Principal Financial Group Inc. lowered its position in shares of Tencent Music Entertainment Group Sponsored ADR (NYSE:TME - Free Report) by 44.4% in the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,582,841 shares of the company's stock after selling 1,262,883 shares during the quarter. Principal Financial Group Inc. owned about 0.09% of Tencent Music Entertainment Group worth $22,809,000 as of its most recent SEC filing.
A number of other institutional investors also recently modified their holdings of TME. PNC Financial Services Group Inc. boosted its position in shares of Tencent Music Entertainment Group by 10.9% during 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. Oppenheimer Asset Management Inc. lifted its stake 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 worth $196,000 after purchasing an additional 3,570 shares during the last quarter. Unigestion Holding SA acquired a new stake in shares of Tencent Music Entertainment Group in the 4th quarter valued at $161,000. Diametric Capital LP bought a new position in shares of Tencent Music Entertainment Group in the 4th quarter valued at $162,000. Finally, Vise Technologies Inc. acquired a new position in shares of Tencent Music Entertainment Group during the 4th quarter worth $169,000. Institutional investors own 24.32% of the company's stock.
Tencent Music Entertainment Group Stock Down 1.6%
Shares of Tencent Music Entertainment Group stock traded down $0.34 on Thursday, hitting $20.02. The company had a trading volume of 5,019,492 shares, compared to its average volume of 8,103,784. Tencent Music Entertainment Group Sponsored ADR has a 1 year low of $9.41 and a 1 year high of $20.85. 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 50 day moving average of $17.52 and a 200-day moving average of $14.23. The stock has a market capitalization of $34.35 billion, a price-to-earnings ratio of 23.83 and a beta of 0.55.
Analyst Ratings Changes
Several analysts recently weighed in on the company. Nomura Securities raised Tencent Music Entertainment Group to a "strong-buy" rating in a research note on Tuesday, April 8th. Morgan Stanley restated an "overweight" rating on shares of Tencent Music Entertainment Group in a research note on Tuesday, May 13th. Sanford C. Bernstein restated an "outperform" rating on shares of Tencent Music Entertainment Group in a report on Wednesday, May 14th. Macquarie set a $26.20 target price on Tencent Music Entertainment Group and gave the stock an "outperform" rating in a report on Tuesday, June 17th. Finally, Mizuho increased their price target on Tencent Music Entertainment Group from $16.00 to $17.00 and gave the company an "outperform" rating in a research note on Wednesday, March 19th. Two research analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Tencent Music Entertainment Group presently has an average rating of "Moderate Buy" and an average target price of $16.60.
Read Our Latest Report on TME
Tencent Music Entertainment Group Profile
(
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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