Robeco Institutional Asset Management B.V. Trims Position in Tencent Music Entertainment Group Sponsored ADR (NYSE:TME)

Robeco Institutional Asset Management B.V. trimmed its position in shares of Tencent Music Entertainment Group Sponsored ADR (NYSE:TME - Free Report) by 14.7% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 99,361 shares of the company's stock after selling 17,171 shares during the quarter. Robeco Institutional Asset Management B.V.'s holdings in Tencent Music Entertainment Group were worth $1,432,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. SBI Securities Co. Ltd. purchased a new stake in shares of Tencent Music Entertainment Group during the fourth quarter valued at about $110,000. Oppenheimer Asset Management Inc. purchased a new stake in shares of Tencent Music Entertainment Group during the fourth quarter valued at about $114,000. PNC Financial Services Group Inc. lifted its position in shares of Tencent Music Entertainment Group by 10.9% during the fourth quarter. PNC Financial Services Group Inc. now owns 11,138 shares of the company's stock valued at $126,000 after buying an additional 1,094 shares during the last quarter. Unigestion Holding SA purchased a new stake in shares of Tencent Music Entertainment Group during the fourth quarter valued at about $161,000. Finally, Diametric Capital LP purchased a new stake in shares of Tencent Music Entertainment Group during the fourth quarter valued at about $162,000. 24.32% of the stock is owned by hedge funds and other institutional investors.

Tencent Music Entertainment Group Stock Performance

TME traded up $0.29 during trading on Friday, reaching $19.46. 3,277,557 shares of the company's stock were exchanged, compared to its average volume of 8,140,852. 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. The stock has a market capitalization of $33.39 billion, a P/E ratio of 23.17 and a beta of 0.55. The company's fifty day simple moving average is $17.11 and its 200-day simple moving average is $14.06.

Analyst Upgrades and Downgrades

Several analysts have commented on the stock. Sanford C. Bernstein reissued an "outperform" rating on shares of Tencent Music Entertainment Group in a research report on Wednesday, May 14th. Macquarie set a $26.20 price objective on shares of Tencent Music Entertainment Group and gave the company an "outperform" rating in a research report on Tuesday, June 17th. Morgan Stanley reaffirmed an "overweight" rating on shares of Tencent Music Entertainment Group in a research report on Tuesday, May 13th. Deutsche Bank Aktiengesellschaft raised 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 raised shares of Tencent Music Entertainment Group to a "strong-buy" rating in a research report on Tuesday, April 8th. Two equities research analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $16.60.

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.