Perpetual Ltd Reduces Position in Tencent Music Entertainment Group Sponsored ADR (NYSE:TME)

Perpetual Ltd decreased its position in shares of Tencent Music Entertainment Group Sponsored ADR (NYSE:TME - Free Report) by 3.0% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm 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 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Asset Management One Co. Ltd. increased its holdings in shares of Tencent Music Entertainment Group by 0.5% in the 1st quarter. Asset Management One Co. Ltd. now owns 504,632 shares of the company's stock valued at $7,272,000 after acquiring an additional 2,549 shares during the period. Oppenheimer Asset Management Inc. increased 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 purchasing an additional 3,570 shares during the period. Matthews International Capital Management LLC increased its stake in Tencent Music Entertainment Group by 5.7% in the first quarter. Matthews International Capital Management LLC now owns 799,880 shares of the company's stock valued at $11,526,000 after purchasing an additional 42,923 shares during the period. Exchange Traded Concepts LLC raised its holdings in shares of Tencent Music Entertainment Group by 16.0% in the first quarter. Exchange Traded Concepts LLC now owns 149,852 shares of the company's stock valued at $2,159,000 after buying an additional 20,682 shares during the last quarter. Finally, Union Bancaire Privee UBP SA boosted its stake in shares of Tencent Music Entertainment Group by 448.0% during the first quarter. Union Bancaire Privee UBP SA now owns 184,390 shares of the company's stock worth $2,526,000 after buying an additional 150,740 shares during the period. Hedge funds and other institutional investors own 24.32% of the company's stock.

Tencent Music Entertainment Group Stock Performance

NYSE:TME opened at $18.73 on Friday. Tencent Music Entertainment Group Sponsored ADR has a 1 year low of $9.41 and a 1 year high of $19.40. The company has a debt-to-equity ratio of 0.05, a quick ratio of 1.83 and a current ratio of 1.83. The stock has a fifty day moving average price of $16.32 and a two-hundred day moving average price of $13.75. The stock has a market capitalization of $32.14 billion, a price-to-earnings ratio of 22.30 and a beta of 0.51.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on TME. Sanford C. Bernstein restated an "outperform" rating on shares of Tencent Music Entertainment Group in a research report on Wednesday, May 14th. Macquarie set a $26.20 target price on Tencent Music Entertainment Group and gave the company an "outperform" rating in a 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. Deutsche Bank Aktiengesellschaft upgraded shares of Tencent Music Entertainment Group from a "hold" rating to a "buy" rating in a research report on Wednesday, March 26th. Finally, Nomura Securities upgraded shares of Tencent Music Entertainment Group to a "strong-buy" rating in a research 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 assigned a strong buy rating to the stock. According to MarketBeat, Tencent Music Entertainment Group currently has a consensus rating of "Moderate Buy" and a consensus price target of $16.60.

About Tencent Music Entertainment Group

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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