Tencent Music Entertainment Group Sponsored ADR $TME Shares Purchased by Principal Financial Group Inc.

Principal Financial Group Inc. raised its holdings in Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) by 14.2% in the 3rd quarter, according to its most recent 13F filing with the SEC. The fund owned 1,421,025 shares of the company’s stock after acquiring an additional 176,347 shares during the period. Principal Financial Group Inc. owned 0.08% of Tencent Music Entertainment Group worth $33,167,000 at the end of the most recent reporting period.

A number of other large investors also recently made changes to their positions in TME. Global Retirement Partners LLC grew its position in shares of Tencent Music Entertainment Group by 1,326.5% in the third quarter. Global Retirement Partners LLC now owns 1,883 shares of the company’s stock valued at $44,000 after purchasing an additional 1,751 shares during the period. EverSource Wealth Advisors LLC lifted its position in 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 buying an additional 1,363 shares during the period. MAI Capital Management acquired a new stake in Tencent Music Entertainment Group in the 2nd quarter worth about $73,000. iA Global Asset Management Inc. purchased a new stake in Tencent Music Entertainment Group in the 2nd quarter valued at about $131,000. Finally, Farther Finance Advisors LLC grew its holdings in Tencent Music Entertainment Group by 424.1% in the 3rd quarter. Farther Finance Advisors LLC now owns 7,159 shares of the company’s stock valued at $167,000 after buying an additional 5,793 shares during the period. Hedge funds and other institutional investors own 24.32% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on TME. Barclays increased their price objective on shares of 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 price objective on 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. 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. Weiss Ratings reissued a “hold (c+)” rating on shares of Tencent Music Entertainment Group in a research report on Monday, December 29th. Finally, Bank of America assumed coverage on Tencent Music Entertainment Group in a report on Tuesday, October 28th. They issued a “neutral” rating and a $25.00 price objective on the stock. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $25.79.

Tencent Music Entertainment Group Price Performance

Shares of NYSE TME opened at $15.92 on Friday. 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 Sponsored ADR has a 1-year low of $11.71 and a 1-year high of $26.70. The company has a market capitalization of $27.31 billion, a price-to-earnings ratio of 16.58, a PEG ratio of 1.00 and a beta of 0.53. The business has a 50-day moving average of $17.46 and a 200-day moving average of $20.95.

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.