Tencent Music Entertainment Group (NYSE:TME) Shares Acquired by Exchange Traded Concepts LLC

Exchange Traded Concepts LLC grew its holdings in Tencent Music Entertainment Group (NYSE:TMEFree Report) by 16.5% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 42,009 shares of the company’s stock after acquiring an additional 5,944 shares during the period. Exchange Traded Concepts LLC’s holdings in Tencent Music Entertainment Group were worth $379,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Tower Research Capital LLC TRC grew its stake in shares of Tencent Music Entertainment Group by 595.5% during the second quarter. Tower Research Capital LLC TRC now owns 3,394 shares of the company’s stock worth $25,000 after purchasing an additional 2,906 shares in the last quarter. Headinvest LLC acquired a new position in shares of Tencent Music Entertainment Group during the third quarter worth $39,000. HighTower Advisors LLC acquired a new position in shares of Tencent Music Entertainment Group during the first quarter worth $51,000. GABELLI & Co INVESTMENT ADVISERS INC. acquired a new position in shares of Tencent Music Entertainment Group during the third quarter worth $64,000. Finally, PDS Planning Inc acquired a new position in Tencent Music Entertainment Group in the third quarter valued at $65,000. Institutional investors and hedge funds own 23.59% of the company’s stock.

Wall Street Analyst Weigh In

TME has been the subject of several research analyst reports. Benchmark upped their price objective on shares of Tencent Music Entertainment Group from $9.00 to $14.00 and gave the company a “buy” rating in a research note on Wednesday. The Goldman Sachs Group raised shares of Tencent Music Entertainment Group from a “neutral” rating to a “buy” rating and set a $14.00 target price for the company in a report on Wednesday. Bank of America upped their target price on shares of Tencent Music Entertainment Group from $10.50 to $12.30 and gave the company a “buy” rating in a report on Wednesday. CLSA assumed coverage on shares of Tencent Music Entertainment Group in a report on Monday, February 5th. They set an “outperform” rating and a $10.50 price target for the company. Finally, UBS Group raised shares of Tencent Music Entertainment Group from a “neutral” rating to a “buy” rating and set a $10.50 price target for the company in a report on Wednesday, January 24th. Two analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $11.63.

Get Our Latest Report on Tencent Music Entertainment Group

Tencent Music Entertainment Group Trading Up 5.7 %

Shares of TME opened at $11.67 on Thursday. The firm’s 50-day moving average is $9.78 and its two-hundred day moving average is $8.34. The firm has a market capitalization of $20.03 billion, a P/E ratio of 27.14, a PEG ratio of 0.85 and a beta of 0.80. Tencent Music Entertainment Group has a twelve month low of $5.70 and a twelve month high of $11.74. The company has a current ratio of 2.46, a quick ratio of 2.46 and a debt-to-equity ratio of 0.10.

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; and WeSing, which enables users to sing from its library of karaoke songs and share their performances in audio or video formats with friends.

Further Reading

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

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