Myriad Asset Management US LP lowered its stake in Tencent Music Entertainment Group Sponsored ADR (NYSE:TME - Free Report) by 32.1% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 121,294 shares of the company's stock after selling 57,324 shares during the period. Tencent Music Entertainment Group makes up about 1.6% of Myriad Asset Management US LP's investment portfolio, making the stock its 14th largest holding. Myriad Asset Management US LP's holdings in Tencent Music Entertainment Group were worth $2,364,000 as of its most recent filing with the SEC.
Several other institutional investors also recently modified their holdings of TME. SVB Wealth LLC bought a new position in shares of Tencent Music Entertainment Group in the first quarter valued at $34,000. Banque Transatlantique SA bought a new position in shares of Tencent Music Entertainment Group in the first quarter valued at $46,000. Brooklyn Investment Group increased its holdings in shares of Tencent Music Entertainment Group by 957.1% in the first quarter. Brooklyn Investment Group now owns 4,757 shares of the company's stock valued at $69,000 after buying an additional 4,307 shares in the last quarter. Vise Technologies Inc. bought a new position in shares of Tencent Music Entertainment Group in the fourth quarter valued at $169,000. Finally, Oppenheimer Asset Management Inc. increased its holdings in shares of Tencent Music Entertainment Group by 35.6% in the first quarter. Oppenheimer Asset Management Inc. now owns 13,609 shares of the company's stock valued at $196,000 after buying an additional 3,570 shares in the last quarter. Institutional investors own 24.32% of the company's stock.
Tencent Music Entertainment Group Stock Down 0.7%
Shares of Tencent Music Entertainment Group stock traded down $0.18 on Friday, hitting $25.11. 4,950,252 shares of the company traded hands, compared to its average volume of 5,714,417. The company has a 50-day moving average price of $23.68 and a 200 day moving average price of $18.41. The company has a quick ratio of 1.87, a current ratio of 1.87 and a debt-to-equity ratio of 0.04. Tencent Music Entertainment Group Sponsored ADR has a 12-month low of $9.79 and a 12-month high of $26.70. The company has a market cap of $43.09 billion, a PE ratio of 27.59 and a beta of 0.54.
Analyst Upgrades and Downgrades
TME has been the topic of several research reports. Citigroup reaffirmed a "buy" rating and issued a $29.00 price target (up previously from $23.00) on shares of Tencent Music Entertainment Group in a report 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. Benchmark boosted their target price on shares of Tencent Music Entertainment Group from $19.00 to $28.00 and gave the company a "buy" rating in a research note on Wednesday, August 13th. Barclays reissued an "overweight" rating and set a $27.00 target price (up from $16.00) on shares of Tencent Music Entertainment Group in a research note on Tuesday, August 12th. Finally, Sanford C. Bernstein set a $27.50 target price on shares of Tencent Music Entertainment Group and gave the company an "outperform" rating in a research note on Wednesday, August 13th. Two investment analysts have rated the stock with a Strong Buy rating and nine have assigned a Buy rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Buy" and an average price target of $24.47.
Check Out Our Latest Report on TME
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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