Allspring Global Investments Holdings LLC Reduces Stock Holdings in Tencent Music Entertainment Group (NYSE:TME)

Allspring Global Investments Holdings LLC lowered its holdings in Tencent Music Entertainment Group (NYSE:TME) by 32.8% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 5,220,377 shares of the company’s stock after selling 2,553,464 shares during the quarter. Allspring Global Investments Holdings LLC owned 0.30% of Tencent Music Entertainment Group worth $73,346,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in TME. Vanguard Group Inc. increased its position in shares of Tencent Music Entertainment Group by 0.3% in the first quarter. Vanguard Group Inc. now owns 25,057,674 shares of the company’s stock valued at $280,395,000 after buying an additional 84,131 shares in the last quarter. Goldman Sachs Group Inc. grew its position in shares of Tencent Music Entertainment Group by 78.2% in the fourth quarter. Goldman Sachs Group Inc. now owns 13,871,935 shares of the company’s stock valued at $124,986,000 after purchasing an additional 6,088,504 shares during the period. Norges Bank purchased a new stake in shares of Tencent Music Entertainment Group during the fourth quarter worth about $105,328,000. Hsbc Holdings PLC boosted its stake in Tencent Music Entertainment Group by 234.7% during the fourth quarter. Hsbc Holdings PLC now owns 10,116,989 shares of the company’s stock worth $91,012,000 after buying an additional 7,094,511 shares during the last quarter. Finally, Aspex Management HK Ltd purchased a new position in Tencent Music Entertainment Group during the fourth quarter worth about $81,542,000. Hedge funds and other institutional investors own 24.32% of the company’s stock.

Analysts Set New Price Targets

TME has been the topic of a number of recent analyst reports. Bank of America decreased their price objective on Tencent Music Entertainment Group from $18.00 to $15.00 and set a “buy” rating on the stock in a report on Wednesday, August 14th. Benchmark dropped their target price on Tencent Music Entertainment Group from $19.00 to $15.00 and set a “buy” rating for the company in a research report on Wednesday, August 14th. Daiwa Capital Markets cut shares of Tencent Music Entertainment Group from an “outperform” rating to a “neutral” rating in a research report on Tuesday, August 13th. Daiwa America downgraded shares of Tencent Music Entertainment Group from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, August 13th. Finally, Mizuho decreased their price target on shares of Tencent Music Entertainment Group from $17.00 to $16.00 and set an “outperform” rating for the company in a research report on Wednesday, August 14th. Three analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $12.72.

Tencent Music Entertainment Group Stock Performance

Shares of TME stock opened at $10.73 on Wednesday. Tencent Music Entertainment Group has a 1 year low of $5.96 and a 1 year high of $15.77. The company has a debt-to-equity ratio of 0.09, a quick ratio of 2.34 and a current ratio of 2.34. The firm has a market cap of $18.41 billion, a price-to-earnings ratio of 23.33, a PEG ratio of 0.76 and a beta of 0.68. The stock’s 50-day moving average is $13.52 and its two-hundred day moving average is $12.67.

Tencent Music Entertainment Group Company 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.