Tencent Music Entertainment Group (NYSE:TME) Shares Sold by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC cut its stake in shares of Tencent Music Entertainment Group (NYSE:TME) by 13.4% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 9,114,226 shares of the company’s stock after selling 1,404,431 shares during the quarter. Allspring Global Investments Holdings LLC owned about 0.53% of Tencent Music Entertainment Group worth $82,119,000 at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. Tower Research Capital LLC TRC grew its holdings in Tencent Music Entertainment Group by 595.5% in the second quarter. Tower Research Capital LLC TRC now owns 3,394 shares of the company’s stock valued at $25,000 after purchasing an additional 2,906 shares during the last quarter. Headinvest LLC acquired a new stake in Tencent Music Entertainment Group during the third quarter valued at approximately $39,000. HighTower Advisors LLC acquired a new position in shares of Tencent Music Entertainment Group in the 1st quarter valued at about $51,000. GABELLI & Co INVESTMENT ADVISERS INC. bought a new stake in shares of Tencent Music Entertainment Group in the 3rd quarter worth approximately $64,000. Finally, PDS Planning Inc acquired a new position in Tencent Music Entertainment Group during the 3rd quarter valued at approximately $65,000. Hedge funds and other institutional investors own 24.32% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on TME shares. Redburn Atlantic initiated coverage on shares of Tencent Music Entertainment Group in a research report on Monday, February 5th. They set a “buy” rating and a $12.00 price target for the company. UBS Group upgraded shares of Tencent Music Entertainment Group from a “neutral” rating to a “buy” rating and set a $10.50 price objective for the company in a report on Wednesday, January 24th. Morgan Stanley boosted their target price on Tencent Music Entertainment Group from $11.00 to $13.50 and gave the stock an “overweight” rating in a report on Wednesday, March 20th. Bank of America boosted their price objective on Tencent Music Entertainment Group from $10.50 to $12.30 and gave the stock a “buy” rating in a research note on Wednesday, March 20th. Finally, The Goldman Sachs Group raised Tencent Music Entertainment Group from a “neutral” rating to a “buy” rating and set a $14.00 target price for the company in a research note on Wednesday, March 20th. Two investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $11.63.

Tencent Music Entertainment Group Stock Up 2.2 %

TME stock opened at $11.84 on Wednesday. The company has a debt-to-equity ratio of 0.10, a current ratio of 2.49 and a quick ratio of 2.49. The firm has a market capitalization of $20.32 billion, a P/E ratio of 26.91, a P/E/G ratio of 0.71 and a beta of 0.81. Tencent Music Entertainment Group has a 52-week low of $5.70 and a 52-week high of $11.97. The company’s 50 day simple moving average is $10.44 and its 200-day simple moving average is $8.83.

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