Tencent Music Entertainment Group (NYSE:TME) Shares Purchased by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC raised its stake in Tencent Music Entertainment Group (NYSE:TME) by 8.7% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,496,359 shares of the company’s stock after purchasing an additional 522,599 shares during the period. Allspring Global Investments Holdings LLC owned about 0.38% of Tencent Music Entertainment Group worth $73,539,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Cetera Investment Advisers raised its holdings in Tencent Music Entertainment Group by 10.8% in the second quarter. Cetera Investment Advisers now owns 84,366 shares of the company’s stock valued at $1,185,000 after acquiring an additional 8,216 shares in the last quarter. Harbour Capital Advisors LLC purchased a new stake in shares of Tencent Music Entertainment Group in the 3rd quarter valued at approximately $378,000. Blue Trust Inc. raised its holdings in shares of Tencent Music Entertainment Group by 31.5% in the 3rd quarter. Blue Trust Inc. now owns 21,258 shares of the company’s stock valued at $256,000 after purchasing an additional 5,092 shares in the last quarter. Ariose Capital Management Ltd purchased a new stake in shares of Tencent Music Entertainment Group during the 3rd quarter worth $12,285,000. Finally, GAM Holding AG grew its stake in shares of Tencent Music Entertainment Group by 108.0% during the third quarter. GAM Holding AG now owns 183,000 shares of the company’s stock worth $2,205,000 after purchasing an additional 95,000 shares in the last quarter. Hedge funds and other institutional investors own 24.32% of the company’s stock.

Tencent Music Entertainment Group Trading Up 1.7 %

NYSE:TME opened at $12.65 on Thursday. The company has a market capitalization of $21.71 billion, a PE ratio of 23.43, a P/E/G ratio of 0.73 and a beta of 0.70. Tencent Music Entertainment Group has a 52-week low of $9.15 and a 52-week high of $15.77. The stock’s 50 day moving average price is $11.59 and its 200 day moving average price is $11.53. The company has a quick ratio of 2.34, a current ratio of 2.34 and a debt-to-equity ratio of 0.09.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the company. Barclays began coverage on Tencent Music Entertainment Group in a research note on Wednesday, November 6th. They issued an “overweight” rating and a $16.00 price target on the stock. Sanford C. Bernstein assumed coverage on Tencent Music Entertainment Group in a research report on Monday, November 4th. They set an “outperform” rating and a $14.00 target price on the stock. Finally, Morgan Stanley raised Tencent Music Entertainment Group from an “equal weight” rating to an “overweight” rating and set a $13.00 price target for the company in a report on Tuesday, January 21st. Three investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat.com, Tencent Music Entertainment Group currently has an average rating of “Moderate Buy” and a consensus target price of $14.04.

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.