Tencent Music Entertainment Group (NYSE:TME) Shares Bought by abrdn plc

abrdn plc boosted its holdings in Tencent Music Entertainment Group (NYSE:TME - Free Report) by 57.6% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 437,948 shares of the company's stock after purchasing an additional 160,109 shares during the quarter. abrdn plc's holdings in Tencent Music Entertainment Group were worth $5,236,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently added to or reduced their stakes in TME. GAM Holding AG boosted its holdings in shares of Tencent Music Entertainment Group by 108.0% in the 3rd quarter. GAM Holding AG now owns 183,000 shares of the company's stock valued at $2,205,000 after purchasing an additional 95,000 shares during the last quarter. Ariose Capital Management Ltd purchased a new position in shares of Tencent Music Entertainment Group in the 3rd quarter worth $12,285,000. Allspring Global Investments Holdings LLC boosted its holdings in 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 during the last quarter. Blue Trust Inc. grew its position in Tencent Music Entertainment Group by 31.5% during the third quarter. Blue Trust Inc. now owns 21,258 shares of the company's stock valued at $256,000 after acquiring an additional 5,092 shares during the period. Finally, Harbour Capital Advisors LLC acquired a new stake in Tencent Music Entertainment Group during the third quarter worth about $378,000. 24.32% of the stock is currently owned by hedge funds and other institutional investors.

Tencent Music Entertainment Group Stock Up 1.3 %

TME stock traded up $0.14 during midday trading on Monday, hitting $11.26. 4,243,115 shares of the company's stock were exchanged, compared to its average volume of 8,659,888. The firm has a 50 day moving average price of $11.28 and a 200-day moving average price of $12.87. Tencent Music Entertainment Group has a 12-month low of $6.76 and a 12-month high of $15.77. The stock has a market capitalization of $19.32 billion, a price-to-earnings ratio of 22.50, a price-to-earnings-growth ratio of 0.82 and a beta of 0.67. The company has a current ratio of 2.34, a quick ratio of 2.34 and a debt-to-equity ratio of 0.09.

Tencent Music Entertainment Group (NYSE:TME - Get Free Report) last issued its quarterly earnings results on Tuesday, August 13th. The company reported $0.15 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.16 by ($0.01). Tencent Music Entertainment Group had a return on equity of 10.11% and a net margin of 20.35%. The company had revenue of $985.00 million during the quarter, compared to the consensus estimate of $1 billion. On average, analysts anticipate that Tencent Music Entertainment Group will post 0.63 EPS for the current year.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the company. Daiwa Capital Markets lowered Tencent Music Entertainment Group from an "outperform" rating to a "neutral" rating in a research note on Tuesday, August 13th. Benchmark decreased their price objective on shares of Tencent Music Entertainment Group from $19.00 to $15.00 and set a "buy" rating for the company in a research note on Wednesday, August 14th. Sanford C. Bernstein started coverage on shares of Tencent Music Entertainment Group in a research report on Monday. They issued an "outperform" rating and a $14.00 price objective for the company. Mizuho reduced their target price on shares of Tencent Music Entertainment Group from $17.00 to $16.00 and set an "outperform" rating on the stock in a report on Wednesday, August 14th. Finally, Daiwa America downgraded Tencent Music Entertainment Group from a "strong-buy" rating to a "hold" rating in a report on Tuesday, August 13th. Four research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to MarketBeat.com, Tencent Music Entertainment Group has an average rating of "Moderate Buy" and an average target price of $12.78.

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.