Perpetual Ltd Sells 31,383 Shares of Tencent Music Entertainment Group Sponsored ADR $TME

Key Points

• Perpetual Ltd has reduced its stake in Tencent Music Entertainment Group by 2.1%, selling 31,383 shares and now holding approximately 1.45 million shares valued at $28.28 million.
• Analysts are optimistic about Tencent Music's stock, with Barclays raising its target price from $16 to $27, while Zacks upgraded it to a "strong buy" rating.
• The company's stock opened at $25.11, with a market capitalization of $43.09 billion and a P/E ratio of 27.59, reflecting a positive trend in its valuation.

Perpetual Ltd trimmed its stake in Tencent Music Entertainment Group Sponsored ADR (NYSE:TME - Free Report) by 2.1% in the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 1,451,128 shares of the company's stock after selling 31,383 shares during the quarter. Perpetual Ltd owned about 0.08% of Tencent Music Entertainment Group worth $28,282,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. SVB Wealth LLC acquired a new position in Tencent Music Entertainment Group during the first quarter valued at approximately $34,000. Banque Transatlantique SA acquired a new position in Tencent Music Entertainment Group during the first quarter valued at approximately $46,000. Brooklyn Investment Group lifted its position in Tencent Music Entertainment Group by 957.1% during the first quarter. Brooklyn Investment Group now owns 4,757 shares of the company's stock valued at $69,000 after buying an additional 4,307 shares in the last quarter. Oppenheimer Asset Management Inc. lifted its position in Tencent Music Entertainment Group by 35.6% during the first quarter. Oppenheimer Asset Management Inc. now owns 13,609 shares of the company's stock valued at $196,000 after buying an additional 3,570 shares in the last quarter. Finally, Eschler Asset Management LLP acquired a new position in shares of Tencent Music Entertainment Group during the first quarter worth $206,000. 24.32% of the stock is owned by institutional investors and hedge funds.

Tencent Music Entertainment Group Price Performance

Shares of NYSE:TME traded down $0.78 during trading hours on Monday, hitting $24.34. 3,919,112 shares of the company's stock traded hands, compared to its average volume of 7,246,917. Tencent Music Entertainment Group Sponsored ADR has a 52 week low of $9.79 and a 52 week high of $26.70. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.87 and a current ratio of 1.87. The company's fifty day simple moving average is $23.68 and its two-hundred day simple moving average is $18.48. The company has a market cap of $41.76 billion, a price-to-earnings ratio of 26.74 and a beta of 0.54.

Analysts Set New Price Targets

A number of research analysts have recently commented on the stock. Barclays reissued an "overweight" rating and set a $27.00 target price (up from $16.00) on shares of Tencent Music Entertainment Group in a research report on Tuesday, August 12th. Citigroup restated a "buy" rating and issued a $29.00 price target (up previously from $23.00) on shares of Tencent Music Entertainment Group in a research note on Tuesday, August 12th. Benchmark lifted their price target on shares of Tencent Music Entertainment Group from $19.00 to $28.00 and gave the stock a "buy" rating in a research note on Wednesday, August 13th. Macquarie set a $29.80 price target on shares of Tencent Music Entertainment Group and gave the stock an "outperform" rating in a research note on Tuesday, August 12th. Finally, Zacks Research raised shares of Tencent Music Entertainment Group from a "hold" rating to a "strong-buy" rating in a report on Tuesday, August 26th. Two investment analysts have rated the stock with a Strong Buy rating and nine have assigned a Buy rating to the stock. According to MarketBeat, the stock has an average rating of "Buy" and a consensus target price of $24.47.

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.