Mirae Asset Global Investments Co. Ltd. reduced its stake in shares of Tencent Music Entertainment Group Sponsored ADR (NYSE:TME - Free Report) by 97.0% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 133,544 shares of the company's stock after selling 4,347,993 shares during the period. Mirae Asset Global Investments Co. Ltd.'s holdings in Tencent Music Entertainment Group were worth $2,603,000 at the end of the most recent quarter.
Several other hedge funds also recently added to or reduced their stakes in TME. SVB Wealth LLC acquired a new position in Tencent Music Entertainment Group during the 1st quarter worth $34,000. Banque Transatlantique SA bought a new stake in shares of Tencent Music Entertainment Group in the 1st quarter valued at approximately $46,000. Brooklyn Investment Group increased its holdings in shares of Tencent Music Entertainment Group by 957.1% in the 1st quarter. Brooklyn Investment Group now owns 4,757 shares of the company's stock valued at $69,000 after acquiring an additional 4,307 shares during the last quarter. Oppenheimer Asset Management Inc. increased its holdings in shares of Tencent Music Entertainment Group by 35.6% in the 1st quarter. Oppenheimer Asset Management Inc. now owns 13,609 shares of the company's stock valued at $196,000 after acquiring an additional 3,570 shares during the last quarter. Finally, Eschler Asset Management LLP bought a new stake in shares of Tencent Music Entertainment Group in the 1st quarter valued at approximately $206,000. 24.32% of the stock is owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
TME has been the subject of a number of research analyst reports. Citigroup reiterated a "buy" rating and issued a $29.00 price target (up from $23.00) on shares of Tencent Music Entertainment Group in a report on Tuesday, August 12th. Macquarie set a $29.80 price objective on shares of Tencent Music Entertainment Group and gave the stock an "outperform" rating in a research note on Tuesday, August 12th. Daiwa Capital Markets upgraded shares of Tencent Music Entertainment Group from a "neutral" rating to an "outperform" rating in a research note on Tuesday, August 12th. Sanford C. Bernstein set a $27.50 price objective on shares of Tencent Music Entertainment Group and gave the stock an "outperform" rating in a research note on Wednesday, August 13th. Finally, Weiss Ratings reiterated a "buy (b-)" rating on shares of Tencent Music Entertainment Group in a research note on Saturday, September 27th. Two research analysts have rated the stock with a Strong Buy rating and ten have assigned a Buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Buy" and an average target price of $24.47.
Check Out Our Latest Research Report on TME
Tencent Music Entertainment Group Stock Performance
Shares of NYSE TME opened at $23.00 on Wednesday. The company has a current ratio of 1.87, a quick ratio of 1.87 and a debt-to-equity ratio of 0.04. The stock has a 50 day simple moving average of $24.15 and a 200-day simple moving average of $19.28. The company has a market cap of $39.47 billion, a PE ratio of 25.27 and a beta of 0.51. Tencent Music Entertainment Group Sponsored ADR has a 12-month low of $10.11 and a 12-month high of $26.70.
Tencent Music Entertainment Group Company Profile
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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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