Wellington Management Group LLP Has $28.08 Million Stock Position in Tencent Music Entertainment Group Sponsored ADR $TME

Key Points

• Wellington Management Group LLP significantly increased its holdings in Tencent Music Entertainment Group by **419.7%**, acquiring an additional **1,573,531 shares** in the first quarter, bringing its total to nearly **1.95 million shares** valued at approximately **$28.08 million**.
• Several analysts have reaffirmed **"buy"** ratings for Tencent Music, with Citigroup and Barclays raising their target prices to **$29.00** and **$27.00** respectively, reflecting positive market sentiment.
• Tencent Music's stock has experienced a recent uptick, currently trading at **$25.37**, with a market capitalization of **$43.53 billion**, indicating a **1.5% increase** during the day.

Wellington Management Group LLP grew its stake in Tencent Music Entertainment Group Sponsored ADR (NYSE:TME - Free Report) by 419.7% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,948,415 shares of the company's stock after acquiring an additional 1,573,531 shares during the period. Wellington Management Group LLP owned 0.11% of Tencent Music Entertainment Group worth $28,077,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. Brooklyn Investment Group lifted its stake in Tencent Music Entertainment Group by 957.1% in the 1st quarter. Brooklyn Investment Group now owns 4,757 shares of the company's stock valued at $69,000 after purchasing an additional 4,307 shares during the last quarter. Vise Technologies Inc. acquired a new stake in Tencent Music Entertainment Group in the 4th quarter valued at about $169,000. Ethic Inc. acquired a new stake in Tencent Music Entertainment Group in the 4th quarter valued at about $192,000. Oppenheimer Asset Management Inc. lifted its stake in Tencent Music Entertainment Group by 35.6% in the 1st quarter. Oppenheimer Asset Management Inc. now owns 13,609 shares of the company's stock valued at $196,000 after purchasing an additional 3,570 shares during the last quarter. Finally, Vident Advisory LLC lifted its stake in Tencent Music Entertainment Group by 23.0% in the 4th quarter. Vident Advisory LLC now owns 18,889 shares of the company's stock valued at $214,000 after purchasing an additional 3,538 shares during the last quarter. 24.32% of the stock is currently owned by institutional investors and hedge funds.

Tencent Music Entertainment Group Price Performance

Shares of NYSE TME traded down $0.36 during midday trading on Friday, reaching $24.54. The company's stock had a trading volume of 7,157,765 shares, compared to its average volume of 7,278,725. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.87 and a current ratio of 1.87. Tencent Music Entertainment Group Sponsored ADR has a fifty-two week low of $9.41 and a fifty-two week high of $26.54. The business's 50 day moving average price is $21.96 and its two-hundred day moving average price is $17.19. The company has a market cap of $42.11 billion, a P/E ratio of 26.96 and a beta of 0.50.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on TME. Zacks Research upgraded shares of Tencent Music Entertainment Group from a "hold" rating to a "strong-buy" rating in a research note on Tuesday. Barclays restated an "overweight" rating and set a $27.00 price objective (up from $16.00) on shares of Tencent Music Entertainment Group in a research report on Tuesday, August 12th. Daiwa Capital Markets upgraded shares of Tencent Music Entertainment Group from a "neutral" rating to an "outperform" rating in a research report on Tuesday, August 12th. Wall Street Zen upgraded shares of Tencent Music Entertainment Group from a "hold" rating to a "buy" rating in a research report on Friday, August 22nd. Finally, Macquarie set a $29.80 price objective on shares of Tencent Music Entertainment Group and gave the stock an "outperform" rating in a research report on Tuesday, August 12th. Two investment analysts have rated the stock with a Strong Buy rating and nine have assigned a Buy rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Buy" and a consensus target price of $24.47.

About Tencent Music Entertainment Group

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.