Rhumbline Advisers Cuts Stock Position in Tencent Music Entertainment Group Sponsored ADR (NYSE:TME)

Rhumbline Advisers decreased its position in shares of Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) by 4.6% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 110,641 shares of the company’s stock after selling 5,366 shares during the period. Rhumbline Advisers’ holdings in Tencent Music Entertainment Group were worth $1,594,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in TME. SBI Securities Co. Ltd. bought a new stake in shares of Tencent Music Entertainment Group in the 4th quarter worth about $110,000. Oppenheimer Asset Management Inc. bought a new stake in shares of Tencent Music Entertainment Group in the 4th quarter worth about $114,000. PNC Financial Services Group Inc. boosted its holdings in shares of Tencent Music Entertainment Group by 10.9% in the 4th quarter. PNC Financial Services Group Inc. now owns 11,138 shares of the company’s stock valued at $126,000 after buying an additional 1,094 shares during the period. Unigestion Holding SA acquired a new position in shares of Tencent Music Entertainment Group in the 4th quarter valued at about $161,000. Finally, Diametric Capital LP acquired a new position in shares of Tencent Music Entertainment Group in the 4th quarter valued at about $162,000. Hedge funds and other institutional investors own 24.32% of the company’s stock.

Tencent Music Entertainment Group Trading Up 2.3%

Tencent Music Entertainment Group stock opened at $18.61 on Thursday. The company has a quick ratio of 1.83, a current ratio of 1.83 and a debt-to-equity ratio of 0.05. The firm has a 50-day moving average price of $15.59 and a two-hundred day moving average price of $13.49. The firm has a market capitalization of $31.94 billion, a price-to-earnings ratio of 22.16 and a beta of 0.51. Tencent Music Entertainment Group Sponsored ADR has a 52-week low of $9.41 and a 52-week high of $19.40.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on the stock. Deutsche Bank Aktiengesellschaft raised shares of Tencent Music Entertainment Group from a “hold” rating to a “buy” rating in a report on Wednesday, March 26th. Nomura Securities raised shares of Tencent Music Entertainment Group to a “strong-buy” rating in a report on Tuesday, April 8th. Sanford C. Bernstein reaffirmed an “outperform” rating on shares of Tencent Music Entertainment Group in a report on Wednesday, May 14th. Mizuho lifted their price target on shares of Tencent Music Entertainment Group from $16.00 to $17.00 and gave the company an “outperform” rating in a report on Wednesday, March 19th. Finally, Morgan Stanley reaffirmed an “overweight” rating on shares of Tencent Music Entertainment Group in a report on Tuesday, May 13th. Two research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $15.00.

Tencent Music Entertainment Group Profile

Tencent Music Entertainment Group operates online music entertainment platforms to provide music streaming, online karaoke, and live streaming services in the People's Republic of China. It offers QQ Music, Kugou Music, and Kuwo Music that enable users to discover music in personalized ways; long-form audio content, including audiobooks, podcasts and talk shows, as well as music-oriented video content comprising music videos, live performances, and short videos; and WeSing, which enables users to sing along from its library of karaoke songs and share their performances in audio or video formats with friends.