Gulf International Bank UK Ltd trimmed its holdings in shares of Tencent Music Entertainment Group Sponsored ADR (NYSE:TME - Free Report) by 50.6% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 29,538 shares of the company's stock after selling 30,286 shares during the quarter. Gulf International Bank UK Ltd's holdings in Tencent Music Entertainment Group were worth $425,000 as of its most recent SEC filing.
Several other institutional investors also recently bought and sold shares of TME. Oppenheimer Asset Management Inc. boosted its stake in Tencent Music Entertainment Group by 35.6% in the first quarter. Oppenheimer Asset Management Inc. now owns 13,609 shares of the company's stock valued at $196,000 after acquiring an additional 3,570 shares in the last quarter. Vise Technologies Inc. acquired a new stake in Tencent Music Entertainment Group in the fourth quarter valued at approximately $169,000. Ethic Inc. acquired a new stake in Tencent Music Entertainment Group in the fourth quarter valued at approximately $192,000. Vident Advisory LLC boosted its stake in Tencent Music Entertainment Group by 23.0% in the fourth quarter. Vident Advisory LLC now owns 18,889 shares of the company's stock valued at $214,000 after acquiring an additional 3,538 shares in the last quarter. Finally, Ballentine Partners LLC boosted its stake 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 acquiring an additional 2,019 shares in the last quarter. 24.32% of the stock is owned by hedge funds and other institutional investors.
Tencent Music Entertainment Group Stock Performance
Shares of Tencent Music Entertainment Group stock traded down $0.1750 during trading on Thursday, hitting $24.9250. 3,058,248 shares of the company's stock were exchanged, compared to its average volume of 7,421,944. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.87 and a current ratio of 1.87. The business has a 50-day simple moving average of $21.02 and a 200-day simple moving average of $16.52. Tencent Music Entertainment Group Sponsored ADR has a 52-week low of $9.41 and a 52-week high of $26.54. The stock has a market capitalization of $42.77 billion, a price-to-earnings ratio of 27.40 and a beta of 0.50.
Analyst Upgrades and Downgrades
Several equities research analysts have recently commented on the stock. Benchmark lifted their price objective on shares of Tencent Music Entertainment Group from $19.00 to $28.00 and gave the stock a "buy" rating in a research note on Wednesday, August 13th. Sanford C. Bernstein set a $27.50 price objective on shares of Tencent Music Entertainment Group and gave the stock an "outperform" rating in a research note on Wednesday, August 13th. Citigroup reiterated a "buy" rating and set a $29.00 price objective (up from $23.00) on shares of Tencent Music Entertainment Group in a research note on Tuesday, August 12th. Macquarie set a $29.80 price objective on shares of Tencent Music Entertainment Group and gave the stock an "outperform" rating in a research note on Tuesday, August 12th. Finally, Morgan Stanley reiterated an "overweight" rating on shares of Tencent Music Entertainment Group in a research note on Tuesday, May 13th. One research analyst has rated the stock with a Strong Buy rating and nine have assigned a Buy rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Buy" and a consensus price target of $24.47.
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Tencent Music Entertainment Group Company 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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