Los Angeles Capital Management LLC reduced its holdings in shares of Tencent Music Entertainment Group (NYSE:TME – Free Report) by 30.8% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 375,295 shares of the company’s stock after selling 166,971 shares during the period. Los Angeles Capital Management LLC’s holdings in Tencent Music Entertainment Group were worth $3,381,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in TME. Blue Creek Capital Management Ltd acquired a new stake in shares of Tencent Music Entertainment Group in the fourth quarter valued at $4,440,000. Beck Bode LLC purchased a new position in shares of Tencent Music Entertainment Group in the 4th quarter valued at about $230,000. Signaturefd LLC grew its position in shares of Tencent Music Entertainment Group by 5.1% during the fourth quarter. Signaturefd LLC now owns 33,465 shares of the company’s stock worth $302,000 after buying an additional 1,628 shares in the last quarter. Lindbrook Capital LLC raised its holdings in Tencent Music Entertainment Group by 40.9% in the fourth quarter. Lindbrook Capital LLC now owns 7,036 shares of the company’s stock valued at $63,000 after acquiring an additional 2,044 shares in the last quarter. Finally, abrdn plc lifted its stake in Tencent Music Entertainment Group by 2.8% in the fourth quarter. abrdn plc now owns 256,107 shares of the company’s stock worth $2,308,000 after acquiring an additional 6,931 shares during the last quarter. Hedge funds and other institutional investors own 24.32% of the company’s stock.
Tencent Music Entertainment Group Trading Up 3.4 %
Shares of TME stock opened at $13.50 on Monday. The company has a market capitalization of $23.17 billion, a P/E ratio of 30.68, a price-to-earnings-growth ratio of 0.83 and a beta of 0.77. The company has a current ratio of 2.49, a quick ratio of 2.49 and a debt-to-equity ratio of 0.10. The business’s 50 day moving average is $11.28 and its two-hundred day moving average is $9.55. Tencent Music Entertainment Group has a twelve month low of $5.70 and a twelve month high of $13.50.
Wall Street Analyst Weigh In
Several equities research analysts have recently issued reports on the stock. Morgan Stanley lifted their price objective on shares of Tencent Music Entertainment Group from $11.00 to $13.50 and gave the stock an “overweight” rating in a research report on Wednesday, March 20th. CLSA began coverage on Tencent Music Entertainment Group in a report on Monday, February 5th. They issued an “outperform” rating and a $10.50 price objective on the stock. HSBC boosted their target price on Tencent Music Entertainment Group from $9.50 to $10.40 and gave the stock a “hold” rating in a research note on Wednesday, March 20th. Benchmark increased their price target 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, March 20th. Finally, 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, March 20th. Two equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $11.63.
Get Our Latest Research Report on TME
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.
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