Tencent Music Entertainment Group Sponsored ADR $TME Shares Purchased by Prudential PLC

Prudential PLC boosted its stake in shares of Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) by 6.3% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 417,382 shares of the company’s stock after purchasing an additional 24,692 shares during the quarter. Prudential PLC’s holdings in Tencent Music Entertainment Group were worth $8,135,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. PDS Planning Inc boosted its position in shares of Tencent Music Entertainment Group by 5.6% during the second quarter. PDS Planning Inc now owns 12,561 shares of the company’s stock worth $245,000 after buying an additional 665 shares during the period. DekaBank Deutsche Girozentrale raised its stake in Tencent Music Entertainment Group by 0.8% during the 2nd quarter. DekaBank Deutsche Girozentrale now owns 101,362 shares of the company’s stock valued at $1,975,000 after acquiring an additional 842 shares in the last quarter. PNC Financial Services Group Inc. boosted its position in Tencent Music Entertainment Group by 11.0% during the 2nd quarter. PNC Financial Services Group Inc. now owns 12,799 shares of the company’s stock worth $249,000 after acquiring an additional 1,269 shares during the period. Fortis Capital Advisors LLC boosted its position in Tencent Music Entertainment Group by 4.4% during the 2nd quarter. Fortis Capital Advisors LLC now owns 46,925 shares of the company’s stock worth $915,000 after acquiring an additional 1,958 shares during the period. Finally, Belpointe Asset Management LLC grew its stake in shares of Tencent Music Entertainment Group by 4.4% in the second quarter. Belpointe Asset Management LLC now owns 46,925 shares of the company’s stock worth $915,000 after purchasing an additional 1,958 shares in the last quarter. 24.32% of the stock is currently owned by institutional investors.

Tencent Music Entertainment Group Stock Down 5.6%

TME stock opened at $17.68 on Friday. Tencent Music Entertainment Group Sponsored ADR has a 12-month low of $10.26 and a 12-month high of $26.70. The company has a quick ratio of 2.08, a current ratio of 2.09 and a debt-to-equity ratio of 0.04. The company has a market cap of $30.33 billion, a price-to-earnings ratio of 18.41, a PEG ratio of 1.12 and a beta of 0.51. The company has a 50 day moving average of $22.58 and a two-hundred day moving average of $21.17.

Analysts Set New Price Targets

Several research firms have recently issued reports on TME. Daiwa Capital Markets upgraded shares of Tencent Music Entertainment Group from a “neutral” rating to an “outperform” rating in a report on Tuesday, August 12th. Citigroup reaffirmed a “buy” rating and set a $29.00 price target (up from $23.00) on shares of Tencent Music Entertainment Group in a research note on Tuesday, August 12th. Macquarie set a $29.80 price objective on Tencent Music Entertainment Group and gave the stock an “outperform” rating in a research note on Tuesday, August 12th. Wall Street Zen lowered Tencent Music Entertainment Group from a “buy” rating to a “hold” rating in a report on Saturday, November 8th. Finally, Bank of America began coverage on Tencent Music Entertainment Group in a report on Tuesday, October 28th. They set a “neutral” rating and a $25.00 target price on the stock. One investment analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, Tencent Music Entertainment Group has an average rating of “Moderate Buy” and a consensus target price of $24.29.

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.