Harvest Fund Management Co. Ltd lowered its position in shares of Tencent Music Entertainment Group Sponsored ADR (NYSE:TME - Free Report) by 29.7% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 191,571 shares of the company's stock after selling 80,833 shares during the period. Harvest Fund Management Co. Ltd's holdings in Tencent Music Entertainment Group were worth $2,759,000 as of its most recent filing with the SEC.
Other institutional investors have also modified their holdings of the company. Banque Cantonale Vaudoise acquired a new position in Tencent Music Entertainment Group during the 1st quarter valued at about $1,081,000. Mackenzie Financial Corp acquired a new position in Tencent Music Entertainment Group during the 1st quarter valued at about $1,511,000. Skandinaviska Enskilda Banken AB publ increased its stake in Tencent Music Entertainment Group by 3.1% during the 1st quarter. Skandinaviska Enskilda Banken AB publ now owns 157,174 shares of the company's stock valued at $2,263,000 after buying an additional 4,700 shares during the period. Assetmark Inc. acquired a new position in Tencent Music Entertainment Group during the 1st quarter valued at about $534,000. Finally, Cetera Investment Advisers acquired a new position in Tencent Music Entertainment Group during the 1st quarter valued at about $1,008,000. Institutional investors own 24.32% of the company's stock.
Tencent Music Entertainment Group Stock Performance
TME stock traded down $0.46 during midday trading on Friday, hitting $20.53. 4,721,905 shares of the company traded hands, compared to its average volume of 7,503,760. Tencent Music Entertainment Group Sponsored ADR has a twelve month low of $9.41 and a twelve month high of $22.50. The company has a quick ratio of 1.83, a current ratio of 1.83 and a debt-to-equity ratio of 0.05. The business has a 50 day simple moving average of $19.39 and a 200-day simple moving average of $15.33. The stock has a market capitalization of $35.23 billion, a price-to-earnings ratio of 24.44 and a beta of 0.55.
Wall Street Analyst Weigh In
Several equities analysts have commented on the stock. Sanford C. Bernstein reissued an "outperform" rating on shares of Tencent Music Entertainment Group in a research note on Wednesday, May 14th. Morgan Stanley reissued an "overweight" rating on shares of Tencent Music Entertainment Group in a report on Tuesday, May 13th. Macquarie set a $26.20 price target on shares of Tencent Music Entertainment Group and gave the company an "outperform" rating in a report on Tuesday, June 17th. Wall Street Zen downgraded shares of Tencent Music Entertainment Group from a "buy" rating to a "hold" rating in a report on Saturday, July 26th. Finally, Nomura Securities raised shares of Tencent Music Entertainment Group to a "strong-buy" rating in a report on Tuesday, April 8th. Three 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 company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $16.60.
Check Out Our Latest Research Report on Tencent Music Entertainment Group
About Tencent Music Entertainment Group
(
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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