Allianz Asset Management GmbH reduced its holdings in shares of Tencent Music Entertainment Group Sponsored ADR (NYSE:TME - Free Report) by 85.8% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 186,920 shares of the company's stock after selling 1,133,413 shares during the quarter. Allianz Asset Management GmbH's holdings in Tencent Music Entertainment Group were worth $2,694,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds have also recently added to or reduced their stakes in the company. BNP Paribas boosted its stake in shares of Tencent Music Entertainment Group by 2.0% during the 4th quarter. BNP Paribas now owns 58,066 shares of the company's stock worth $659,000 after purchasing an additional 1,131 shares during the last quarter. Quadrant Capital Group LLC boosted its position in shares of Tencent Music Entertainment Group by 5.7% in the fourth quarter. Quadrant Capital Group LLC now owns 36,604 shares of the company's stock worth $415,000 after acquiring an additional 1,981 shares during the last quarter. Ballentine Partners LLC grew its holdings in Tencent Music Entertainment Group by 10.6% in the first quarter. Ballentine Partners LLC now owns 21,054 shares of the company's stock valued at $303,000 after purchasing an additional 2,019 shares during the period. Asset Management One Co. Ltd. grew its holdings in Tencent Music Entertainment Group by 0.5% in the first quarter. Asset Management One Co. Ltd. now owns 504,632 shares of the company's stock valued at $7,272,000 after purchasing an additional 2,549 shares during the period. Finally, Gabelli Funds LLC grew its holdings in Tencent Music Entertainment Group by 2.1% in the fourth quarter. Gabelli Funds LLC now owns 145,000 shares of the company's stock valued at $1,646,000 after purchasing an additional 3,000 shares during the period. 24.32% of the stock is currently owned by hedge funds and other institutional investors.
Tencent Music Entertainment Group Stock Down 2.2%
Shares of NYSE:TME traded down $0.46 during midday trading on Friday, reaching $20.53. The company had a trading volume of 4,721,905 shares, compared to its average volume of 7,503,760. The company has a debt-to-equity ratio of 0.05, a current ratio of 1.83 and a quick ratio of 1.83. The stock's fifty day moving average price is $19.39 and its 200-day moving average price is $15.33. The stock has a market capitalization of $35.23 billion, a P/E ratio of 24.44 and a beta of 0.55. Tencent Music Entertainment Group Sponsored ADR has a one year low of $9.41 and a one year high of $22.50.
Analyst Upgrades and Downgrades
A number of research firms recently issued reports on TME. Sanford C. Bernstein restated an "outperform" rating on shares of Tencent Music Entertainment Group in a report on Wednesday, May 14th. Morgan Stanley reaffirmed an "overweight" rating on shares of Tencent Music Entertainment Group in a research report on Tuesday, May 13th. Macquarie set a $26.20 price target on shares of Tencent Music Entertainment Group and gave the company an "outperform" rating in a research report on Tuesday, June 17th. Wall Street Zen cut shares of Tencent Music Entertainment Group from a "buy" rating to a "hold" rating in a research report on Saturday, July 26th. Finally, Nomura Securities raised shares of Tencent Music Entertainment Group to a "strong-buy" rating in a research report on Tuesday, April 8th. Three equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $16.60.
Read Our Latest Research Report on TME
About Tencent Music Entertainment Group
(
Free Report)
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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