Tencent Music Entertainment Group (NYSE:TME) Shares Bought by Sumitomo Mitsui DS Asset Management Company Ltd

Sumitomo Mitsui DS Asset Management Company Ltd lifted its position in shares of Tencent Music Entertainment Group (NYSE:TME) by 71.4% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 52,313 shares of the company’s stock after buying an additional 21,800 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd’s holdings in Tencent Music Entertainment Group were worth $735,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also made changes to their positions in the company. Atlas Capital Advisors LLC acquired a new stake in Tencent Music Entertainment Group during the second quarter worth $361,000. BNP PARIBAS ASSET MANAGEMENT Holding S.A. grew its holdings in shares of Tencent Music Entertainment Group by 89.7% during the 2nd quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 70,820 shares of the company’s stock worth $995,000 after purchasing an additional 33,493 shares during the period. Principal Financial Group Inc. increased its position in shares of Tencent Music Entertainment Group by 116.5% during the 2nd quarter. Principal Financial Group Inc. now owns 5,266,424 shares of the company’s stock worth $73,993,000 after purchasing an additional 2,834,212 shares during the last quarter. Tobam raised its holdings in Tencent Music Entertainment Group by 37.7% in the 2nd quarter. Tobam now owns 3,498 shares of the company’s stock valued at $49,000 after buying an additional 957 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its position in Tencent Music Entertainment Group by 90.6% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 427,394 shares of the company’s stock valued at $6,005,000 after buying an additional 203,177 shares during the last quarter. Institutional investors and hedge funds own 24.32% of the company’s stock.

Tencent Music Entertainment Group Trading Down 0.3 %

NYSE:TME opened at $10.44 on Monday. Tencent Music Entertainment Group has a 12-month low of $5.96 and a 12-month high of $15.77. The firm has a market cap of $17.92 billion, a PE ratio of 22.70, a price-to-earnings-growth ratio of 0.78 and a beta of 0.68. The company has a current ratio of 2.34, a quick ratio of 2.34 and a debt-to-equity ratio of 0.09. The stock has a fifty day moving average price of $13.22 and a 200 day moving average price of $12.69.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the stock. Bank of America dropped their price target on shares of Tencent Music Entertainment Group from $18.00 to $15.00 and set a “buy” rating for the company in a research report on Wednesday, August 14th. Daiwa Capital Markets downgraded shares of Tencent Music Entertainment Group from an “outperform” rating to a “neutral” rating in a report on Tuesday, August 13th. Benchmark decreased their price target on Tencent Music Entertainment Group from $19.00 to $15.00 and set a “buy” rating on the stock in a research note on Wednesday, August 14th. Mizuho dropped their price objective on Tencent Music Entertainment Group from $17.00 to $16.00 and set an “outperform” rating for the company in a research note on Wednesday, August 14th. Finally, Daiwa America downgraded Tencent Music Entertainment Group from a “strong-buy” rating to a “hold” rating in a report on Tuesday, August 13th. Three equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $12.72.

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.