Handelsbanken Fonder AB Grows Position in Tencent Music Entertainment Group (NYSE:TME)

Handelsbanken Fonder AB increased its holdings in Tencent Music Entertainment Group (NYSE:TME) by 7.4% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 192,930 shares of the company’s stock after purchasing an additional 13,294 shares during the period. Handelsbanken Fonder AB’s holdings in Tencent Music Entertainment Group were worth $2,190,000 at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. Wilmington Savings Fund Society FSB bought a new position in shares of Tencent Music Entertainment Group in the third quarter worth about $64,000. Avior Wealth Management LLC lifted its position in shares of Tencent Music Entertainment Group by 253.8% during the third quarter. Avior Wealth Management LLC now owns 5,675 shares of the company’s stock valued at $68,000 after buying an additional 4,071 shares during the last quarter. Caprock Group LLC purchased a new stake in shares of Tencent Music Entertainment Group during the third quarter valued at about $147,000. Diversify Advisory Services LLC purchased a new stake in shares of Tencent Music Entertainment Group during the third quarter valued at about $166,000. Finally, DRW Securities LLC purchased a new position in shares of Tencent Music Entertainment Group in the 3rd quarter valued at approximately $169,000. Institutional investors own 24.32% of the company’s stock.

Wall Street Analyst Weigh In

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

Tencent Music Entertainment Group Stock Down 2.1 %

TME stock opened at $12.71 on Wednesday. The company’s 50 day moving average price is $11.81 and its 200 day moving average price is $11.52. 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 capitalization of $21.81 billion, a price-to-earnings ratio of 23.53, a PEG ratio of 0.77 and a beta of 0.70. Tencent Music Entertainment Group has a fifty-two week low of $9.15 and a fifty-two week high of $15.77.

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.