Northern Trust Corp Cuts Stock Holdings in Tencent Music Entertainment Group Sponsored ADR $TME

Key Points

• Northern Trust Corp reduced its holdings in Tencent Music Entertainment Group by 1.7%, now owning approximately 3.62 million shares valued at about $52.19 million.
• A range of analysts have set new price targets for Tencent Music, with Sanford C. Bernstein at $27.50 and Citigroup raising theirs to $29.00, indicating a generally positive outlook.
• Tencent Music's stock is currently trading at $25.83, with a market capitalization of $44.33 billion and a price-to-earnings ratio of 28.39.

Northern Trust Corp trimmed its stake in Tencent Music Entertainment Group Sponsored ADR (NYSE:TME - Free Report) by 1.7% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 3,622,059 shares of the company's stock after selling 60,935 shares during the period. Northern Trust Corp owned about 0.21% of Tencent Music Entertainment Group worth $52,194,000 at the end of the most recent reporting period.

Other large investors have also bought and sold shares of the company. Brooklyn Investment Group raised its position in Tencent Music Entertainment Group by 957.1% during the 1st quarter. Brooklyn Investment Group now owns 4,757 shares of the company's stock worth $69,000 after purchasing an additional 4,307 shares during the last quarter. Vise Technologies Inc. bought a new position in Tencent Music Entertainment Group during the 4th quarter worth $169,000. Ethic Inc. bought a new position in Tencent Music Entertainment Group during the 4th quarter worth $192,000. Oppenheimer Asset Management Inc. raised its holdings in Tencent Music Entertainment Group by 35.6% during the 1st quarter. Oppenheimer Asset Management Inc. now owns 13,609 shares of the company's stock worth $196,000 after purchasing an additional 3,570 shares during the last quarter. Finally, Vident Advisory LLC raised its holdings in Tencent Music Entertainment Group by 23.0% during the 4th quarter. Vident Advisory LLC now owns 18,889 shares of the company's stock worth $214,000 after purchasing an additional 3,538 shares during the last quarter. 24.32% of the stock is owned by institutional investors.

Tencent Music Entertainment Group Stock Down 1.5%

NYSE:TME traded down $0.36 on Friday, hitting $24.54. The stock had a trading volume of 7,157,765 shares, compared to its average volume of 7,278,725. The business's fifty day moving average is $21.96 and its 200 day moving average is $17.16. The company has a market cap of $42.11 billion, a PE ratio of 26.96 and a beta of 0.50. 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 52 week low of $9.41 and a 52 week high of $26.54.

Wall Street Analyst Weigh In

Several research analysts have issued reports on TME shares. Macquarie set a $29.80 price target on shares of Tencent Music Entertainment Group and gave the stock an "outperform" rating in a report on Tuesday, August 12th. Benchmark raised their price target on shares of Tencent Music Entertainment Group from $19.00 to $28.00 and gave the stock a "buy" rating in a report on Wednesday, August 13th. Sanford C. Bernstein set a $27.50 price target on shares of Tencent Music Entertainment Group and gave the stock an "outperform" rating in a report on Wednesday, August 13th. Citigroup restated a "buy" rating and set a $29.00 price target (up previously from $23.00) on shares of Tencent Music Entertainment Group in a report on Tuesday, August 12th. Finally, Wall Street Zen raised Tencent Music Entertainment Group from a "hold" rating to a "buy" rating in a research note on Friday, August 22nd. Two equities research analysts have rated the stock with a Strong Buy rating and nine have assigned a Buy rating to the company. According to MarketBeat.com, Tencent Music Entertainment Group currently has a consensus rating of "Buy" and a consensus price target of $24.47.

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.