Perpetual Ltd Cuts Holdings in Tencent Music Entertainment Group Sponsored ADR (NYSE:TME)

Perpetual Ltd lessened its position in shares of Tencent Music Entertainment Group Sponsored ADR (NYSE:TME - Free Report) by 3.0% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,482,511 shares of the company's stock after selling 45,758 shares during the period. Perpetual Ltd owned 0.09% of Tencent Music Entertainment Group worth $21,363,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. National Pension Service grew its holdings in Tencent Music Entertainment Group by 4.4% in the fourth quarter. National Pension Service now owns 205,781 shares of the company's stock worth $2,336,000 after purchasing an additional 8,750 shares during the period. Oppenheimer Asset Management Inc. acquired a new stake in Tencent Music Entertainment Group in the fourth quarter worth $114,000. Cantillon Capital Management LLC grew its holdings in Tencent Music Entertainment Group by 18.3% in the fourth quarter. Cantillon Capital Management LLC now owns 21,840,815 shares of the company's stock worth $247,893,000 after purchasing an additional 3,384,230 shares during the period. SBI Securities Co. Ltd. acquired a new stake in Tencent Music Entertainment Group in the fourth quarter worth $110,000. Finally, DJE Kapital AG acquired a new stake in Tencent Music Entertainment Group in the fourth quarter worth $1,671,000. Institutional investors own 24.32% of the company's stock.

Wall Street Analyst Weigh In

TME has been the subject of a number of research reports. Sanford C. Bernstein restated an "outperform" rating on shares of Tencent Music Entertainment Group in a report on Wednesday, May 14th. Nomura Securities upgraded shares of Tencent Music Entertainment Group to a "strong-buy" rating in a report on Tuesday, April 8th. Mizuho raised their price target on shares of Tencent Music Entertainment Group from $16.00 to $17.00 and gave the stock an "outperform" rating in a 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 report on Tuesday, June 17th. Finally, Morgan Stanley restated an "overweight" rating on shares of Tencent Music Entertainment Group in a report on Tuesday, May 13th. Two analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Tencent Music Entertainment Group currently has a consensus rating of "Moderate Buy" and a consensus target price of $16.60.

Tencent Music Entertainment Group Stock Up 2.4%

Shares of NYSE TME traded up $0.45 during mid-day trading on Monday, reaching $19.55. 7,048,093 shares of the company's stock traded hands, compared to its average volume of 8,174,366. The stock has a market cap of $33.55 billion, a P/E ratio of 23.27 and a beta of 0.51. The business has a 50-day simple moving average of $16.61 and a 200 day simple moving average of $13.87. Tencent Music Entertainment Group Sponsored ADR has a 1-year low of $9.41 and a 1-year high of $19.58. 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 Company Profile

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.