Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) Shares Sold by Alps Advisors Inc.

Alps Advisors Inc. cut its stake in shares of Tencent Music Entertainment Group Sponsored ADR (NYSE:TME - Free Report) by 16.7% during the 1st quarter, according to its most recent filing with the SEC. The institutional investor owned 70,789 shares of the company's stock after selling 14,212 shares during the period. Alps Advisors Inc.'s holdings in Tencent Music Entertainment Group were worth $1,020,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. PNC Financial Services Group Inc. lifted its position in Tencent Music Entertainment Group by 10.9% during the 4th quarter. PNC Financial Services Group Inc. now owns 11,138 shares of the company's stock worth $126,000 after acquiring an additional 1,094 shares in the last quarter. Unigestion Holding SA acquired a new position in Tencent Music Entertainment Group during the 4th quarter worth approximately $161,000. Diametric Capital LP acquired a new position in Tencent Music Entertainment Group during the 4th quarter worth approximately $162,000. Vise Technologies Inc. acquired a new position in Tencent Music Entertainment Group during the 4th quarter worth approximately $169,000. Finally, Virtu Financial LLC acquired a new position in shares of Tencent Music Entertainment Group in the 4th quarter valued at approximately $177,000. 24.32% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on TME shares. Macquarie set a $26.20 target price on Tencent Music Entertainment Group and gave the company an "outperform" rating in a research report on Tuesday, June 17th. Mizuho upped their target price on Tencent Music Entertainment Group from $16.00 to $17.00 and gave the company an "outperform" rating in a research report on Wednesday, March 19th. Deutsche Bank Aktiengesellschaft raised Tencent Music Entertainment Group from a "hold" rating to a "buy" rating in a research report on Wednesday, March 26th. Nomura Securities raised Tencent Music Entertainment Group to a "strong-buy" rating in a research report on Tuesday, April 8th. Finally, Sanford C. Bernstein reaffirmed an "outperform" rating on shares of Tencent Music Entertainment Group in a research report on Wednesday, May 14th. Two equities research analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Tencent Music Entertainment Group presently has an average rating of "Moderate Buy" and an average price target of $16.60.

Tencent Music Entertainment Group Stock Performance

Shares of TME stock traded up $0.93 on Thursday, hitting $22.37. 8,050,047 shares of the stock traded hands, compared to its average volume of 8,074,475. 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 company has a market capitalization of $38.38 billion, a PE ratio of 26.63 and a beta of 0.55. Tencent Music Entertainment Group Sponsored ADR has a 1-year low of $9.41 and a 1-year high of $22.49. The company's fifty day moving average is $18.33 and its 200 day moving average is $14.61.

Tencent Music Entertainment Group Company Profile

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.