Principal Financial Group Inc. Trims Stake in Tencent Music Entertainment Group Sponsored ADR (NYSE:TME)

Principal Financial Group Inc. decreased its stake in shares of Tencent Music Entertainment Group Sponsored ADR (NYSE:TME - Free Report) by 44.4% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,582,841 shares of the company's stock after selling 1,262,883 shares during the period. Principal Financial Group Inc. owned approximately 0.09% of Tencent Music Entertainment Group worth $22,809,000 as of its most recent SEC filing.

A number of other large investors have also recently modified their holdings of TME. Schroder Investment Management Group boosted its stake in Tencent Music Entertainment Group by 6.7% during the fourth quarter. Schroder Investment Management Group now owns 63,064,552 shares of the company's stock worth $715,783,000 after acquiring an additional 3,987,116 shares in the last quarter. Vanguard Group Inc. boosted its stake in Tencent Music Entertainment Group by 1.1% during the fourth quarter. Vanguard Group Inc. now owns 29,588,812 shares of the company's stock worth $335,833,000 after acquiring an additional 332,264 shares in the last quarter. Krane Funds Advisors LLC boosted its stake in Tencent Music Entertainment Group by 20.8% during the first quarter. Krane Funds Advisors LLC now owns 23,984,629 shares of the company's stock worth $345,619,000 after acquiring an additional 4,128,678 shares in the last quarter. JPMorgan Chase & Co. boosted its stake in Tencent Music Entertainment Group by 558.2% during the fourth quarter. JPMorgan Chase & Co. now owns 11,773,523 shares of the company's stock worth $133,629,000 after acquiring an additional 9,984,690 shares in the last quarter. Finally, Mawer Investment Management Ltd. boosted its stake in Tencent Music Entertainment Group by 152.2% during the fourth quarter. Mawer Investment Management Ltd. now owns 11,467,410 shares of the company's stock worth $130,155,000 after acquiring an additional 6,919,574 shares in the last quarter. Institutional investors own 24.32% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms recently commented on TME. Sanford C. Bernstein reissued an "outperform" rating on shares of Tencent Music Entertainment Group in a research note on Wednesday, May 14th. Deutsche Bank Aktiengesellschaft upgraded shares of Tencent Music Entertainment Group from a "hold" rating to a "buy" rating in a research note on Wednesday, March 26th. Morgan Stanley reiterated an "overweight" rating on shares of Tencent Music Entertainment Group in a research note on Tuesday, May 13th. Macquarie set a $26.20 target price on shares of Tencent Music Entertainment Group and gave the stock an "outperform" rating in a research note on Tuesday, June 17th. Finally, Mizuho upped their target price on shares of 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 equities research 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 stock. Based on data from MarketBeat.com, Tencent Music Entertainment Group currently has an average rating of "Moderate Buy" and a consensus target price of $16.60.

Tencent Music Entertainment Group Stock Performance

Tencent Music Entertainment Group stock traded down $0.38 during midday trading on Friday, reaching $19.63. 1,783,498 shares of the company traded hands, compared to its average volume of 8,079,698. The firm has a market capitalization of $33.68 billion, a price-to-earnings ratio of 23.38 and a beta of 0.55. The business has a 50 day moving average of $17.65 and a two-hundred day moving average of $14.29. Tencent Music Entertainment Group Sponsored ADR has a 12 month low of $9.41 and a 12 month high of $20.85. 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 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.