Swiss National Bank Buys 38,100 Shares of Tencent Music Entertainment Group (NYSE:TME)

Swiss National Bank raised its position in Tencent Music Entertainment Group (NYSE:TMEGet Rating) by 2.1% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,819,753 shares of the company’s stock after purchasing an additional 38,100 shares during the quarter. Swiss National Bank’s holdings in Tencent Music Entertainment Group were worth $9,135,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Federated Hermes Inc. boosted its holdings in shares of Tencent Music Entertainment Group by 436.7% during the first quarter. Federated Hermes Inc. now owns 6,735,840 shares of the company’s stock worth $32,804,000 after acquiring an additional 5,480,718 shares during the period. Invesco Ltd. increased its holdings in shares of Tencent Music Entertainment Group by 75.0% during the first quarter. Invesco Ltd. now owns 11,245,066 shares of the company’s stock worth $54,762,000 after buying an additional 4,818,787 shares in the last quarter. Krane Funds Advisors LLC increased its holdings in shares of Tencent Music Entertainment Group by 24.1% during the first quarter. Krane Funds Advisors LLC now owns 18,037,068 shares of the company’s stock worth $87,841,000 after buying an additional 3,502,185 shares in the last quarter. Allspring Global Investments Holdings LLC raised its holdings in shares of Tencent Music Entertainment Group by 22.8% during the second quarter. Allspring Global Investments Holdings LLC now owns 10,703,046 shares of the company’s stock valued at $53,729,000 after purchasing an additional 1,988,646 shares during the period. Finally, 1832 Asset Management L.P. raised its holdings in shares of Tencent Music Entertainment Group by 420.4% during the first quarter. 1832 Asset Management L.P. now owns 2,272,494 shares of the company’s stock valued at $10,915,000 after purchasing an additional 1,835,852 shares during the period. Institutional investors and hedge funds own 22.62% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have commented on the stock. Benchmark upgraded shares of Tencent Music Entertainment Group from a “hold” rating to a “buy” rating and set a $7.00 price objective for the company in a research note on Wednesday, November 16th. JPMorgan Chase & Co. raised shares of Tencent Music Entertainment Group from a “neutral” rating to an “overweight” rating in a report on Monday. Finally, The Goldman Sachs Group lowered their price objective on shares of Tencent Music Entertainment Group from $5.40 to $4.40 in a research report on Sunday, November 6th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $5.53.

Tencent Music Entertainment Group Price Performance

Tencent Music Entertainment Group stock opened at $5.56 on Tuesday. Tencent Music Entertainment Group has a 52-week low of $2.95 and a 52-week high of $7.75. The company has a market cap of $9.42 billion, a price-to-earnings ratio of 19.86, a PEG ratio of 0.96 and a beta of 0.63. The company has a quick ratio of 2.15, a current ratio of 2.15 and a debt-to-equity ratio of 0.12. The firm’s fifty day moving average is $4.24 and its 200 day moving average is $4.40.

About Tencent Music Entertainment Group

(Get Rating)

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 and listen to music in personalized ways; and WeSing, which enables users to have fun by singing and interacting with friends, sharing their singing performances with friends, and discovering songs that others have sung.

Further Reading

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

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