Tencent Music Entertainment Group (NYSE:TME) Shares Acquired by Nordea Investment Management AB

Nordea Investment Management AB lifted its holdings in Tencent Music Entertainment Group (NYSE:TME) by 9.5% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,464,366 shares of the company’s stock after purchasing an additional 127,561 shares during the quarter. Nordea Investment Management AB owned about 0.09% of Tencent Music Entertainment Group worth $16,738,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Ashton Thomas Private Wealth LLC acquired a new position in shares of Tencent Music Entertainment Group during the second quarter valued at about $37,000. Wilmington Savings Fund Society FSB acquired a new position in Tencent Music Entertainment Group during the 3rd quarter valued at approximately $64,000. Avior Wealth Management LLC raised its holdings in shares of Tencent Music Entertainment Group by 253.8% in the third quarter. Avior Wealth Management LLC now owns 5,675 shares of the company’s stock worth $68,000 after buying an additional 4,071 shares during the last quarter. Caprock Group LLC acquired a new stake in shares of Tencent Music Entertainment Group during the third quarter worth $147,000. Finally, Wrapmanager Inc. purchased a new stake in shares of Tencent Music Entertainment Group during the second quarter valued at $192,000. 24.32% of the stock is currently owned by hedge funds and other institutional investors.

Tencent Music Entertainment Group Stock Performance

Shares of NYSE TME opened at $10.91 on Thursday. The company has a market capitalization of $18.72 billion, a PE ratio of 20.20, a price-to-earnings-growth ratio of 0.91 and a beta of 0.69. The company has a debt-to-equity ratio of 0.09, a quick ratio of 2.34 and a current ratio of 2.34. The company’s fifty day moving average price is $11.58 and its 200 day moving average price is $12.09. Tencent Music Entertainment Group has a 1 year low of $8.19 and a 1 year high of $15.77.

Wall Street Analyst Weigh In

A number of brokerages have commented on TME. Morgan Stanley cut Tencent Music Entertainment Group from an “overweight” rating to an “equal weight” rating and lowered their price target for the stock from $15.00 to $13.00 in a research report on Wednesday, September 25th. Barclays started coverage on Tencent Music Entertainment Group in a report on Wednesday, November 6th. They set an “overweight” rating and a $16.00 target price for the company. Finally, Sanford C. Bernstein began coverage on shares of Tencent Music Entertainment Group in a report on Monday, November 4th. They issued an “outperform” rating and a $14.00 price target on the stock. Four analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $13.28.

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.