Hsbc Holdings PLC Boosts Stock Position in Tencent Music Entertainment Group Sponsored ADR $TME

Hsbc Holdings PLC boosted its stake in shares of Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) by 22.0% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 3,724,806 shares of the company’s stock after acquiring an additional 671,724 shares during the quarter. Hsbc Holdings PLC owned about 0.22% of Tencent Music Entertainment Group worth $72,596,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also modified their holdings of the company. Acadian Asset Management LLC increased its holdings in Tencent Music Entertainment Group by 2,928.0% in the second quarter. Acadian Asset Management LLC now owns 1,519,458 shares of the company’s stock valued at $29,601,000 after buying an additional 1,469,278 shares in the last quarter. Aviva PLC boosted its stake in shares of Tencent Music Entertainment Group by 2.4% during the 2nd quarter. Aviva PLC now owns 542,606 shares of the company’s stock worth $10,575,000 after acquiring an additional 12,489 shares in the last quarter. AGF Management Ltd. acquired a new stake in shares of Tencent Music Entertainment Group in the 2nd quarter worth approximately $9,184,000. Strs Ohio purchased a new position in Tencent Music Entertainment Group in the 1st quarter valued at approximately $1,228,000. Finally, Aberdeen Group plc raised its holdings in Tencent Music Entertainment Group by 26.9% during the second quarter. Aberdeen Group plc now owns 227,607 shares of the company’s stock worth $4,436,000 after purchasing an additional 48,271 shares during the last quarter. Institutional investors and hedge funds own 24.32% of the company’s stock.

Tencent Music Entertainment Group Stock Performance

Shares of TME opened at $18.45 on Friday. The company has a debt-to-equity ratio of 0.04, a quick ratio of 2.08 and a current ratio of 2.09. The company has a market capitalization of $31.66 billion, a price-to-earnings ratio of 19.22, a PEG ratio of 1.10 and a beta of 0.51. The company’s 50 day simple moving average is $21.71 and its 200 day simple moving average is $21.38. Tencent Music Entertainment Group Sponsored ADR has a 1 year low of $10.26 and a 1 year high of $26.70.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on TME shares. Wall Street Zen cut Tencent Music Entertainment Group from a “buy” rating to a “hold” rating in a research report on Saturday, November 8th. Weiss Ratings reissued a “buy (b-)” rating on shares of Tencent Music Entertainment Group in a research note on Wednesday, October 8th. Bank of America started coverage on shares of Tencent Music Entertainment Group in a report on Tuesday, October 28th. They set a “neutral” rating and a $25.00 target price for the company. Sanford C. Bernstein set a $27.50 price target on shares of Tencent Music Entertainment Group and gave the company an “outperform” rating in a report on Wednesday, August 13th. Finally, Citigroup reiterated a “buy” rating and issued a $29.00 price target (up from $23.00) on shares of Tencent Music Entertainment Group in a research report on Tuesday, August 12th. One equities research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $24.29.

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.