Tencent Music Entertainment Group (NYSE:TME – Get Free Report) gapped up prior to trading on Tuesday . The stock had previously closed at $13.06, but opened at $14.19. Tencent Music Entertainment Group shares last traded at $13.99, with a volume of 7,830,362 shares changing hands.
Wall Street Analysts Forecast Growth
Separately, Morgan Stanley upgraded shares of Tencent Music Entertainment Group from an “equal weight” rating to an “overweight” rating and set a $13.00 price objective for the company 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’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $14.04.
Get Our Latest Stock Analysis on Tencent Music Entertainment Group
Tencent Music Entertainment Group Trading Up 10.2 %
Institutional Trading of Tencent Music Entertainment Group
Several hedge funds have recently modified their holdings of TME. KBC Group NV increased its stake in shares of Tencent Music Entertainment Group by 889.3% in the 3rd quarter. KBC Group NV now owns 329,713 shares of the company’s stock valued at $3,973,000 after acquiring an additional 296,385 shares in the last quarter. Vaughan Nelson Investment Management L.P. increased its stake in shares of Tencent Music Entertainment Group by 38.3% in the 3rd quarter. Vaughan Nelson Investment Management L.P. now owns 78,083 shares of the company’s stock valued at $941,000 after acquiring an additional 21,620 shares in the last quarter. Thrivent Financial for Lutherans increased its stake in shares of Tencent Music Entertainment Group by 31.7% in the 3rd quarter. Thrivent Financial for Lutherans now owns 15,550 shares of the company’s stock valued at $187,000 after acquiring an additional 3,746 shares in the last quarter. Swiss National Bank increased its stake in shares of Tencent Music Entertainment Group by 1.0% in the 3rd quarter. Swiss National Bank now owns 1,704,330 shares of the company’s stock valued at $20,537,000 after acquiring an additional 17,100 shares in the last quarter. Finally, Mawer Investment Management Ltd. increased its stake in shares of Tencent Music Entertainment Group by 1,131.8% in the 3rd quarter. Mawer Investment Management Ltd. now owns 4,547,836 shares of the company’s stock valued at $54,801,000 after acquiring an additional 4,178,636 shares in the last quarter. Institutional investors own 24.32% of the company’s stock.
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.
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