GF Fund Management CO. LTD. trimmed its stake in shares of Tencent Music Entertainment Group Sponsored ADR (NYSE:TME - Free Report) by 38.3% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 619,851 shares of the company's stock after selling 385,543 shares during the quarter. GF Fund Management CO. LTD.'s holdings in Tencent Music Entertainment Group were worth $8,932,000 at the end of the most recent reporting period.
A number of other institutional investors have also added to or reduced their stakes in the stock. SBI Securities Co. Ltd. bought a new position in shares of Tencent Music Entertainment Group during the fourth quarter valued at about $110,000. Oppenheimer Asset Management Inc. bought a new stake in shares of Tencent Music Entertainment Group in the 4th quarter worth approximately $114,000. PNC Financial Services Group Inc. lifted 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 worth $126,000 after acquiring an additional 1,094 shares during the last quarter. Unigestion Holding SA bought a new stake in Tencent Music Entertainment Group during the 4th quarter valued at $161,000. Finally, Diametric Capital LP bought a new stake in Tencent Music Entertainment Group during the 4th quarter valued at $162,000. 24.32% of the stock is currently owned by institutional investors and hedge funds.
Tencent Music Entertainment Group Trading Up 1.5%
Shares of NYSE:TME traded up $0.29 on Friday, hitting $19.46. 3,277,557 shares of the company's stock were exchanged, compared to its average volume of 8,151,973. Tencent Music Entertainment Group Sponsored ADR has a 12 month low of $9.41 and a 12 month high of $19.58. The stock has a market capitalization of $33.39 billion, a price-to-earnings ratio of 23.17 and a beta of 0.55. The business's 50 day simple moving average is $17.11 and its two-hundred day simple moving average is $14.06. The company has a debt-to-equity ratio of 0.05, a current ratio of 1.83 and a quick ratio of 1.83.
Analyst Upgrades and Downgrades
A number of analysts have recently weighed in on TME shares. Mizuho upped their target price on shares of Tencent Music Entertainment Group from $16.00 to $17.00 and gave the stock an "outperform" rating in a research report on Wednesday, March 19th. Macquarie set a $26.20 price target 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. Morgan Stanley reiterated an "overweight" rating on shares of Tencent Music Entertainment Group in a research note on Tuesday, May 13th. Finally, Sanford C. Bernstein reiterated an "outperform" rating on shares of Tencent Music Entertainment Group in a research note on Wednesday, May 14th. Two investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $16.60.
Read Our Latest Report on TME
Tencent Music Entertainment Group Profile
(
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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