Tencent Music Entertainment Group (NYSE:TME) Shares Acquired by Nordea Investment Management AB

Nordea Investment Management AB boosted its stake in Tencent Music Entertainment Group (NYSE:TME) by 9.5% during the fourth quarter, Holdings Channel.com reports. The fund owned 1,464,366 shares of the company’s stock after purchasing an additional 127,561 shares during the quarter. Nordea Investment Management AB’s holdings in Tencent Music Entertainment Group were worth $16,738,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in TME. DekaBank Deutsche Girozentrale raised its holdings in shares of Tencent Music Entertainment Group by 0.9% during the second quarter. DekaBank Deutsche Girozentrale now owns 101,442 shares of the company’s stock valued at $1,403,000 after acquiring an additional 922 shares during the last quarter. Intech Investment Management LLC grew its holdings in shares of Tencent Music Entertainment Group by 9.1% during the third quarter. Intech Investment Management LLC now owns 19,850 shares of the company’s stock worth $239,000 after buying an additional 1,664 shares in the last quarter. Diversify Wealth Management LLC grew its holdings in shares of Tencent Music Entertainment Group by 3.9% during the third quarter. Diversify Wealth Management LLC now owns 49,146 shares of the company’s stock worth $570,000 after buying an additional 1,862 shares in the last quarter. Ashton Thomas Private Wealth LLC acquired a new stake in shares of Tencent Music Entertainment Group in the second quarter valued at about $37,000. Finally, Thrivent Financial for Lutherans lifted its stake in shares of Tencent Music Entertainment Group by 31.7% in the third quarter. Thrivent Financial for Lutherans now owns 15,550 shares of the company’s stock worth $187,000 after buying an additional 3,746 shares in the last quarter. Hedge funds and other institutional investors own 24.32% of the company’s stock.

Tencent Music Entertainment Group Trading Up 0.8 %

Shares of TME stock opened at $10.91 on Thursday. Tencent Music Entertainment Group has a 1-year low of $8.19 and a 1-year high of $15.77. The firm has a market cap of $18.72 billion, a PE ratio of 20.20, a price-to-earnings-growth ratio of 0.91 and a beta of 0.69. The company has a 50-day moving average of $11.58 and a two-hundred day moving average of $12.09. The company has a debt-to-equity ratio of 0.09, a current ratio of 2.34 and a quick ratio of 2.34.

Analyst Ratings Changes

Several analysts recently issued reports on TME shares. Barclays initiated coverage on shares of Tencent Music Entertainment Group in a research note on Wednesday, November 6th. They set an “overweight” rating and a $16.00 price objective for the company. Morgan Stanley cut Tencent Music Entertainment Group from an “overweight” rating to an “equal weight” rating and cut their price target for the company from $15.00 to $13.00 in a report on Wednesday, September 25th. Finally, Sanford C. Bernstein started coverage on Tencent Music Entertainment Group in a research note on Monday, November 4th. They set an “outperform” rating and a $14.00 price objective on the stock. Four research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $13.28.

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.