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

abrdn plc decreased its holdings in Tencent Music Entertainment Group (NYSE:TME) by 19.1% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 354,086 shares of the company’s stock after selling 83,862 shares during the quarter. abrdn plc’s holdings in Tencent Music Entertainment Group were worth $4,035,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of the stock. Bank of Montreal Can grew its holdings in shares of Tencent Music Entertainment Group by 86.0% in the 3rd quarter. Bank of Montreal Can now owns 181,991 shares of the company’s stock worth $2,235,000 after acquiring an additional 84,161 shares during the last quarter. BNP Paribas Financial Markets boosted its position in shares of Tencent Music Entertainment Group by 33.6% in the 3rd quarter. BNP Paribas Financial Markets now owns 1,911,048 shares of the company’s stock valued at $23,028,000 after purchasing an additional 480,504 shares during the period. Fiera Capital Corp increased its stake in Tencent Music Entertainment Group by 21.2% in the 3rd quarter. Fiera Capital Corp now owns 434,353 shares of the company’s stock worth $5,234,000 after purchasing an additional 75,991 shares in the last quarter. Principal Financial Group Inc. raised its holdings in Tencent Music Entertainment Group by 4.0% during the 3rd quarter. Principal Financial Group Inc. now owns 5,478,297 shares of the company’s stock worth $66,013,000 after buying an additional 211,873 shares during the period. Finally, US Bancorp DE lifted its stake in Tencent Music Entertainment Group by 278.6% during the third quarter. US Bancorp DE now owns 101,174 shares of the company’s stock valued at $1,219,000 after buying an additional 74,452 shares in the last quarter. Institutional investors own 24.32% of the company’s stock.

Tencent Music Entertainment Group Stock Performance

Shares of NYSE TME opened at $12.54 on Monday. The business’s 50-day moving average price is $11.58 and its two-hundred day moving average price is $11.58. Tencent Music Entertainment Group has a one year low of $9.15 and a one year high of $15.77. The company has a market capitalization of $21.51 billion, a P/E ratio of 23.21, a price-to-earnings-growth ratio of 0.73 and a beta of 0.70. The company has a debt-to-equity ratio of 0.09, a current ratio of 2.34 and a quick ratio of 2.34.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on TME. Morgan Stanley raised shares of Tencent Music Entertainment Group from an “equal weight” rating to an “overweight” rating and set a $13.00 target price on the stock in a research report on Tuesday, January 21st. Barclays initiated coverage on shares of Tencent Music Entertainment Group in a research report on Wednesday, November 6th. They set an “overweight” rating and a $16.00 price objective on the stock. Finally, Sanford C. Bernstein started coverage on Tencent Music Entertainment Group in a report on Monday, November 4th. They issued an “outperform” rating and a $14.00 target price for the company. Three analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to MarketBeat.com, Tencent Music Entertainment Group currently has an average rating of “Moderate Buy” and an average target price of $14.04.

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.