Fintel reports that on November 16, 2023 JP Morgan upgraded their outlook for Tencent Music Entertainment Group – ADR (NYSE:TME) from Neutral to Obese .
Analyst price forecast suggests 4.21% upside
Per As of November 1, 2023, the average one-year price target for Tencent Music Entertainment Group – ADR is 8.83. Forecasts range from a low of $6.67 to a high of $11.55. The average price target represents a 4.21% increase from the last reported close of 8.47.
See our leaderboard of companies with the largest price target upside.
The expected annual revenue of Tencent Music Entertainment Group – ADR is 29,716 MM, an increase of 5.06%. The expected annual non-GAAP EPS is 3.13.
What is the mood of the fund?
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% last quarter. Average portfolio weight by all means dedicated to TME is 0.18%, a decrease of 15.87%. The total number of shares owned by institutions decreased in the last three months by 9.74% to 424,557,000 shares. 
The put/call ratio for TME is 0.36, indicating a bullish outlook.
What are other shareholders doing?
Canada Pension Plan Investment Board owns 34,083,000 shares representing 2.03% ownership of the company. In its previous filing, the firm reported owning 37,426,000 shares, representing a fall of 9.81 per cent. The company decreased its portfolio allocation in TME by 24.12% in the last quarter.
Baillie Gifford holds 27,595,000 shares representing 1.65% ownership of the company. In its previous filing, the firm reported owning 28,822,000 shares, representing a fall of 4.45 per cent. The company decreased its portfolio allocation in TME by 67.44% in the last quarter.
Krane Funds Advisors owns 23,386,000 shares representing 1.40% ownership of the company. In its previous filing, the firm reported owning 20,587,000 shares, representing a rise of 11.97 per cent. The company decreased its portfolio allocation in TME by 23.53% in the last quarter.
KWEB – KraneShares CSI China Internet ETF owns 19,148,000 shares, representing 1.14% ownership of the company. In its previous filing, the firm reported holding 32,314,000 shares representing a fall of 68.76%. The company decreased its portfolio allocation in TME by 32.15% in the last quarter.
Invesco owns 11,648,000 shares, representing 0.70% ownership of the company. In its previous filing, the firm reported owning 9,901,000 shares representing a rise of 15.00%. The company decreased its portfolio allocation in TME by 90.21% in 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 includes online music, online karaoke and music-centric live streaming services that enable music fans to discover, listen, sing, watch, perform and socialize around music.
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This story originally appeared on Fintel.
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