Tencent Music Entertainment Group Sponsored ADR $TME Shares Bought by Mitsubishi UFJ Asset Management Co. Ltd.

Mitsubishi UFJ Asset Management Co. Ltd. raised its stake in shares of Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) by 11.8% during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 783,472 shares of the company’s stock after buying an additional 82,549 shares during the quarter. Mitsubishi UFJ Asset Management Co. Ltd.’s holdings in Tencent Music Entertainment Group were worth $15,270,000 at the end of the most recent reporting period.

A number of other institutional investors also recently made changes to their positions in the stock. Vanguard Group Inc. increased its position in Tencent Music Entertainment Group by 1.4% during the 1st quarter. Vanguard Group Inc. now owns 29,993,486 shares of the company’s stock worth $432,206,000 after purchasing an additional 404,674 shares in the last quarter. JPMorgan Chase & Co. lifted its stake in shares of Tencent Music Entertainment Group by 31.1% during the first quarter. JPMorgan Chase & Co. now owns 15,430,218 shares of the company’s stock valued at $222,349,000 after buying an additional 3,656,695 shares during the period. Nuveen LLC acquired a new stake in Tencent Music Entertainment Group during the first quarter worth approximately $85,498,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in Tencent Music Entertainment Group by 15.2% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 5,062,619 shares of the company’s stock worth $72,952,000 after acquiring an additional 666,674 shares during the period. Finally, Deutsche Bank AG lifted its stake in shares of Tencent Music Entertainment Group by 11.9% during the 1st quarter. Deutsche Bank AG now owns 4,434,839 shares of the company’s stock worth $63,906,000 after purchasing an additional 469,945 shares during the period. 24.32% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities analysts recently commented on the company. Zacks Research lowered Tencent Music Entertainment Group from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 13th. Bank of America started coverage on Tencent Music Entertainment Group in a research note on Tuesday, October 28th. They issued a “neutral” rating and a $25.00 price objective on the stock. Benchmark raised their price target on shares of Tencent Music Entertainment Group from $19.00 to $28.00 and gave the company a “buy” rating in a report on Wednesday, August 13th. Macquarie set a $29.80 price objective on shares of Tencent Music Entertainment Group and gave the stock an “outperform” rating in a research note on Tuesday, August 12th. Finally, Wall Street Zen lowered shares of Tencent Music Entertainment Group from a “buy” rating to a “hold” rating in a research report on Saturday. One analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat.com, Tencent Music Entertainment Group has a consensus rating of “Moderate Buy” and a consensus price target of $24.54.

Tencent Music Entertainment Group Trading Down 3.7%

NYSE TME opened at $20.75 on Wednesday. The stock has a market cap of $35.60 billion, a P/E ratio of 22.80, a PEG ratio of 1.30 and a beta of 0.51. The company’s fifty day simple moving average is $23.47 and its 200-day simple moving average is $21.03. The company has a current ratio of 1.87, a quick 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 $10.11 and a 52 week high of $26.70.

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.