Handelsbanken Fonder AB Boosts Stock Position in Tencent Music Entertainment Group (NYSE:TME)

Handelsbanken Fonder AB increased its stake in shares of Tencent Music Entertainment Group (NYSE:TME) by 7.4% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 192,930 shares of the company’s stock after purchasing an additional 13,294 shares during the quarter. Handelsbanken Fonder AB’s holdings in Tencent Music Entertainment Group were worth $2,190,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently added to or reduced their stakes in TME. Alberta Investment Management Corp lifted its stake in shares of Tencent Music Entertainment Group by 290.7% in the 4th quarter. Alberta Investment Management Corp now owns 398,504 shares of the company’s stock valued at $4,523,000 after purchasing an additional 296,504 shares in the last quarter. State of New Jersey Common Pension Fund D increased its holdings in Tencent Music Entertainment Group by 21.0% during the 4th quarter. State of New Jersey Common Pension Fund D now owns 366,311 shares of the company’s stock worth $4,158,000 after purchasing an additional 63,615 shares during the last quarter. Vontobel Holding Ltd. purchased a new stake in Tencent Music Entertainment Group during the 4th quarter worth approximately $375,000. Asset Management One Co. Ltd. increased its holdings in Tencent Music Entertainment Group by 2.2% during the 4th quarter. Asset Management One Co. Ltd. now owns 502,083 shares of the company’s stock worth $5,884,000 after purchasing an additional 10,905 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC increased its holdings in shares of Tencent Music Entertainment Group by 8.7% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 6,496,359 shares of the company’s stock valued at $73,539,000 after acquiring an additional 522,599 shares during the last quarter. 24.32% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

TME has been the subject of a number of research analyst reports. Sanford C. Bernstein assumed coverage on Tencent Music Entertainment Group in a report on Monday, November 4th. They issued an “outperform” rating and a $14.00 price target for the company. Morgan Stanley upgraded 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 research report on Tuesday, January 21st. Finally, Barclays started coverage on Tencent Music Entertainment Group in a research note on Wednesday, November 6th. They issued an “overweight” rating and a $16.00 price objective on the stock. Three investment 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.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $14.04.

Tencent Music Entertainment Group Trading Down 2.1 %

Shares of TME opened at $12.71 on Wednesday. The stock has a market cap of $21.81 billion, a PE ratio of 23.53, a PEG ratio of 0.77 and a beta of 0.70. Tencent Music Entertainment Group has a 1 year low of $9.15 and a 1 year high of $15.77. The stock has a 50 day simple moving average of $11.81 and a 200-day simple moving average of $11.52. 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 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.