Krane Funds Advisors LLC grew its stake in Tencent Music Entertainment Group Sponsored ADR (NYSE:TME - Free Report) by 20.8% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 23,984,629 shares of the company's stock after acquiring an additional 4,128,678 shares during the quarter. Tencent Music Entertainment Group accounts for 9.9% of Krane Funds Advisors LLC's holdings, making the stock its 3rd biggest position. Krane Funds Advisors LLC owned 1.40% of Tencent Music Entertainment Group worth $345,619,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds have also modified their holdings of the company. Oppenheimer Asset Management Inc. acquired a new stake in Tencent Music Entertainment Group in the fourth quarter worth $114,000. SBI Securities Co. Ltd. bought a new stake in shares of Tencent Music Entertainment Group in the fourth quarter worth about $110,000. Raymond James Financial Inc. acquired a new position in shares of Tencent Music Entertainment Group in the 4th quarter valued at approximately $731,000. PNC Financial Services Group Inc. lifted its stake in Tencent Music Entertainment Group by 10.9% in the fourth quarter. PNC Financial Services Group Inc. now owns 11,138 shares of the company's stock valued at $126,000 after buying an additional 1,094 shares in the last quarter. Finally, Skandinaviska Enskilda Banken AB publ increased its position in shares of Tencent Music Entertainment Group by 8.8% during the fourth quarter. Skandinaviska Enskilda Banken AB publ now owns 152,474 shares of the company's stock worth $1,787,000 after acquiring an additional 12,300 shares in the last quarter. 24.32% of the stock is currently owned by institutional investors and hedge funds.
Analyst Upgrades and Downgrades
Several research firms recently commented on TME. Deutsche Bank Aktiengesellschaft raised shares of Tencent Music Entertainment Group from a "hold" rating to a "buy" rating in a research report on Wednesday, March 26th. Morgan Stanley reissued an "overweight" rating on shares of Tencent Music Entertainment Group in a research report on Tuesday, May 13th. Nomura Securities upgraded shares of Tencent Music Entertainment Group to a "strong-buy" rating in a research note on Tuesday, April 8th. Sanford C. Bernstein restated an "outperform" rating on shares of Tencent Music Entertainment Group in a research note on Wednesday, May 14th. Finally, Macquarie set a $26.20 price objective on Tencent Music Entertainment Group and gave the stock an "outperform" rating in a research report on Tuesday, June 17th. Two analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $16.60.
Check Out Our Latest Stock Report on TME
Tencent Music Entertainment Group Stock Up 1.5%
Shares of NYSE:TME traded up $0.29 during trading on Thursday, reaching $19.46. 3,277,557 shares of the stock were exchanged, compared to its average volume of 8,151,973. The stock has a fifty day moving average of $16.99 and a two-hundred day moving average of $14.01. Tencent Music Entertainment Group Sponsored ADR has a 1-year low of $9.41 and a 1-year high of $19.58. The company has a debt-to-equity ratio of 0.05, a current ratio of 1.83 and a quick ratio of 1.83. The firm has a market cap of $33.39 billion, a price-to-earnings ratio of 23.17 and a beta of 0.55.
About Tencent Music Entertainment Group
(
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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