Skandinaviska Enskilda Banken AB publ Raises Holdings in Tencent Music Entertainment Group (NYSE:TME)

Skandinaviska Enskilda Banken AB publ increased its position in Tencent Music Entertainment Group (NYSE:TME) by 8.8% in the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 152,474 shares of the company’s stock after acquiring an additional 12,300 shares during the quarter. Skandinaviska Enskilda Banken AB publ’s holdings in Tencent Music Entertainment Group were worth $1,787,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in TME. PNC Financial Services Group Inc. grew its position in shares of Tencent Music Entertainment Group by 10.9% in the fourth quarter. PNC Financial Services Group Inc. now owns 11,138 shares of the company’s stock valued at $126,000 after purchasing an additional 1,094 shares in the last quarter. Intech Investment Management LLC grew its holdings in Tencent Music Entertainment Group by 9.1% during the 3rd quarter. Intech Investment Management LLC now owns 19,850 shares of the company’s stock valued at $239,000 after buying an additional 1,664 shares in the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd lifted its stake in Tencent Music Entertainment Group by 3.9% in the 4th quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 51,636 shares of the company’s stock worth $586,000 after purchasing an additional 1,923 shares in the last quarter. Thrivent Financial for Lutherans grew its position in Tencent Music Entertainment Group by 31.7% during the third quarter. Thrivent Financial for Lutherans now owns 15,550 shares of the company’s stock worth $187,000 after buying an additional 3,746 shares in the last quarter. Finally, Avior Wealth Management LLC raised its holdings in shares of Tencent Music Entertainment Group by 253.8% in the 3rd quarter. Avior Wealth Management LLC now owns 5,675 shares of the company’s stock valued at $68,000 after acquiring an additional 4,071 shares in the last quarter. 24.32% of the stock is currently owned by institutional investors.

Tencent Music Entertainment Group Stock Up 4.4 %

NYSE:TME opened at $13.11 on Tuesday. Tencent Music Entertainment Group has a 1-year low of $9.41 and a 1-year high of $15.77. The company has a market capitalization of $22.49 billion, a PE ratio of 24.27, a P/E/G ratio of 0.77 and a beta of 0.70. The firm’s 50-day moving average price is $12.13 and its 200-day moving average price is $11.71. The company has a debt-to-equity ratio of 0.09, a current ratio of 2.34 and a quick ratio of 2.34.

Wall Street Analyst Weigh In

Separately, Morgan Stanley raised Tencent Music Entertainment Group from an “equal weight” rating to an “overweight” rating and set a $13.00 price objective on the stock in a report on Tuesday, January 21st. Three equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $14.04.

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.