Tencent Music Entertainment Group Sponsored ADR $TME Shares Sold by US Bancorp DE

US Bancorp DE lowered its stake in shares of Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) by 55.8% in the third quarter, Holdings Channel reports. The institutional investor owned 36,207 shares of the company’s stock after selling 45,633 shares during the quarter. US Bancorp DE’s holdings in Tencent Music Entertainment Group were worth $845,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in the stock. Corient Private Wealth LLC grew its holdings in Tencent Music Entertainment Group by 1.6% during the 2nd quarter. Corient Private Wealth LLC now owns 32,213 shares of the company’s stock worth $628,000 after acquiring an additional 498 shares in the last quarter. Northwestern Mutual Wealth Management Co. increased its position in shares of Tencent Music Entertainment Group by 5.0% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 13,553 shares of the company’s stock worth $264,000 after purchasing an additional 651 shares during the last quarter. PNC Financial Services Group Inc. raised its stake in shares of Tencent Music Entertainment Group by 11.0% in the 2nd quarter. PNC Financial Services Group Inc. now owns 12,799 shares of the company’s stock valued at $249,000 after purchasing an additional 1,269 shares in the last quarter. Smartleaf Asset Management LLC bought a new position in shares of Tencent Music Entertainment Group during the third quarter worth about $31,000. Finally, EverSource Wealth Advisors LLC lifted its position in shares of Tencent Music Entertainment Group by 83.0% during the second quarter. EverSource Wealth Advisors LLC now owns 3,005 shares of the company’s stock worth $59,000 after purchasing an additional 1,363 shares during the last quarter. 24.32% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts recently weighed in on TME shares. Wall Street Zen lowered Tencent Music Entertainment Group from a “buy” rating to a “hold” rating in a report on Saturday, November 8th. Morgan Stanley reduced their target price on Tencent Music Entertainment Group from $27.50 to $25.00 and set an “overweight” rating on the stock in a report on Monday, December 22nd. Barclays lifted their target price on Tencent Music Entertainment Group from $27.00 to $28.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 12th. Benchmark dropped their price target on Tencent Music Entertainment Group from $28.00 to $25.00 and set a “buy” rating on the stock in a research report on Thursday, November 13th. Finally, Weiss Ratings restated a “hold (c+)” rating on shares of Tencent Music Entertainment Group in a research note on Monday, December 29th. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $25.79.

Tencent Music Entertainment Group Stock Up 1.1%

Shares of TME stock opened at $13.62 on Friday. The business has a 50 day moving average of $16.23 and a two-hundred day moving average of $19.84. Tencent Music Entertainment Group Sponsored ADR has a 52 week low of $11.71 and a 52 week high of $26.70. The company has a debt-to-equity ratio of 0.04, a quick ratio of 2.08 and a current ratio of 2.09.

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.