Tencent Music Entertainment Group Sponsored ADR $TME Holdings Raised by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC raised its stake in shares of Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) by 21.3% in the first quarter, HoldingsChannel reports. The institutional investor owned 4,246,363 shares of the company’s stock after purchasing an additional 744,490 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Tencent Music Entertainment Group were worth $39,024,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Principal Financial Group Inc. increased its stake in shares of Tencent Music Entertainment Group by 12.5% in the first quarter. Principal Financial Group Inc. now owns 630,066 shares of the company’s stock worth $5,847,000 after acquiring an additional 69,818 shares during the last quarter. Sequoia Financial Advisors LLC raised its holdings in shares of Tencent Music Entertainment Group by 14.6% during the first quarter. Sequoia Financial Advisors LLC now owns 21,728 shares of the company’s stock worth $202,000 after acquiring an additional 2,765 shares in the last quarter. Summit Securities Group LLC acquired a new stake in Tencent Music Entertainment Group during the first quarter valued at $110,000. Swedbank AB boosted its position in Tencent Music Entertainment Group by 6.7% during the first quarter. Swedbank AB now owns 651,685 shares of the company’s stock valued at $6,048,000 after purchasing an additional 40,766 shares during the last quarter. Finally, Y Intercept Hong Kong Ltd grew its stake in Tencent Music Entertainment Group by 75.0% in the first quarter. Y Intercept Hong Kong Ltd now owns 763,551 shares of the company’s stock valued at $7,086,000 after purchasing an additional 327,295 shares in the last quarter. 24.32% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

TME has been the topic of several research reports. Weiss Ratings raised Tencent Music Entertainment Group from a “hold (c-)” rating to a “hold (c)” rating in a research report on Wednesday, July 1st. Zacks Research raised Tencent Music Entertainment Group from a “strong sell” rating to a “hold” rating in a research note on Tuesday, May 19th. JPMorgan Chase & Co. lowered their price target on Tencent Music Entertainment Group from $12.00 to $10.00 and set a “neutral” rating for the company in a research note on Thursday, May 14th. Finally, Mizuho dropped their price objective on Tencent Music Entertainment Group from $23.00 to $18.00 and set an “outperform” rating on the stock in a report on Wednesday, May 13th. Six analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $21.44.

Tencent Music Entertainment Group Stock Performance

Shares of TME opened at $9.13 on Monday. The company has a market capitalization of $14.37 billion, a PE ratio of 11.41, a price-to-earnings-growth ratio of 0.59 and a beta of 0.82. Tencent Music Entertainment Group Sponsored ADR has a one year low of $7.94 and a one year high of $26.70. The company has a debt-to-equity ratio of 0.06, a current ratio of 2.09 and a quick ratio of 2.08. The company’s fifty day moving average price is $8.90 and its 200 day moving average price is $11.81.

Tencent Music Entertainment Group (NYSE:TME) last released its quarterly earnings results on Tuesday, March 31st. The company reported $0.11 earnings per share (EPS) for the quarter. The company had revenue of $1.15 billion during the quarter. Tencent Music Entertainment Group had a net margin of 26.45% and a return on equity of 11.20%. As a group, analysts expect that Tencent Music Entertainment Group Sponsored ADR will post 0.9 earnings per share for the current year.

Tencent Music Entertainment Group Profile

Tencent Music Entertainment Group (NYSE: TME) is a China-based digital music and audio entertainment platform that operates a portfolio of leading music streaming and social entertainment services. Its core consumer-facing products include streaming apps, online karaoke (KTV) services and live music and entertainment broadcasts. The company monetizes its content through a mix of subscriptions, digital music sales, in-app purchases, virtual gifting, advertising and licensing arrangements with rights holders.

The company traces its roots to the consolidation of Tencent’s music assets and was established in the mid-2010s to unify several prominent music properties under a single operating entity.