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

Allspring Global Investments Holdings LLC lifted its holdings in shares of Tencent Music Entertainment Group (NYSE:TME - Free Report) by 8.7% during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 6,496,359 shares of the company's stock after purchasing an additional 522,599 shares during the quarter. 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 SEC.

Several other hedge funds have also made changes to their positions in TME. Cantillon Capital Management LLC increased its stake in shares of Tencent Music Entertainment Group by 39.9% during the third quarter. Cantillon Capital Management LLC now owns 18,456,585 shares of the company's stock worth $222,402,000 after buying an additional 5,265,783 shares during the period. State Street Corp increased its stake 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 worth $154,499,000 after buying an additional 166,225 shares during the period. FMR LLC increased its stake in shares of Tencent Music Entertainment Group by 98.8% during the third quarter. FMR LLC now owns 5,970,773 shares of the company's stock worth $71,948,000 after buying an additional 2,967,779 shares during the period. Coronation Fund Managers Ltd. increased its stake 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 buying an additional 2,592,381 shares during the period. Finally, Principal Financial Group Inc. increased its stake in shares of Tencent Music Entertainment Group by 4.0% during the third quarter. Principal Financial Group Inc. now owns 5,478,297 shares of the company's stock worth $66,013,000 after buying an additional 211,873 shares during the period. Institutional investors and hedge funds own 24.32% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on TME shares. Sanford C. Bernstein started coverage on shares of Tencent Music Entertainment Group in a research note on Monday, November 4th. They set an "outperform" rating and a $14.00 target price on the stock. Barclays initiated coverage on shares of Tencent Music Entertainment Group in a research note on Wednesday, November 6th. They set an "overweight" rating and a $16.00 target price on the stock. Finally, Morgan Stanley upgraded shares of Tencent Music Entertainment Group from an "equal weight" rating to an "overweight" rating and set a $13.00 price target on the stock in a research note on Tuesday, January 21st. Three research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company's stock. According to data from MarketBeat, Tencent Music Entertainment Group has a consensus rating of "Moderate Buy" and a consensus target price of $14.04.

Tencent Music Entertainment Group Stock Performance

Shares of TME stock traded up $0.86 during trading hours on Friday, hitting $13.62. The stock had a trading volume of 13,315,072 shares, compared to its average volume of 6,354,380. The firm has a market capitalization of $23.38 billion, a PE ratio of 25.23, a PEG ratio of 0.73 and a beta of 0.70. Tencent Music Entertainment Group has a twelve month low of $9.15 and a twelve month high of $15.77. The stock's 50 day moving average is $11.64 and its 200 day moving average is $11.53. The company has a debt-to-equity ratio of 0.09, a current ratio of 2.34 and a quick ratio of 2.34.

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.