Nordea Investment Management AB increased its position in shares of Tencent Music Entertainment Group (NYSE:TME - Free Report) by 25.1% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,321,517 shares of the company's stock after purchasing an additional 265,093 shares during the period. Nordea Investment Management AB owned 0.08% of Tencent Music Entertainment Group worth $11,735,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Vontobel Holding Ltd. lifted its stake in Tencent Music Entertainment Group by 349.4% during the 3rd quarter. Vontobel Holding Ltd. now owns 48,425 shares of the company's stock worth $309,000 after acquiring an additional 37,649 shares in the last quarter. Deutsche Bank AG grew its holdings in Tencent Music Entertainment Group by 262.6% during the 3rd quarter. Deutsche Bank AG now owns 2,344,133 shares of the company's stock worth $14,956,000 after acquiring an additional 1,697,604 shares in the last quarter. Invesco Ltd. grew its holdings in Tencent Music Entertainment Group by 17.6% during the 3rd quarter. Invesco Ltd. now owns 11,648,403 shares of the company's stock worth $74,317,000 after acquiring an additional 1,747,251 shares in the last quarter. Qube Research & Technologies Ltd raised its holdings in Tencent Music Entertainment Group by 432.9% during the third quarter. Qube Research & Technologies Ltd now owns 330,157 shares of the company's stock worth $2,106,000 after purchasing an additional 268,202 shares in the last quarter. Finally, Principal Financial Group Inc. lifted its stake in Tencent Music Entertainment Group by 994.4% in the third quarter. Principal Financial Group Inc. now owns 1,481,121 shares of the company's stock valued at $9,450,000 after buying an additional 1,345,789 shares during the last quarter. 23.59% of the stock is currently owned by institutional investors and hedge funds.
Analyst Ratings Changes
A number of research firms have weighed in on TME. HSBC increased their price objective on Tencent Music Entertainment Group from $9.50 to $10.40 and gave the stock a "hold" rating in a research report on Wednesday. Redburn Atlantic assumed coverage on Tencent Music Entertainment Group in a report on Monday, February 5th. They issued a "buy" rating and a $12.00 price target for the company. Mizuho increased their price target on shares of Tencent Music Entertainment Group from $12.00 to $13.00 and gave the stock a "buy" rating in a research note on Wednesday. UBS Group upgraded Tencent Music Entertainment Group from a "neutral" rating to a "buy" rating and set a $10.50 price target for the company in a report on Wednesday, January 24th. Finally, Citigroup upgraded Tencent Music Entertainment Group from a "neutral" rating to a "buy" rating and raised their price objective for the company from $9.00 to $13.00 in a research note on Wednesday. Two equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $11.63.
Read Our Latest Analysis on Tencent Music Entertainment Group
Tencent Music Entertainment Group Stock Performance
TME traded down $0.45 during trading hours on Friday, hitting $10.95. The company's stock had a trading volume of 10,260,192 shares, compared to its average volume of 9,431,058. Tencent Music Entertainment Group has a fifty-two week low of $5.70 and a fifty-two week high of $11.80. The firm has a market capitalization of $18.79 billion, a PE ratio of 24.89, a PEG ratio of 0.83 and a beta of 0.80. The company has a 50-day simple moving average of $9.82 and a 200 day simple moving average of $8.36. The company has a current ratio of 2.49, a quick ratio of 2.46 and a debt-to-equity ratio of 0.10.
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; and WeSing, which enables users to sing from its library of karaoke songs and share their performances in audio or video formats with friends.
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