Exchange Traded Concepts LLC Buys 90,329 Shares of Tencent Music Entertainment Group (NYSE:TME)

Exchange Traded Concepts LLC raised its stake in shares of Tencent Music Entertainment Group (NYSE:TME) by 232.6% in the fourth quarter, Holdings Channel.com reports. The institutional investor owned 129,170 shares of the company’s stock after buying an additional 90,329 shares during the quarter. Exchange Traded Concepts LLC’s holdings in Tencent Music Entertainment Group were worth $1,466,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also recently modified their holdings of TME. Intech Investment Management LLC increased its position in Tencent Music Entertainment Group by 9.1% during the third quarter. Intech Investment Management LLC now owns 19,850 shares of the company’s stock valued at $239,000 after acquiring an additional 1,664 shares during the last quarter. Diversify Wealth Management LLC increased its position in shares of Tencent Music Entertainment Group by 3.9% during the 3rd quarter. Diversify Wealth Management LLC now owns 49,146 shares of the company’s stock valued at $570,000 after purchasing an additional 1,862 shares during the last quarter. Thrivent Financial for Lutherans lifted its stake in shares of Tencent Music Entertainment Group by 31.7% in the 3rd quarter. Thrivent Financial for Lutherans now owns 15,550 shares of the company’s stock worth $187,000 after purchasing an additional 3,746 shares during the period. Avior Wealth Management LLC boosted 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. Finally, Handelsbanken Fonder AB grew its position in Tencent Music Entertainment Group by 2.4% during the third quarter. Handelsbanken Fonder AB now owns 179,636 shares of the company’s stock valued at $2,165,000 after buying an additional 4,265 shares during the period. 24.32% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research analysts have weighed in on TME shares. 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 report on Tuesday, January 21st. Barclays initiated coverage on Tencent Music Entertainment Group in a report on Wednesday, November 6th. They issued an “overweight” rating and a $16.00 target price on the stock. Finally, Sanford C. Bernstein assumed coverage on Tencent Music Entertainment Group in a report on Monday, November 4th. They set an “outperform” rating and a $14.00 price target for the company. Three analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $13.54.

Tencent Music Entertainment Group Stock Up 1.9 %

Shares of TME opened at $11.81 on Tuesday. The business’s 50 day moving average is $11.47 and its 200 day moving average is $11.76. 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 has a 12-month low of $8.88 and a 12-month high of $15.77. The company has a market capitalization of $20.27 billion, a PE ratio of 21.87, a price-to-earnings-growth ratio of 0.67 and a beta of 0.69.

About Tencent Music Entertainment Group

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.