LBP AM SA decreased its holdings in shares of Tencent Music Entertainment Group Sponsored ADR (NYSE:TME - Free Report) by 37.1% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm owned 220,000 shares of the company's stock after selling 130,000 shares during the period. LBP AM SA's holdings in Tencent Music Entertainment Group were worth $3,170,000 as of its most recent SEC filing.
Other large investors also recently added to or reduced their stakes in the company. PNC Financial Services Group Inc. raised 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 valued at $126,000 after purchasing an additional 1,094 shares during the last quarter. Oppenheimer Asset Management Inc. boosted its stake in Tencent Music Entertainment Group by 35.6% during the 1st quarter. Oppenheimer Asset Management Inc. now owns 13,609 shares of the company's stock valued at $196,000 after purchasing an additional 3,570 shares during the last quarter. Unigestion Holding SA purchased a new stake in Tencent Music Entertainment Group during the 4th quarter valued at $161,000. Diametric Capital LP purchased a new stake in Tencent Music Entertainment Group during the 4th quarter valued at $162,000. Finally, Vise Technologies Inc. purchased a new position in shares of Tencent Music Entertainment Group in the 4th quarter worth $169,000. Institutional investors own 24.32% of the company's stock.
Wall Street Analyst Weigh In
A number of equities analysts recently commented on TME shares. Mizuho raised their target price on Tencent Music Entertainment Group from $16.00 to $17.00 and gave the stock an "outperform" rating in a report on Wednesday, March 19th. Morgan Stanley reiterated an "overweight" rating on shares of Tencent Music Entertainment Group in a research report on Tuesday, May 13th. 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. Nomura Securities upgraded Tencent Music Entertainment Group to a "strong-buy" rating in a report on Tuesday, April 8th. Finally, Deutsche Bank Aktiengesellschaft upgraded Tencent Music Entertainment Group from a "hold" rating to a "buy" rating in a report on Wednesday, March 26th. Two analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $16.60.
Read Our Latest Stock Analysis on Tencent Music Entertainment Group
Tencent Music Entertainment Group Price Performance
TME stock traded up $0.93 during mid-day trading on Monday, reaching $20.72. The company's stock had a trading volume of 7,393,556 shares, compared to its average volume of 8,081,775. The company's 50 day moving average is $17.76 and its two-hundred day moving average is $14.38. The stock has a market cap of $35.55 billion, a PE ratio of 24.66 and a beta of 0.55. The company has a current ratio of 1.83, a quick ratio of 1.83 and a debt-to-equity ratio of 0.05. Tencent Music Entertainment Group Sponsored ADR has a fifty-two week low of $9.41 and a fifty-two week high of $20.85.
Tencent Music Entertainment Group 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.
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