Exchange Traded Concepts LLC Grows Stake in Tencent Music Entertainment Group (NYSE:TME)

Exchange Traded Concepts LLC grew its holdings in shares of Tencent Music Entertainment Group (NYSE:TMEFree Report) by 232.6% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm owned 129,170 shares of the company’s stock after buying an additional 90,329 shares during the period. Exchange Traded Concepts LLC’s holdings in Tencent Music Entertainment Group were worth $1,466,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Wilmington Savings Fund Society FSB purchased a new position in Tencent Music Entertainment Group during the 3rd quarter valued at $64,000. Avior Wealth Management LLC increased its position in shares of Tencent Music Entertainment Group by 253.8% during the third quarter. Avior Wealth Management LLC now owns 5,675 shares of the company’s stock valued at $68,000 after buying an additional 4,071 shares during the period. Caprock Group LLC bought a new position in Tencent Music Entertainment Group in the third quarter worth about $147,000. Diversify Advisory Services LLC purchased a new stake in Tencent Music Entertainment Group in the third quarter worth about $166,000. Finally, DRW Securities LLC purchased a new position in shares of Tencent Music Entertainment Group during the 3rd quarter worth approximately $169,000. Institutional investors own 24.32% of the company’s stock.

Tencent Music Entertainment Group Stock Up 1.9 %

TME stock opened at $11.81 on Tuesday. The stock has a market capitalization of $20.27 billion, a P/E ratio of 21.87, a P/E/G ratio of 0.67 and a beta of 0.69. 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 has a 1-year low of $8.88 and a 1-year high of $15.77. The business has a fifty day moving average price of $11.47 and a 200-day moving average price of $11.76.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the company. Morgan Stanley upgraded Tencent Music Entertainment Group from an “equal weight” rating to an “overweight” rating and set a $13.00 price objective for the company in a report on Tuesday, January 21st. Barclays initiated coverage on shares of Tencent Music Entertainment Group in a report on Wednesday, November 6th. They issued an “overweight” rating and a $16.00 price objective on the stock. Finally, Sanford C. Bernstein initiated coverage on shares of Tencent Music Entertainment Group in a report on Monday, November 4th. They set an “outperform” rating and a $14.00 target price for the company. Three equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $13.54.

Get Our Latest Stock Analysis on TME

Tencent Music Entertainment Group Company Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Tencent Music Entertainment Group (NYSE:TME)

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