Victory Capital Management Inc. trimmed its position in Tencent Music Entertainment Group Sponsored ADR (NYSE:TME - Free Report) by 5.0% in the first quarter, according to its most recent filing with the SEC. The institutional investor owned 1,875,714 shares of the company's stock after selling 98,113 shares during the period. Victory Capital Management Inc. owned about 0.11% of Tencent Music Entertainment Group worth $27,029,000 as of its most recent SEC filing.
A number of other institutional investors have also added to or reduced their stakes in TME. Massachusetts Financial Services Co. MA bought a new stake in Tencent Music Entertainment Group in the 1st quarter worth $32,254,000. OVERSEA CHINESE BANKING Corp Ltd boosted its stake in shares of Tencent Music Entertainment Group by 161.4% during the 1st quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 181,219 shares of the company's stock valued at $2,611,000 after purchasing an additional 111,895 shares in the last quarter. Ballentine Partners LLC boosted its stake in shares of Tencent Music Entertainment Group by 10.6% during the 1st 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 in the last quarter. Caas Capital Management LP bought a new stake in shares of Tencent Music Entertainment Group during the 1st quarter valued at about $1,016,000. Finally, Genus Capital Management Inc. boosted its stake in shares of Tencent Music Entertainment Group by 203.8% during the 1st quarter. Genus Capital Management Inc. now owns 27,077 shares of the company's stock valued at $390,000 after purchasing an additional 53,154 shares in the last quarter. 24.32% of the stock is owned by institutional investors.
Tencent Music Entertainment Group Trading Down 0.5%
Shares of Tencent Music Entertainment Group stock opened at $21.33 on Tuesday. The company has a quick ratio of 1.83, a current ratio of 1.83 and a debt-to-equity ratio of 0.05. The firm has a market cap of $36.60 billion, a price-to-earnings ratio of 25.39 and a beta of 0.55. The business has a fifty day simple moving average of $18.48 and a 200-day simple moving average of $14.73. Tencent Music Entertainment Group Sponsored ADR has a fifty-two week low of $9.41 and a fifty-two week high of $22.50.
Analysts Set New Price Targets
Several research firms have recently weighed in on TME. Macquarie set a $26.20 price objective on shares of Tencent Music Entertainment Group and gave the company an "outperform" rating in a report on Tuesday, June 17th. Deutsche Bank Aktiengesellschaft upgraded shares of Tencent Music Entertainment Group from a "hold" rating to a "buy" rating in a research report on Wednesday, March 26th. Nomura Securities upgraded shares of Tencent Music Entertainment Group to a "strong-buy" rating in a research report on Tuesday, April 8th. Sanford C. Bernstein restated an "outperform" rating on shares of Tencent Music Entertainment Group in a research report on Wednesday, May 14th. Finally, Morgan Stanley restated an "overweight" rating on shares of Tencent Music Entertainment Group in a research report on Tuesday, May 13th. Two equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $16.60.
Read Our Latest Stock Report on TME
Tencent Music Entertainment Group Profile
(
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
Want to see what other hedge funds are holding TME? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Tencent Music Entertainment Group Sponsored ADR (NYSE:TME - Free Report).
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