Allspring Global Investments Holdings LLC Increases Position in Tencent Music Entertainment Group (NYSE:TME)

Allspring Global Investments Holdings LLC increased its stake in shares of Tencent Music Entertainment Group (NYSE:TME) by 8.7% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 6,496,359 shares of the company’s stock after buying an additional 522,599 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Tencent Music Entertainment Group were worth $73,539,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in the stock. Sumitomo Mitsui DS Asset Management Company Ltd lifted its position in Tencent Music Entertainment Group by 3.9% during the 4th quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 51,636 shares of the company’s stock worth $586,000 after acquiring an additional 1,923 shares during the period. Sumitomo Mitsui Trust Group Inc. raised its stake in shares of Tencent Music Entertainment Group by 0.3% during the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,767,319 shares of the company’s stock worth $20,059,000 after purchasing an additional 4,837 shares during the last quarter. Jennison Associates LLC lifted its holdings in shares of Tencent Music Entertainment Group by 0.5% during the fourth quarter. Jennison Associates LLC now owns 2,833,838 shares of the company’s stock worth $32,164,000 after purchasing an additional 14,971 shares during the period. Matthews International Capital Management LLC grew its position in Tencent Music Entertainment Group by 136.9% in the 4th quarter. Matthews International Capital Management LLC now owns 756,957 shares of the company’s stock valued at $8,591,000 after buying an additional 437,418 shares during the last quarter. Finally, Union Bancaire Privee UBP SA acquired a new position in Tencent Music Entertainment Group in the 4th quarter valued at $370,000. Institutional investors and hedge funds own 24.32% of the company’s stock.

Tencent Music Entertainment Group Price Performance

TME stock opened at $12.65 on Thursday. The firm has a 50 day moving average of $11.59 and a 200-day moving average of $11.53. The company has a market cap of $21.71 billion, a price-to-earnings ratio of 23.43, a PEG ratio of 0.73 and a beta of 0.70. The company has a current ratio of 2.34, a quick ratio of 2.34 and a debt-to-equity ratio of 0.09. Tencent Music Entertainment Group has a 12-month low of $9.15 and a 12-month high of $15.77.

Analyst Ratings Changes

TME has been the subject of several recent analyst reports. Barclays initiated coverage on shares of Tencent Music Entertainment Group in a research note on Wednesday, November 6th. They issued an “overweight” rating and a $16.00 target price for the company. Sanford C. Bernstein began coverage on shares of Tencent Music Entertainment Group in a research report on Monday, November 4th. They issued an “outperform” rating and a $14.00 price objective for the company. Finally, Morgan Stanley raised Tencent Music Entertainment Group from an “equal weight” rating to an “overweight” rating and set a $13.00 price objective on the stock in a report on Tuesday, January 21st. Three equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat.com, Tencent Music Entertainment Group currently has a consensus rating of “Moderate Buy” and an average target price of $14.04.

About Tencent Music Entertainment Group

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.