C WorldWide Group Holding A S reduced its holdings in Tencent Music Entertainment Group Sponsored ADR (NYSE:TME - Free Report) by 1.2% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,481,606 shares of the company's stock after selling 18,285 shares during the quarter. C WorldWide Group Holding A S owned about 0.09% of Tencent Music Entertainment Group worth $21,350,000 at the end of the most recent quarter.
Several other hedge funds have also modified their holdings of the business. Schroder Investment Management Group raised its holdings in Tencent Music Entertainment Group by 6.7% during the fourth quarter. Schroder Investment Management Group now owns 63,064,552 shares of the company's stock worth $715,783,000 after purchasing an additional 3,987,116 shares during the last quarter. Vanguard Group Inc. raised its holdings in Tencent Music Entertainment Group by 1.1% during the fourth quarter. Vanguard Group Inc. now owns 29,588,812 shares of the company's stock worth $335,833,000 after purchasing an additional 332,264 shares during the last quarter. Krane Funds Advisors LLC raised its holdings in Tencent Music Entertainment Group by 20.8% during the first quarter. Krane Funds Advisors LLC now owns 23,984,629 shares of the company's stock worth $345,619,000 after purchasing an additional 4,128,678 shares during the last quarter. JPMorgan Chase & Co. raised its holdings in Tencent Music Entertainment Group by 558.2% during the fourth quarter. JPMorgan Chase & Co. now owns 11,773,523 shares of the company's stock worth $133,629,000 after purchasing an additional 9,984,690 shares during the last quarter. Finally, Mawer Investment Management Ltd. raised its holdings in Tencent Music Entertainment Group by 152.2% during the fourth quarter. Mawer Investment Management Ltd. now owns 11,467,410 shares of the company's stock worth $130,155,000 after purchasing an additional 6,919,574 shares during the last quarter. 24.32% of the stock is owned by institutional investors and hedge funds.
Tencent Music Entertainment Group Trading Down 1.0%
Shares of NYSE:TME traded down $0.22 during midday trading on Friday, reaching $22.15. The company's stock had a trading volume of 1,795,707 shares, compared to its average volume of 8,050,722. The firm has a market cap of $38.00 billion, a price-to-earnings ratio of 26.35 and a beta of 0.55. The company has a quick ratio of 1.83, a current ratio of 1.83 and a debt-to-equity ratio of 0.05. Tencent Music Entertainment Group Sponsored ADR has a 1 year low of $9.41 and a 1 year high of $22.50. The business has a 50 day moving average price of $18.33 and a 200 day moving average price of $14.61.
Wall Street Analysts Forecast Growth
A number of equities analysts have recently weighed in on the company. Morgan Stanley reissued an "overweight" rating on shares of Tencent Music Entertainment Group in a report on Tuesday, May 13th. Deutsche Bank Aktiengesellschaft raised Tencent Music Entertainment Group from a "hold" rating to a "buy" rating in a report on Wednesday, March 26th. Macquarie set a $26.20 price target on Tencent Music Entertainment Group and gave the stock an "outperform" rating in a report on Tuesday, June 17th. Sanford C. Bernstein reissued an "outperform" rating on shares of Tencent Music Entertainment Group in a report on Wednesday, May 14th. Finally, Nomura Securities raised Tencent Music Entertainment Group to a "strong-buy" rating in a report on Tuesday, April 8th. Two research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $16.60.
View Our Latest Research Report on TME
Tencent Music Entertainment Group Profile
(
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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