank AB boosted its position in Tencent Music Entertainment Group Sponsored ADR (NYSE:TME - Free Report) by 222.7% in the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 570,919 shares of the company's stock after purchasing an additional 394,000 shares during the quarter. Swedbank AB's holdings in Tencent Music Entertainment Group were worth $11,127,000 at the end of the most recent reporting period.
A number of other large investors have also added to or reduced their stakes in the company. SVB Wealth LLC acquired a new position in shares of Tencent Music Entertainment Group during the first quarter valued at about $34,000. Banque Transatlantique SA acquired a new position in shares of Tencent Music Entertainment Group during the first quarter valued at about $46,000. Brooklyn Investment Group increased its holdings in shares of Tencent Music Entertainment Group by 957.1% during the first quarter. Brooklyn Investment Group now owns 4,757 shares of the company's stock valued at $69,000 after acquiring an additional 4,307 shares in the last quarter. Vise Technologies Inc. acquired a new position in shares of Tencent Music Entertainment Group during the fourth quarter valued at about $169,000. Finally, Oppenheimer Asset Management Inc. increased its holdings in shares of 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 valued at $196,000 after acquiring an additional 3,570 shares in the last quarter. 24.32% of the stock is currently owned by institutional investors.
Analyst Ratings Changes
A number of equities research analysts recently commented on TME shares. Macquarie set a $29.80 target price on Tencent Music Entertainment Group and gave the company an "outperform" rating in a research report on Tuesday, August 12th. Benchmark upped their target price on Tencent Music Entertainment Group from $19.00 to $28.00 and gave the company a "buy" rating in a research report on Wednesday, August 13th. Barclays reiterated an "overweight" rating and issued a $27.00 target price (up previously from $16.00) on shares of Tencent Music Entertainment Group in a research report on Tuesday, August 12th. Citigroup reiterated a "buy" rating and issued a $29.00 target price (up previously from $23.00) on shares of Tencent Music Entertainment Group in a research report on Tuesday, August 12th. Finally, Wall Street Zen upgraded Tencent Music Entertainment Group from a "hold" rating to a "buy" rating in a research report on Friday, August 22nd. Two equities research analysts have rated the stock with a Strong Buy rating and nine have given a Buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Buy" and an average target price of $24.47.
Check Out Our Latest Research Report on Tencent Music Entertainment Group
Tencent Music Entertainment Group Stock Performance
Shares of Tencent Music Entertainment Group stock opened at $25.11 on Monday. The business has a 50-day moving average of $23.68 and a 200 day moving average of $18.48. Tencent Music Entertainment Group Sponsored ADR has a 12 month low of $9.79 and a 12 month high of $26.70. The stock has a market capitalization of $43.09 billion, a price-to-earnings ratio of 27.59 and a beta of 0.54. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.87 and a quick ratio of 1.87.
Tencent Music Entertainment Group Profile
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Free Report)
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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