Invesco Ltd. Has $296.88 Million Stock Holdings in Tencent Music Entertainment Group Sponsored ADR (NYSE:TME)

Key Points

• Invesco Ltd. has reduced its stake in Tencent Music Entertainment Group by 8.5%, now holding approximately 20.6 million shares valued at around $296.9 million.
• Other institutional investors, such as Vanguard Group and Mirae Asset Global Investments, increased their positions significantly, showcasing strong institutional interest in the stock.
• Wall Street analysts have mixed ratings for Tencent Music, with forecasts including a price target increase from $23.00 to $29.00, indicating a “Moderate Buy” consensus rating among twelve analysts.

Invesco Ltd. cut its holdings in shares of Tencent Music Entertainment Group Sponsored ADR (NYSE:TME - Free Report) by 8.5% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 20,602,478 shares of the company's stock after selling 1,907,298 shares during the period. Invesco Ltd. owned about 1.20% of Tencent Music Entertainment Group worth $296,882,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in TME. Vise Technologies Inc. acquired a new position in shares of Tencent Music Entertainment Group during the fourth quarter valued at $169,000. Ethic Inc. acquired a new position in Tencent Music Entertainment Group during the 4th quarter valued at about $192,000. Oppenheimer Asset Management Inc. boosted its stake in Tencent Music Entertainment Group by 35.6% in 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 during the last quarter. Vident Advisory LLC grew its stake in shares of Tencent Music Entertainment Group by 23.0% during the fourth quarter. Vident Advisory LLC now owns 18,889 shares of the company's stock worth $214,000 after purchasing an additional 3,538 shares during the period. Finally, Toronto Dominion Bank acquired a new stake in shares of Tencent Music Entertainment Group during the fourth quarter worth $286,000. 24.32% of the stock is currently owned by institutional investors and hedge funds.

Tencent Music Entertainment Group Stock Down 0.2%

TME traded down $0.05 on Thursday, hitting $25.55. 10,218,926 shares of the company were exchanged, compared to its average volume of 6,378,803. The stock's fifty day moving average is $20.30 and its 200-day moving average is $16.05. Tencent Music Entertainment Group Sponsored ADR has a 12 month low of $9.41 and a 12 month high of $26.54. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.83 and a current ratio of 1.87. The company has a market cap of $43.85 billion, a PE ratio of 28.08 and a beta of 0.50.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on TME shares. Sanford C. Bernstein set a $27.50 target price on Tencent Music Entertainment Group and gave the stock an "outperform" rating in a report on Wednesday. Wall Street Zen lowered shares of Tencent Music Entertainment Group from a "buy" rating to a "hold" rating in a research note on Monday. Macquarie set a $29.80 price objective on shares of Tencent Music Entertainment Group and gave the company an "outperform" rating in a report on Tuesday. Benchmark upped their target price on shares of Tencent Music Entertainment Group from $19.00 to $28.00 and gave the company a "buy" rating in a research note on Wednesday. Finally, Barclays reissued an "overweight" rating and set a $27.00 price target (up from $16.00) on shares of Tencent Music Entertainment Group in a research report on Tuesday. One equities research analyst has rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Buy" and an average price target of $23.29.

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.