Mitsubishi UFJ Trust & Banking Corp Purchases 33,739 Shares of Tencent Music Entertainment Group Sponsored ADR $TME

Mitsubishi UFJ Trust & Banking Corp raised its position in Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) by 19.7% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). 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 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently modified their holdings of the company. Corient Private Wealth LLC raised its position in Tencent Music Entertainment Group by 1.6% in the 2nd quarter. Corient Private Wealth LLC now owns 32,213 shares of the company’s stock valued at $628,000 after buying an additional 498 shares during the last quarter. Northwestern Mutual Wealth Management Co. grew its stake in shares of Tencent Music Entertainment Group by 5.0% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 13,553 shares of the company’s stock worth $264,000 after acquiring an additional 651 shares in the last quarter. PDS Planning Inc raised its holdings in shares of Tencent Music Entertainment Group by 5.6% in the second quarter. PDS Planning Inc now owns 12,561 shares of the company’s stock valued at $245,000 after purchasing an additional 665 shares during the last quarter. DekaBank Deutsche Girozentrale lifted its position in shares of Tencent Music Entertainment Group by 0.8% in the second quarter. DekaBank Deutsche Girozentrale now owns 101,362 shares of the company’s stock worth $1,975,000 after purchasing an additional 842 shares in the last quarter. Finally, PNC Financial Services Group Inc. boosted its holdings in Tencent Music Entertainment Group by 11.0% during the second quarter. PNC Financial Services Group Inc. now owns 12,799 shares of the company’s stock worth $249,000 after purchasing an additional 1,269 shares during the last quarter. 24.32% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several brokerages have issued reports on TME. Weiss Ratings reiterated a “hold (c+)” rating on shares of Tencent Music Entertainment Group in a research note on Monday, December 29th. Zacks Research downgraded Tencent Music Entertainment Group from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 13th. Morgan Stanley dropped 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 raised their price target on Tencent Music Entertainment Group from $27.00 to $28.00 and gave the company an “overweight” rating in a research note on Wednesday, November 12th. Finally, Bank of America started coverage on Tencent Music Entertainment Group in a research note on Tuesday, October 28th. They set a “neutral” rating and a $25.00 price objective on the stock. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and three have given a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $25.79.

Tencent Music Entertainment Group Stock Down 0.4%

TME opened at $17.17 on Friday. The company has a current ratio of 2.09, a quick ratio of 2.08 and a debt-to-equity ratio of 0.04. The stock’s fifty day simple moving average is $17.65 and its 200 day simple moving average is $21.13. Tencent Music Entertainment Group Sponsored ADR has a 1-year low of $11.61 and a 1-year high of $26.70. The stock has a market cap of $29.57 billion, a PE ratio of 17.88, a price-to-earnings-growth ratio of 1.08 and a beta of 0.45.

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.