TME

JP Morgan Upgrades Tencent Music Entertainment Group - ADR (TME)

Fintel reports that on November 16, 2023, JP Morgan upgraded their outlook for Tencent Music Entertainment Group - ADR (NYSE:TME) from Neutral to Overweight .

Analyst Price Forecast Suggests 4.21% Upside

As of November 1, 2023, the average one-year price target for Tencent Music Entertainment Group - ADR is 8.83. The forecasts range from a low of 6.67 to a high of $11.55. The average price target represents an increase of 4.21% from its latest reported closing price of 8.47.

See our leaderboard of companies with the largest price target upside.

The projected annual revenue for Tencent Music Entertainment Group - ADR is 29,716MM, an increase of 5.06%. The projected annual non-GAAP EPS is 3.13.

What is the Fund Sentiment?

There are 427 funds or institutions reporting positions in Tencent Music Entertainment Group - ADR. This is a decrease of 11 owner(s) or 2.51% in the last quarter. Average portfolio weight of all funds dedicated to TME is 0.18%, a decrease of 15.87%. Total shares owned by institutions decreased in the last three months by 9.74% to 424,557K shares. TME / Tencent Music Entertainment Group - ADR Put/Call Ratios The put/call ratio of TME is 0.36, indicating a bullish outlook.

What are Other Shareholders Doing?

TME / Tencent Music Entertainment Group - ADR Shares Held by Institutions

Canada Pension Plan Investment Board holds 34,083K shares representing 2.03% ownership of the company. In it's prior filing, the firm reported owning 37,426K shares, representing a decrease of 9.81%. The firm decreased its portfolio allocation in TME by 24.12% over the last quarter.

Baillie Gifford holds 27,595K shares representing 1.65% ownership of the company. In it's prior filing, the firm reported owning 28,822K shares, representing a decrease of 4.45%. The firm decreased its portfolio allocation in TME by 67.44% over the last quarter.

Krane Funds Advisors holds 23,386K shares representing 1.40% ownership of the company. In it's prior filing, the firm reported owning 20,587K shares, representing an increase of 11.97%. The firm decreased its portfolio allocation in TME by 23.53% over the last quarter.

KWEB - KraneShares CSI China Internet ETF holds 19,148K shares representing 1.14% ownership of the company. In it's prior filing, the firm reported owning 32,314K shares, representing a decrease of 68.76%. The firm decreased its portfolio allocation in TME by 32.15% over the last quarter.

Invesco holds 11,648K shares representing 0.70% ownership of the company. In it's prior filing, the firm reported owning 9,901K shares, representing an increase of 15.00%. The firm decreased its portfolio allocation in TME by 90.21% over the last quarter.

Tencent Music Entertainment Group Background Information
(This description is provided by the company.)

TencentMusic Entertainment Group is the leading online music entertainment platform in China, operating the country's highly popular and innovative music apps: QQ Music, Kugou Music, Kuwo Music and WeSing. TencentMusic's mission is to use technology to elevate the role of music in people's lives by enabling them to create, enjoy, share and interact with music. TencentMusic's platform comprises online music, online karaoke and music-centric live streaming services, enabling music fans to discover, listen, sing, watch, perform and socialize around music.

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This story originally appeared on Fintel.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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