Allianz Asset Management GmbH lifted its stake in Tencent Music Entertainment Group Sponsored ADR (NYSE:TME - Free Report) by 91.1% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 357,226 shares of the company's stock after acquiring an additional 170,306 shares during the period. Allianz Asset Management GmbH's holdings in Tencent Music Entertainment Group were worth $6,962,000 as of its most recent filing with the Securities and Exchange Commission.
Several other institutional investors and hedge funds have also added to or reduced their stakes in the business. PDS Planning Inc lifted its stake in Tencent Music Entertainment Group by 5.6% during the second quarter. PDS Planning Inc now owns 12,561 shares of the company's stock valued at $245,000 after purchasing an additional 665 shares during the last quarter. Fortis Capital Advisors LLC lifted its stake in Tencent Music Entertainment Group by 4.4% during the second quarter. Fortis Capital Advisors LLC now owns 46,925 shares of the company's stock valued at $915,000 after purchasing an additional 1,958 shares during the last quarter. Belpointe Asset Management LLC lifted its stake in Tencent Music Entertainment Group by 4.4% during the second quarter. Belpointe Asset Management LLC now owns 46,925 shares of the company's stock valued at $915,000 after purchasing an additional 1,958 shares during the last quarter. Ballentine Partners LLC lifted its stake in Tencent Music Entertainment Group by 10.6% during the first quarter. Ballentine Partners LLC now owns 21,054 shares of the company's stock valued at $303,000 after purchasing an additional 2,019 shares during the last quarter. Finally, SVB Wealth LLC acquired a new stake in Tencent Music Entertainment Group during the first quarter valued at approximately $34,000. 24.32% of the stock is owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
Several analysts recently commented on the stock. Zacks Research lowered shares of Tencent Music Entertainment Group from a "strong-buy" rating to a "hold" rating in a research note on Monday, October 13th. Daiwa Capital Markets raised shares of Tencent Music Entertainment Group from a "neutral" rating to an "outperform" rating in a research note on Tuesday, August 12th. Wall Street Zen raised shares of Tencent Music Entertainment Group from a "hold" rating to a "buy" rating in a research note on Friday, August 22nd. 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 report on Tuesday, August 12th. Finally, Macquarie set a $29.80 price target on shares of Tencent Music Entertainment Group and gave the company an "outperform" rating in a research report on Tuesday, August 12th. One research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and one has given a Hold rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Buy" and a consensus target price of $24.47.
View Our Latest Stock Analysis on TME
Tencent Music Entertainment Group Stock Down 0.3%
Shares of NYSE:TME opened at $22.74 on Thursday. 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 has a market cap of $39.02 billion, a PE ratio of 24.98 and a beta of 0.51. Tencent Music Entertainment Group Sponsored ADR has a 52 week low of $10.11 and a 52 week high of $26.70. The firm has a 50 day simple moving average of $24.26 and a 200 day simple moving average of $19.90.
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.
Further Reading
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