US Bancorp DE Sells 15,750 Shares of Tencent Music Entertainment Group Sponsored ADR $TME

Key Points

• US Bancorp DE reduced its stake in Tencent Music Entertainment Group by 16.1%, selling 15,750 shares and holding 81,840 shares valued at approximately $1.6 million as of the latest SEC filing.
• A number of hedge funds significantly increased their investments in Tencent Music, with Nuveen LLC acquiring a new stake worth $85.5 million, and Mirae Asset Global Investments increasing its stake by 3,382.1%.
• Analysts have mixed ratings for Tencent Music, with a price target range of $24.47 to $29.80, while one analyst has rated it a Strong Buy and ten have rated it a Buy.

US Bancorp DE cut its position in Tencent Music Entertainment Group Sponsored ADR (NYSE:TME - Free Report) by 16.1% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 81,840 shares of the company's stock after selling 15,750 shares during the quarter. US Bancorp DE's holdings in Tencent Music Entertainment Group were worth $1,595,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in TME. Nuveen LLC bought a new stake in shares of Tencent Music Entertainment Group in the first quarter valued at $85,498,000. Mirae Asset Global Investments Co. Ltd. raised its stake in shares of Tencent Music Entertainment Group by 3,382.1% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 4,481,537 shares of the company's stock valued at $64,579,000 after purchasing an additional 4,352,834 shares during the period. Krane Funds Advisors LLC raised its stake in shares of Tencent Music Entertainment Group by 20.8% during the 1st quarter. Krane Funds Advisors LLC now owns 23,984,629 shares of the company's stock valued at $345,619,000 after purchasing an additional 4,128,678 shares during the period. JPMorgan Chase & Co. raised its stake in shares of Tencent Music Entertainment Group by 31.1% during the 1st quarter. JPMorgan Chase & Co. now owns 15,430,218 shares of the company's stock valued at $222,349,000 after purchasing an additional 3,656,695 shares during the period. Finally, Marathon Asset Management Ltd bought a new stake in shares of Tencent Music Entertainment Group during the 1st quarter valued at $47,215,000. 24.32% of the stock is currently owned by institutional investors.

Tencent Music Entertainment Group Price Performance

Tencent Music Entertainment Group stock opened at $22.62 on Friday. Tencent Music Entertainment Group Sponsored ADR has a 52 week low of $10.11 and a 52 week high of $26.70. The business has a 50-day simple moving average of $24.37 and a 200 day simple moving average of $19.66. The company has a quick ratio of 1.87, a current ratio of 1.87 and a debt-to-equity ratio of 0.04. The stock has a market cap of $38.82 billion, a price-to-earnings ratio of 24.86 and a beta of 0.51.

Analyst Ratings Changes

A number of analysts recently issued reports on TME shares. Sanford C. Bernstein set a $27.50 price objective on Tencent Music Entertainment Group and gave the company an "outperform" rating in a research note on Wednesday, August 13th. Weiss Ratings reiterated a "buy (b-)" rating on shares of Tencent Music Entertainment Group in a research note on Wednesday, October 8th. Daiwa Capital Markets upgraded Tencent Music Entertainment Group from a "neutral" rating to an "outperform" rating in a research note on Tuesday, August 12th. Macquarie set a $29.80 price objective on Tencent Music Entertainment Group and gave the company an "outperform" rating in a research note on Tuesday, August 12th. Finally, Zacks Research lowered Tencent Music Entertainment Group from a "strong-buy" rating to a "hold" rating in a research note on Monday. One investment analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and one has issued a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of "Buy" and an average price target of $24.47.

Tencent Music Entertainment Group 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.

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