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

abrdn plc raised its position in Tencent Music Entertainment Group (NYSE:TME) by 2.8% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 256,107 shares of the company’s stock after buying an additional 6,931 shares during the quarter. abrdn plc’s holdings in Tencent Music Entertainment Group were worth $2,308,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Nordea Investment Management AB lifted its stake in Tencent Music Entertainment Group by 25.1% in the fourth quarter. Nordea Investment Management AB now owns 1,321,517 shares of the company’s stock valued at $11,735,000 after buying an additional 265,093 shares during the last quarter. China Universal Asset Management Co. Ltd. lifted its stake in Tencent Music Entertainment Group by 2,115.4% in the fourth quarter. China Universal Asset Management Co. Ltd. now owns 230,400 shares of the company’s stock valued at $2,076,000 after buying an additional 220,000 shares during the last quarter. Ballentine Partners LLC lifted its stake in Tencent Music Entertainment Group by 33.9% in the fourth quarter. Ballentine Partners LLC now owns 15,132 shares of the company’s stock valued at $136,000 after buying an additional 3,835 shares during the last quarter. SG Americas Securities LLC raised its stake in shares of Tencent Music Entertainment Group by 14.3% during the fourth quarter. SG Americas Securities LLC now owns 325,588 shares of the company’s stock worth $2,934,000 after purchasing an additional 40,765 shares during the last quarter. Finally, Deutsche Bank AG raised its stake in shares of Tencent Music Entertainment Group by 262.6% during the third quarter. Deutsche Bank AG now owns 2,344,133 shares of the company’s stock worth $14,956,000 after purchasing an additional 1,697,604 shares during the last quarter. Hedge funds and other institutional investors own 24.32% of the company’s stock.

Analysts Set New Price Targets

TME has been the subject of several analyst reports. UBS Group upgraded Tencent Music Entertainment Group from a “neutral” rating to a “buy” rating and set a $10.50 price target for the company in a research note on Wednesday, January 24th. Benchmark upped their price target on Tencent Music Entertainment Group from $9.00 to $14.00 and gave the stock a “buy” rating in a research note on Wednesday, March 20th. Redburn Atlantic initiated coverage on Tencent Music Entertainment Group in a research note on Monday, February 5th. They set a “buy” rating and a $12.00 price target for the company. Citigroup upgraded Tencent Music Entertainment Group from a “neutral” rating to a “buy” rating and upped their price target for the stock from $9.00 to $13.00 in a research note on Wednesday, March 20th. Finally, CLSA started coverage on Tencent Music Entertainment Group in a research note on Monday, February 5th. They set an “outperform” rating and a $10.50 price target for the company. Two equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat.com, Tencent Music Entertainment Group has an average rating of “Moderate Buy” and a consensus price target of $11.63.

Tencent Music Entertainment Group Stock Performance

NYSE TME opened at $12.88 on Monday. The business’s 50-day moving average price is $11.01 and its 200 day moving average price is $9.34. Tencent Music Entertainment Group has a twelve month low of $5.70 and a twelve month high of $12.93. The company has a market capitalization of $22.10 billion, a PE ratio of 29.27, a price-to-earnings-growth ratio of 0.79 and a beta of 0.81. The company has a current ratio of 2.49, a quick ratio of 2.49 and a debt-to-equity ratio of 0.10.

Tencent Music Entertainment Group (NYSE:TME) last released its quarterly earnings data on Tuesday, March 19th. The company reported $0.13 EPS for the quarter, topping analysts’ consensus estimates of $0.12 by $0.01. The company had revenue of $971.00 million for the quarter, compared to the consensus estimate of $925.06 million. Tencent Music Entertainment Group had a return on equity of 9.67% and a net margin of 17.71%. On average, research analysts predict that Tencent Music Entertainment Group will post 0.58 earnings per share for the current year.

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; and WeSing, which enables users to sing from its library of karaoke songs and share their performances in audio or video formats with friends.