Tencent Music Entertainment Group Sponsored ADR $TME Stock Holdings Increased by Allspring Global Investments Holdings LLC

Key Points

• Allspring Global Investments increased its stake in Tencent Music Entertainment Group by 21.3% in the first quarter, adding 744,490 shares to bring its total holding to 4.25 million shares worth about $39.0 million.
• Several other institutional investors also adjusted their positions in TME, and institutional ownership now stands at 24.32% of the stock.
• Analysts currently have a Hold consensus on Tencent Music Entertainment Group, with six Buy ratings and eight Hold ratings, and a consensus price target of $21.44.

Allspring Global Investments Holdings LLC boosted its holdings in shares of Tencent Music Entertainment Group Sponsored ADR (NYSE:TME - Free Report) by 21.3% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 4,246,363 shares of the company's stock after purchasing an additional 744,490 shares during the period. Allspring Global Investments Holdings LLC owned approximately 0.27% of Tencent Music Entertainment Group worth $39,024,000 at the end of the most recent quarter.

A number of other large investors have also recently added to or reduced their stakes in TME. Allworth Financial LP grew its position in Tencent Music Entertainment Group by 63.2% in the third quarter. Allworth Financial LP now owns 1,480 shares of the company's stock worth $35,000 after buying an additional 573 shares during the last quarter. Caitong International Asset Management Co. Ltd lifted its position in shares of Tencent Music Entertainment Group by 5,777.1% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 2,057 shares of the company's stock valued at $36,000 after acquiring an additional 2,022 shares during the last quarter. Smartleaf Asset Management LLC boosted its stake in shares of Tencent Music Entertainment Group by 61.3% during the 4th quarter. Smartleaf Asset Management LLC now owns 2,123 shares of the company's stock worth $37,000 after acquiring an additional 807 shares in the last quarter. Kestra Advisory Services LLC bought a new stake in shares of Tencent Music Entertainment Group during the 4th quarter worth $46,000. Finally, EverSource Wealth Advisors LLC grew its holdings in shares of Tencent Music Entertainment Group by 83.0% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 3,005 shares of the company's stock worth $59,000 after acquiring an additional 1,363 shares during the last quarter. 24.32% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the company. Weiss Ratings raised Tencent Music Entertainment Group from a "hold (c-)" rating to a "hold (c)" rating in a research report on Wednesday, July 1st. JPMorgan Chase & Co. dropped their price target on Tencent Music Entertainment Group from $12.00 to $10.00 and set a "neutral" rating on the stock in a research note on Thursday, May 14th. Mizuho cut their price objective on Tencent Music Entertainment Group from $23.00 to $18.00 and set an "outperform" rating on the stock in a report on Wednesday, May 13th. Finally, Zacks Research raised shares of Tencent Music Entertainment Group from a "strong sell" rating to a "hold" rating in a research note on Tuesday, May 19th. Six research analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company. According to MarketBeat, Tencent Music Entertainment Group has a consensus rating of "Hold" and a consensus target price of $21.44.

Tencent Music Entertainment Group Stock Up 0.1%

NYSE:TME opened at $9.13 on Monday. The firm has a market capitalization of $14.37 billion, a price-to-earnings ratio of 11.41, a PEG ratio of 0.59 and a beta of 0.82. Tencent Music Entertainment Group Sponsored ADR has a 1-year low of $7.94 and a 1-year high of $26.70. The company has a current ratio of 2.09, a quick ratio of 2.08 and a debt-to-equity ratio of 0.06. The business's fifty day moving average price is $8.90 and its 200 day moving average price is $11.81.

Tencent Music Entertainment Group (NYSE:TME - Get Free Report) last announced its quarterly earnings data on Tuesday, March 31st. The company reported $0.11 EPS for the quarter. Tencent Music Entertainment Group had a return on equity of 11.20% and a net margin of 26.45%.The firm had revenue of $1.15 billion during the quarter. On average, sell-side analysts forecast that Tencent Music Entertainment Group Sponsored ADR will post 0.9 earnings per share for the current fiscal year.

Tencent Music Entertainment Group Profile

Tencent Music Entertainment Group NYSE: TME is a China-based digital music and audio entertainment platform that operates a portfolio of leading music streaming and social entertainment services. Its core consumer-facing products include streaming apps, online karaoke (KTV) services and live music and entertainment broadcasts. The company monetizes its content through a mix of subscriptions, digital music sales, in-app purchases, virtual gifting, advertising and licensing arrangements with rights holders.

The company traces its roots to the consolidation of Tencent's music assets and was established in the mid-2010s to unify several prominent music properties under a single operating entity.

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