Tencent Music Entertainment Group (NYSE:TME) Shares Acquired by Exchange Traded Concepts LLC

Exchange Traded Concepts LLC raised its stake in shares of Tencent Music Entertainment Group (NYSE:TME - Free Report) by 232.6% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 129,170 shares of the company's stock after purchasing an additional 90,329 shares during the period. Exchange Traded Concepts LLC's holdings in Tencent Music Entertainment Group were worth $1,466,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of TME. Cantillon Capital Management LLC lifted its stake in Tencent Music Entertainment Group by 39.9% in the 3rd quarter. Cantillon Capital Management LLC now owns 18,456,585 shares of the company's stock valued at $222,402,000 after buying an additional 5,265,783 shares in the last quarter. State Street Corp raised its holdings in shares of Tencent Music Entertainment Group by 1.3% during the third quarter. State Street Corp now owns 12,821,488 shares of the company's stock valued at $154,499,000 after acquiring an additional 166,225 shares during the last quarter. Allspring Global Investments Holdings LLC lifted its position in shares of Tencent Music Entertainment Group by 14.4% in the third quarter. Allspring Global Investments Holdings LLC now owns 5,973,760 shares of the company's stock valued at $71,984,000 after acquiring an additional 753,383 shares in the last quarter. FMR LLC boosted its stake in shares of Tencent Music Entertainment Group by 98.8% in the third quarter. FMR LLC now owns 5,970,773 shares of the company's stock worth $71,948,000 after acquiring an additional 2,967,779 shares during the last quarter. Finally, Coronation Fund Managers Ltd. increased its position in shares of Tencent Music Entertainment Group by 84.6% during the third quarter. Coronation Fund Managers Ltd. now owns 5,656,233 shares of the company's stock worth $68,158,000 after purchasing an additional 2,592,381 shares in the last quarter. Institutional investors and hedge funds own 24.32% of the company's stock.

Analyst Upgrades and Downgrades

TME has been the topic of a number of research reports. Barclays assumed coverage on Tencent Music Entertainment Group in a report on Wednesday, November 6th. They issued an "overweight" rating and a $16.00 price objective on the stock. Sanford C. Bernstein started coverage on shares of Tencent Music Entertainment Group in a research report on Monday, November 4th. They set an "outperform" rating and a $14.00 price target on the stock. Finally, Morgan Stanley raised shares of Tencent Music Entertainment Group from an "equal weight" rating to an "overweight" rating and set a $13.00 price objective for the company in a research note on Tuesday, January 21st. Three analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $13.54.

Tencent Music Entertainment Group Trading Down 0.3 %

TME traded down $0.04 during trading hours on Tuesday, reaching $11.77. The company's stock had a trading volume of 5,212,404 shares, compared to its average volume of 7,102,694. The stock has a market cap of $20.19 billion, a PE ratio of 21.79, a P/E/G ratio of 0.67 and a beta of 0.69. Tencent Music Entertainment Group has a fifty-two week low of $8.88 and a fifty-two week high of $15.77. The company has a debt-to-equity ratio of 0.09, a current ratio of 2.34 and a quick ratio of 2.34. The business's 50-day moving average is $11.48 and its 200-day moving average is $11.74.

Tencent Music Entertainment Group 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.