Bank of New York Mellon Corp Has $33.31 Million Stock Position in Tencent Music Entertainment Group Sponsored ADR (NYSE:TME)

Bank of New York Mellon Corp trimmed its holdings in Tencent Music Entertainment Group Sponsored ADR (NYSE:TME - Free Report) by 4.7% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 2,311,796 shares of the company's stock after selling 113,571 shares during the quarter. Bank of New York Mellon Corp owned 0.13% of Tencent Music Entertainment Group worth $33,313,000 as of its most recent filing with the Securities and Exchange Commission.

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

Analyst Ratings Changes

Several equities analysts have commented on TME shares. Deutsche Bank Aktiengesellschaft upgraded Tencent Music Entertainment Group from a "hold" rating to a "buy" rating in a report on Wednesday, March 26th. Morgan Stanley restated an "overweight" rating on shares of Tencent Music Entertainment Group in a research note on Tuesday, May 13th. Macquarie set a $26.20 price objective on shares of Tencent Music Entertainment Group and gave the stock an "outperform" rating in a research note on Tuesday, June 17th. Nomura Securities upgraded shares of Tencent Music Entertainment Group to a "strong-buy" rating in a research note on Tuesday, April 8th. Finally, Sanford C. Bernstein reiterated an "outperform" rating on shares of Tencent Music Entertainment Group in a research note on Wednesday, May 14th. Two research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $16.60.

Tencent Music Entertainment Group Trading Down 4.3%

Shares of Tencent Music Entertainment Group stock traded down $0.96 during trading on Friday, hitting $21.40. 9,726,932 shares of the company were exchanged, compared to its average volume of 8,091,627. Tencent Music Entertainment Group Sponsored ADR has a 1-year low of $9.41 and a 1-year high of $22.50. 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 firm has a market capitalization of $36.72 billion, a P/E ratio of 25.48 and a beta of 0.55. The firm's fifty day moving average price is $18.48 and its 200 day moving average price is $14.68.

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.