Bank of New York Mellon Corp Has $33.31 Million Stock Holdings in Tencent Music Entertainment Group Sponsored ADR (NYSE:TME)

Bank of New York Mellon Corp trimmed its position in Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) by 4.7% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,311,796 shares of the company’s stock after selling 113,571 shares during the period. Bank of New York Mellon Corp owned approximately 0.13% of Tencent Music Entertainment Group worth $33,313,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. PNC Financial Services Group Inc. increased its stake in Tencent Music Entertainment Group by 10.9% in the fourth quarter. PNC Financial Services Group Inc. now owns 11,138 shares of the company’s stock valued at $126,000 after acquiring an additional 1,094 shares during the last quarter. Oppenheimer Asset Management Inc. lifted its holdings in Tencent Music Entertainment Group by 35.6% in the first quarter. Oppenheimer Asset Management Inc. now owns 13,609 shares of the company’s stock worth $196,000 after buying an additional 3,570 shares during the period. Unigestion Holding SA purchased a new position in shares of Tencent Music Entertainment Group during the fourth quarter valued at approximately $161,000. Diametric Capital LP purchased a new position in shares of Tencent Music Entertainment Group during the fourth quarter valued at approximately $162,000. Finally, Vise Technologies Inc. purchased a new position in Tencent Music Entertainment Group in the 4th quarter worth approximately $169,000. 24.32% of the stock is owned by institutional investors.

Tencent Music Entertainment Group Stock Up 3.0%

Tencent Music Entertainment Group stock opened at $21.29 on Wednesday. The firm has a market cap of $36.54 billion, a PE ratio of 25.35 and a beta of 0.55. The company has a debt-to-equity ratio of 0.05, a quick ratio of 1.83 and a current ratio of 1.83. The firm’s 50 day moving average price is $18.03 and its two-hundred day moving average price is $14.49. Tencent Music Entertainment Group Sponsored ADR has a twelve month low of $9.41 and a twelve month high of $21.56.

Analyst Upgrades and Downgrades

TME has been the topic of a number of analyst reports. Macquarie set a $26.20 target price on shares of Tencent Music Entertainment Group and gave the company an “outperform” rating in a research note on Tuesday, June 17th. Nomura Securities raised shares of Tencent Music Entertainment Group to a “strong-buy” rating in a research report on Tuesday, April 8th. Sanford C. Bernstein restated an “outperform” rating on shares of Tencent Music Entertainment Group in a research note on Wednesday, May 14th. Morgan Stanley reiterated an “overweight” rating on shares of Tencent Music Entertainment Group in a research note on Tuesday, May 13th. Finally, Deutsche Bank Aktiengesellschaft upgraded shares of Tencent Music Entertainment Group from a “hold” rating to a “buy” rating in a research note on Wednesday, March 26th. Two analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $16.60.

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.