Skandinaviska Enskilda Banken AB publ Has $298,000 Stake in Tencent Music Entertainment Group (NYSE:TME)

Posted by on Feb 25th, 2023

Skandinaviska Enskilda Banken AB publ lessened its holdings in shares of Tencent Music Entertainment Group (NYSE:TME – Get Rating) by 29.1% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 73,300 shares of the company’s stock after selling 30,100 shares during the quarter. Skandinaviska Enskilda Banken AB publ’s holdings in Tencent Music Entertainment Group were worth $298,000 at the end of the most recent reporting period.

A number of other institutional investors have also made changes to their positions in the business. Barclays PLC increased its stake in shares of Tencent Music Entertainment Group by 17.5% during the third quarter. Barclays PLC now owns 1,645,511 shares of the company’s stock worth $6,681,000 after purchasing an additional 244,812 shares during the period. Macquarie Group Ltd. grew its stake in shares of Tencent Music Entertainment Group by 3.2% in the second quarter. Macquarie Group Ltd. now owns 1,594,808 shares of the company’s stock valued at $8,006,000 after acquiring an additional 49,954 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. increased its position in Tencent Music Entertainment Group by 11.1% during the second quarter. Connor Clark & Lunn Investment Management Ltd. now owns 196,264 shares of the company’s stock worth $985,000 after acquiring an additional 19,606 shares during the period. Pinnacle Wealth Planning Services Inc. raised its stake in Tencent Music Entertainment Group by 25.5% in the 3rd quarter. Pinnacle Wealth Planning Services Inc. now owns 25,184 shares of the company’s stock worth $102,000 after purchasing an additional 5,110 shares in the last quarter. Finally, Aviva PLC raised its stake in Tencent Music Entertainment Group by 15.1% in the 2nd quarter. Aviva PLC now owns 359,259 shares of the company’s stock worth $1,803,000 after purchasing an additional 47,000 shares in the last quarter. 21.77% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several analysts have recently issued reports on TME shares. Daiwa Capital Markets began coverage on Tencent Music Entertainment Group in a report on Friday, January 13th. They set a “buy” rating on the stock. JPMorgan Chase & Co. initiated coverage on shares of Tencent Music Entertainment Group in a research report on Monday, January 30th. They issued an “overweight” rating for the company. Morgan Stanley raised shares of Tencent Music Entertainment Group from an “equal weight” rating to an “overweight” rating and upped their price target for the stock from $4.50 to $8.50 in a report on Thursday, December 1st. The Goldman Sachs Group raised shares of Tencent Music Entertainment Group from a “sell” rating to a “neutral” rating and lifted their price objective for the company from $5.00 to $8.00 in a research note on Monday, January 9th. Finally, 86 Research downgraded shares of Tencent Music Entertainment Group from a “buy” rating to a “hold” rating in a research report on Thursday, January 19th. Two investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $7.02.

Tencent Music Entertainment Group Trading Down 2.2 %

NYSE TME opened at $7.59 on Friday. The company has a market cap of $12.87 billion, a price-to-earnings ratio of 27.11, a price-to-earnings-growth ratio of 0.68 and a beta of 0.78. Tencent Music Entertainment Group has a twelve month low of $2.95 and a twelve month high of $9.29. The company has a quick ratio of 2.15, a current ratio of 2.15 and a debt-to-equity ratio of 0.12. The business’s fifty day moving average is $8.40 and its 200 day moving average is $6.15.

Tencent Music Entertainment Group Company Profile

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Tencent Music Entertainment Group is a holding company, which engages in the operation of an online music and audio entertainment platform. Its platform is composed of online music, online audio, online karaoke, music-centric live streaming, and online concert services. The company was founded on June 6, 2012 and is headquartered in Shenzhen, China.

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Institutional Ownership by Quarter for Tencent Music Entertainment Group (NYSE:TME)

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