Royal Bank of Canada lessened its stake in shares of Tencent Music Entertainment Group Sponsored ADR (NYSE:TME – Free Report) by 54.7% during the first quarter, HoldingsChannel.com reports. The institutional investor owned 72,091 shares of the company’s stock after selling 87,074 shares during the period. Royal Bank of Canada’s holdings in Tencent Music Entertainment Group were worth $670,000 at the end of the most recent reporting period.
Several other institutional investors also recently modified their holdings of the stock. Schroder Investment Management Group increased its holdings in shares of Tencent Music Entertainment Group by 30.0% during the fourth quarter. Schroder Investment Management Group now owns 80,480,078 shares of the company’s stock worth $1,410,816,000 after buying an additional 18,554,567 shares in the last quarter. Vanguard Group Inc. boosted its holdings in shares of Tencent Music Entertainment Group by 1.4% during the 4th quarter. Vanguard Group Inc. now owns 21,455,738 shares of the company’s stock valued at $376,119,000 after acquiring an additional 293,385 shares in the last quarter. Krane Funds Advisors LLC boosted its holdings in shares of Tencent Music Entertainment Group by 5.4% during the 4th quarter. Krane Funds Advisors LLC now owns 20,047,192 shares of the company’s stock valued at $351,427,000 after acquiring an additional 1,026,551 shares in the last quarter. Cantillon Capital Management LLC grew its position in Tencent Music Entertainment Group by 1.4% during the 4th quarter. Cantillon Capital Management LLC now owns 18,708,502 shares of the company’s stock worth $327,960,000 after acquiring an additional 256,286 shares during the last quarter. Finally, Overlook Investments LP bought a new stake in Tencent Music Entertainment Group during the 4th quarter worth $278,022,000. 24.32% of the stock is currently owned by institutional investors and hedge funds.
Tencent Music Entertainment Group Stock Performance
Shares of Tencent Music Entertainment Group stock opened at $8.80 on Monday. The company has a quick ratio of 1.74, a current ratio of 1.74 and a debt-to-equity ratio of 0.13. Tencent Music Entertainment Group Sponsored ADR has a twelve month low of $7.94 and a twelve month high of $26.70. The stock has a market cap of $13.85 billion, a price-to-earnings ratio of 10.86, a P/E/G ratio of 1.54 and a beta of 0.84. The company’s fifty day moving average is $8.92 and its 200 day moving average is $10.41.
Analyst Ratings Changes
TME has been the subject of a number of recent research reports. Mizuho lowered their target price on Tencent Music Entertainment Group from $18.00 to $15.00 and set an “outperform” rating for the company in a report on Wednesday, August 12th. Zacks Research raised Tencent Music Entertainment Group from a “strong sell” rating to a “hold” rating in a research note on Tuesday, May 19th. UBS Group set a $15.00 price target on Tencent Music Entertainment Group in a report on Wednesday, August 12th. Nomura set a $10.00 price objective on Tencent Music Entertainment Group and gave the company a “neutral” rating in a research note on Thursday, August 13th. Finally, JPMorgan Chase & Co. dropped their price objective on shares of Tencent Music Entertainment Group from $12.00 to $10.00 and set a “neutral” rating for the company in a report on Thursday, May 14th. Three research analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $17.21.
Read Our Latest Stock Report on TME
About Tencent Music Entertainment Group
Tencent Music Entertainment Group (NYSE: TME) is a China-based digital music and audio entertainment platform that operates a portfolio of leading music streaming and social entertainment services. Its core consumer-facing products include streaming apps, online karaoke (KTV) services and live music and entertainment broadcasts. The company monetizes its content through a mix of subscriptions, digital music sales, in-app purchases, virtual gifting, advertising and licensing arrangements with rights holders.
The company traces its roots to the consolidation of Tencent’s music assets and was established in the mid-2010s to unify several prominent music properties under a single operating entity.
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