National Bank of Canada increases Tencent Music stake.

Tencent Music Entertainment Group Holdings Lifted by National Bank of Canada FI

According to its recent filing with the SEC, National Bank of Canada FI raised its holdings in Tencent Music Entertainment Group (NYSE:TME – Get Rating) by 143.2% in Q4. The fund now owns 345,600 shares of the company’s stock worth $2.86 million after purchasing an additional 203,500 shares during the quarter.

Other institutional investors and hedge funds are also making changes to their positions in the company to leverage opportunities with market volatility. Janiczek Wealth Management LLC boosted its position by 12.0% during Q4, while First Trust Advisors LP raised its holdings by 3.4% during Q1. Furthermore, Signaturefd LLC and Gabelli Funds LLC increased their stakes in Tencent Music Entertainment Group by 6.4% and 2.8%, respectively, during Q3. Lastly, Toroso Investments LLC also lifted its position by 2.9% during Q1. Institutional investors now hold 21.77% of the company’s stock.

Tencent Music Entertainment Group Trading at 0.3% Upward Trend

The stock of Tencent Music Entertainment Group (TME) opened at $7.61 on Friday, and its shares have a 1-year low of $3.14 and a high of $9.29. The company has a current ratio and quick ratio of 2.27 and a debt-to-equity ratio of 0.11. Its market capitalization is $12.90 billion, with a price-to-earnings ratio of 22.38, and a beta of 0.81. Meanwhile, the firm’s 50-day and 200-day moving average prices are at $7.97 and $6.80, respectively.

Wall Street Analysts Predicts Growth for Tencent Music Entertainment Group

Recently, there have been reports from research analysts providing insights into the stock performance of Tencent Music Entertainment Group. Daiwa Capital Markets supplied a “buy” rating on the stock, while 86 Research downgraded from “buy” to “hold.” However, The Goldman Sachs Group upgraded from “sell” to “neutral” with a price target of $8.00. JPMorgan Chase & Co. initiated coverage on Tencent Music Entertainment Group by rating it “overweight.” Lastly, Benchmark reaffirmed a “buy” rating and raised its price target to $11.00.

Looking at the consensus of ratings from MarketBeat.com analysts, the stock of Tencent Music Entertainment Group has a “Moderate Buy” rating with a consensus price target of $7.82.

Overview of Tencent Music Entertainment Group

Tencent Music Entertainment Group is a holding company that operates an online music and audio entertainment platform. Its primary composition of online services includes online music, online audio, online karaoke, music-centric live streaming, and online concert services. The firm’s establishment took place on June 6, 2012, and the company is based in Shenzhen, China.

Conclusion

Given its current financial status, Tencent Music Entertainment Group provides attractive opportunities for institutional investors to move their positions in the company. Amidst the current market uncertainty, it is reasonable to reassess stock investments and explore other options that suit your investment objectives.

Note: MarketBeat tracks top-rated and best-performing research analysts and the stocks they recommend daily. You can visit HoldingsChannel.com to get the latest 13F filings and insider trades for Tencent Music Entertainment Group (NYSE:TME – Get Rating).

This narrative news report was generated using MarketBeat financial data and narrative science technology. Editorial oversight and review were conducted before publication. If you have any questions or feedback about this story, feel free to send an email to contact@marketbeat.com.