Alberta Investment Management Corp Acquires 296,504 Shares of Tencent Music Entertainment Group (NYSE:TME)

Alberta Investment Management Corp boosted its position in Tencent Music Entertainment Group (NYSE:TME) by 290.7% during the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 398,504 shares of the company’s stock after acquiring an additional 296,504 shares during the period. Alberta Investment Management Corp’s holdings in Tencent Music Entertainment Group were worth $4,523,000 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. Blue Trust Inc. raised its stake in Tencent Music Entertainment Group by 31.5% in the 3rd quarter. Blue Trust Inc. now owns 21,258 shares of the company’s stock valued at $256,000 after acquiring an additional 5,092 shares during the period. Ariose Capital Management Ltd bought a new stake in Tencent Music Entertainment Group in the 3rd quarter valued at about $12,285,000. GAM Holding AG raised its stake in Tencent Music Entertainment Group by 108.0% in the 3rd quarter. GAM Holding AG now owns 183,000 shares of the company’s stock valued at $2,205,000 after acquiring an additional 95,000 shares during the period. abrdn plc raised its stake in Tencent Music Entertainment Group by 57.6% in the 3rd quarter. abrdn plc now owns 437,948 shares of the company’s stock valued at $5,236,000 after acquiring an additional 160,109 shares during the period. Finally, Diversify Advisory Services LLC bought a new stake in Tencent Music Entertainment Group in the 3rd quarter valued at about $166,000. 24.32% of the stock is currently owned by institutional investors.

Tencent Music Entertainment Group Stock Down 3.7 %

Shares of NYSE TME opened at $13.11 on Thursday. Tencent Music Entertainment Group has a 12 month low of $9.15 and a 12 month high of $15.77. The company has a current ratio of 2.34, a quick ratio of 2.34 and a debt-to-equity ratio of 0.09. The firm has a market capitalization of $22.49 billion, a price-to-earnings ratio of 24.27, a PEG ratio of 0.82 and a beta of 0.70. The business has a 50-day moving average of $11.69 and a 200-day moving average of $11.53.

Wall Street Analysts Forecast Growth

TME has been the topic of a number of research reports. Sanford C. Bernstein started coverage on Tencent Music Entertainment Group in a research note on Monday, November 4th. They issued an “outperform” rating and a $14.00 price objective on the stock. Barclays started coverage on Tencent Music Entertainment Group in a research report on Wednesday, November 6th. They set an “overweight” rating and a $16.00 price target on the stock. Finally, Morgan Stanley upgraded Tencent Music Entertainment Group from an “equal weight” rating to an “overweight” rating and set a $13.00 price target on the stock in a research report on Tuesday, January 21st. Three analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $14.04.

About Tencent Music Entertainment Group

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.