Mitsubishi UFJ Trust & Banking Corp Increases Position in Tencent Music Entertainment Group Sponsored ADR $TME

Mitsubishi UFJ Trust & Banking Corp raised its holdings in Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) by 19.7% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 205,083 shares of the company’s stock after purchasing an additional 33,739 shares during the quarter. Mitsubishi UFJ Trust & Banking Corp’s holdings in Tencent Music Entertainment Group were worth $4,787,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in TME. Royal Bank of Canada boosted its holdings in Tencent Music Entertainment Group by 9.0% in the first quarter. Royal Bank of Canada now owns 144,475 shares of the company’s stock valued at $2,082,000 after purchasing an additional 11,979 shares in the last quarter. AQR Capital Management LLC raised its holdings in shares of Tencent Music Entertainment Group by 107.5% in the first quarter. AQR Capital Management LLC now owns 85,450 shares of the company’s stock worth $1,231,000 after acquiring an additional 44,265 shares during the last quarter. Jones Financial Companies Lllp acquired a new stake in shares of Tencent Music Entertainment Group during the first quarter worth $985,000. Acadian Asset Management LLC grew its holdings in Tencent Music Entertainment Group by 385,900.0% in the first quarter. Acadian Asset Management LLC now owns 50,180 shares of the company’s stock valued at $722,000 after purchasing an additional 50,167 shares during the period. Finally, Robeco Institutional Asset Management B.V. grew its position in Tencent Music Entertainment Group by 1,847.5% during the second quarter. Robeco Institutional Asset Management B.V. now owns 1,935,048 shares of the company’s stock valued at $37,714,000 after acquiring an additional 1,835,687 shares during the period. 24.32% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities research analysts have issued reports on TME shares. Weiss Ratings restated a “hold (c+)” rating on shares of Tencent Music Entertainment Group in a report on Monday, December 29th. Benchmark reduced their price objective on shares of Tencent Music Entertainment Group from $28.00 to $25.00 and set a “buy” rating for the company in a report on Thursday, November 13th. Bank of America initiated coverage on shares of Tencent Music Entertainment Group in a research report on Tuesday, October 28th. They set a “neutral” rating and a $25.00 price objective for the company. Wall Street Zen downgraded shares of Tencent Music Entertainment Group from a “buy” rating to a “hold” rating in a research report on Saturday, November 8th. Finally, Zacks Research lowered shares of Tencent Music Entertainment Group from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 13th. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $25.79.

Tencent Music Entertainment Group Stock Down 0.4%

Shares of TME opened at $17.17 on Friday. Tencent Music Entertainment Group Sponsored ADR has a one year low of $11.61 and a one year high of $26.70. The business’s 50 day simple moving average is $17.65 and its 200-day simple moving average is $21.13. The company has a market capitalization of $29.57 billion, a P/E ratio of 17.88, a PEG ratio of 1.08 and a beta of 0.45. The company has a debt-to-equity ratio of 0.04, a current ratio of 2.09 and a quick ratio of 2.08.

Tencent Music Entertainment Group 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.