Perpetual Ltd Has $28.08 Million Stock Holdings in Tencent Music Entertainment Group Sponsored ADR $TME

Perpetual Ltd trimmed its position in Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) by 17.1% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,202,899 shares of the company’s stock after selling 248,229 shares during the period. Perpetual Ltd owned approximately 0.07% of Tencent Music Entertainment Group worth $28,076,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in the company. SVB Wealth LLC acquired a new stake in Tencent Music Entertainment Group in the first quarter valued at approximately $34,000. Banque Transatlantique SA bought a new position in shares of Tencent Music Entertainment Group in the 1st quarter worth $46,000. EverSource Wealth Advisors LLC grew its position in Tencent Music Entertainment Group by 83.0% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 3,005 shares of the company’s stock valued at $59,000 after purchasing an additional 1,363 shares during the period. Brooklyn Investment Group increased its stake in Tencent Music Entertainment Group by 957.1% during the 1st quarter. Brooklyn Investment Group now owns 4,757 shares of the company’s stock valued at $69,000 after purchasing an additional 4,307 shares in the last quarter. Finally, MAI Capital Management acquired a new position in Tencent Music Entertainment Group during the second quarter worth $73,000. 24.32% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on TME shares. Zacks Research cut shares of Tencent Music Entertainment Group from a “strong-buy” rating to a “hold” rating in a report on Monday, October 13th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Tencent Music Entertainment Group in a research report on Monday. Barclays boosted their price objective on Tencent Music Entertainment Group from $27.00 to $28.00 and gave the stock an “overweight” rating in a report on Wednesday, November 12th. Benchmark dropped their target price on Tencent Music Entertainment Group from $28.00 to $25.00 and set a “buy” rating on the stock in a report on Thursday, November 13th. Finally, Wall Street Zen cut Tencent Music Entertainment Group from a “buy” rating to a “hold” rating in a research report on Saturday, November 8th. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $24.29.

Tencent Music Entertainment Group Price Performance

Shares of NYSE TME opened at $17.78 on Friday. The company has a market capitalization of $30.51 billion, a PE ratio of 18.52, a PEG ratio of 1.27 and a beta of 0.47. 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 stock’s 50 day moving average price is $20.18 and its 200-day moving average price is $21.46. Tencent Music Entertainment Group Sponsored ADR has a twelve month low of $10.26 and a twelve month high of $26.70.

Tencent Music Entertainment Group Company Profile

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.