Mirae Asset Global Investments Co. Ltd. raised its stake in shares of Tencent Music Entertainment Group Sponsored ADR (NYSE:TME - Free Report) by 3,382.1% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 4,481,537 shares of the company's stock after purchasing an additional 4,352,834 shares during the period. Mirae Asset Global Investments Co. Ltd. owned 0.26% of Tencent Music Entertainment Group worth $64,579,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also recently bought and sold shares of TME. SBI Securities Co. Ltd. bought a new position in Tencent Music Entertainment Group during the fourth quarter worth $110,000. Oppenheimer Asset Management Inc. acquired a new stake in Tencent Music Entertainment Group during the 4th quarter worth about $114,000. PNC Financial Services Group Inc. raised its position 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 in the last quarter. Unigestion Holding SA acquired a new position in shares of Tencent Music Entertainment Group in the 4th quarter valued at about $161,000. Finally, Diametric Capital LP bought a new stake in shares of Tencent Music Entertainment Group during the 4th quarter valued at about $162,000. 24.32% of the stock is owned by institutional investors and hedge funds.
Tencent Music Entertainment Group Stock Down 1.0%
Shares of TME stock traded down $0.20 during trading hours on Tuesday, reaching $19.29. The company had a trading volume of 4,413,966 shares, compared to its average volume of 8,159,384. The company has a market cap of $33.10 billion, a price-to-earnings ratio of 22.96 and a beta of 0.51. The company has a debt-to-equity ratio of 0.05, a current ratio of 1.83 and a quick ratio of 1.83. Tencent Music Entertainment Group Sponsored ADR has a 12 month low of $9.41 and a 12 month high of $19.58. The business has a fifty day simple moving average of $16.61 and a 200-day simple moving average of $13.87.
Analysts Set New Price Targets
Several research firms recently commented on TME. Sanford C. Bernstein reaffirmed an "outperform" rating on shares of Tencent Music Entertainment Group in a research note on Wednesday, May 14th. Nomura Securities raised shares of Tencent Music Entertainment Group to a "strong-buy" rating in a research report on Tuesday, April 8th. Macquarie set a $26.20 target price on shares of Tencent Music Entertainment Group and gave the company an "outperform" rating in a research report on Tuesday, June 17th. Deutsche Bank Aktiengesellschaft raised shares of Tencent Music Entertainment Group from a "hold" rating to a "buy" rating in a research note on Wednesday, March 26th. Finally, Mizuho upped their price target on Tencent Music Entertainment Group from $16.00 to $17.00 and gave the stock an "outperform" rating in a research note on Wednesday, March 19th. 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 stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $16.60.
Get Our Latest Analysis on TME
About Tencent Music Entertainment Group
(
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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