Jennison Associates LLC lowered its holdings in shares of Tencent Music Entertainment Group Sponsored ADR (NYSE:TME - Free Report) by 13.1% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 2,463,294 shares of the company's stock after selling 370,544 shares during the period. Jennison Associates LLC owned about 0.14% of Tencent Music Entertainment Group worth $35,496,000 as of its most recent filing with the SEC.
Several other institutional investors and hedge funds also recently made changes to their positions in TME. Ethic Inc. purchased a new position in shares of Tencent Music Entertainment Group in the fourth quarter valued at about $192,000. Geode Capital Management LLC increased its position in shares of Tencent Music Entertainment Group by 3.7% in the fourth quarter. Geode Capital Management LLC now owns 4,463,596 shares of the company's stock valued at $50,323,000 after acquiring an additional 160,078 shares during the period. PNC Financial Services Group Inc. increased its position in shares of Tencent Music Entertainment Group by 10.9% in the fourth quarter. PNC Financial Services Group Inc. now owns 11,138 shares of the company's stock valued at $126,000 after acquiring an additional 1,094 shares during the period. American Century Companies Inc. increased its position in shares of Tencent Music Entertainment Group by 6.2% in the fourth quarter. American Century Companies Inc. now owns 749,447 shares of the company's stock valued at $8,506,000 after acquiring an additional 43,859 shares during the period. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS increased its position in shares of Tencent Music Entertainment Group by 3.1% in the fourth quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 901,402 shares of the company's stock valued at $10,231,000 after acquiring an additional 27,500 shares during the period. Institutional investors own 24.32% of the company's stock.
Analysts Set New Price Targets
A number of research analysts recently issued reports on TME shares. 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. Morgan Stanley reaffirmed an "overweight" rating on shares of Tencent Music Entertainment Group in a report on Tuesday, May 13th. Sanford C. Bernstein reaffirmed an "outperform" rating on shares of Tencent Music Entertainment Group in a report on Wednesday, May 14th. Deutsche Bank Aktiengesellschaft raised shares of Tencent Music Entertainment Group from a "hold" rating to a "buy" rating in a report on Wednesday, March 26th. Finally, Nomura Securities raised shares of Tencent Music Entertainment Group to a "strong-buy" rating in a report on Tuesday, April 8th. Two research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $16.60.
Check Out Our Latest Stock Analysis on TME
Tencent Music Entertainment Group Price Performance
TME stock opened at $21.40 on Friday. The company has a market capitalization of $36.72 billion, a PE ratio of 25.48 and a beta of 0.55. The company's fifty day moving average price is $18.48 and its 200-day moving average price is $14.70. The company has a debt-to-equity ratio of 0.05, a quick ratio of 1.83 and a current ratio of 1.83. Tencent Music Entertainment Group Sponsored ADR has a one year low of $9.41 and a one year high of $22.50.
Tencent Music Entertainment Group Company Profile
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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.
See Also
Want to see what other hedge funds are holding TME? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Tencent Music Entertainment Group Sponsored ADR (NYSE:TME - Free Report).
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