Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) Shares Sold by Allianz Asset Management GmbH

Allianz Asset Management GmbH lessened its holdings in Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) by 85.8% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 186,920 shares of the company’s stock after selling 1,133,413 shares during the quarter. Allianz Asset Management GmbH’s holdings in Tencent Music Entertainment Group were worth $2,694,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the business. BNP Paribas lifted its holdings in shares of Tencent Music Entertainment Group by 2.0% during the fourth quarter. BNP Paribas now owns 58,066 shares of the company’s stock worth $659,000 after purchasing an additional 1,131 shares during the period. Quadrant Capital Group LLC lifted its holdings in shares of Tencent Music Entertainment Group by 5.7% during the fourth quarter. Quadrant Capital Group LLC now owns 36,604 shares of the company’s stock worth $415,000 after purchasing an additional 1,981 shares during the period. Ballentine Partners LLC lifted its holdings in shares of Tencent Music Entertainment Group by 10.6% during the first quarter. Ballentine Partners LLC now owns 21,054 shares of the company’s stock worth $303,000 after purchasing an additional 2,019 shares during the period. Asset Management One Co. Ltd. lifted its holdings in shares of Tencent Music Entertainment Group by 0.5% during the first quarter. Asset Management One Co. Ltd. now owns 504,632 shares of the company’s stock worth $7,272,000 after purchasing an additional 2,549 shares during the period. Finally, Gabelli Funds LLC lifted its holdings in shares of Tencent Music Entertainment Group by 2.1% during the fourth quarter. Gabelli Funds LLC now owns 145,000 shares of the company’s stock worth $1,646,000 after purchasing an additional 3,000 shares during the period. Institutional investors and hedge funds own 24.32% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts recently commented on TME shares. Macquarie set a $26.20 target price on Tencent Music Entertainment Group and gave the stock an “outperform” rating in a report on Tuesday, June 17th. Nomura Securities raised Tencent Music Entertainment Group to a “strong-buy” rating in a report on Tuesday, April 8th. Sanford C. Bernstein reaffirmed an “outperform” rating on shares of Tencent Music Entertainment Group in a report on Wednesday, May 14th. Wall Street Zen downgraded Tencent Music Entertainment Group from a “buy” rating to a “hold” rating in a report on Saturday. Finally, Morgan Stanley reiterated an “overweight” rating on shares of Tencent Music Entertainment Group in a research report on Tuesday, May 13th. Three research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $16.60.

Tencent Music Entertainment Group Stock Up 0.8%

Shares of TME stock opened at $21.78 on Wednesday. The stock has a 50 day moving average of $19.23 and a 200 day moving average of $15.21. The company has a current ratio of 1.83, a quick ratio of 1.83 and a debt-to-equity ratio of 0.05. The stock has a market cap of $37.37 billion, a P/E ratio of 25.92 and a beta of 0.55. Tencent Music Entertainment Group Sponsored ADR has a twelve month low of $9.41 and a twelve month high of $22.50.

About Tencent Music Entertainment Group

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.