Tencent Music Entertainment Group Sponsored ADR $TME Shares Acquired by DekaBank Deutsche Girozentrale

DekaBank Deutsche Girozentrale grew its stake in Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) by 0.8% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 101,362 shares of the company’s stock after purchasing an additional 842 shares during the period. DekaBank Deutsche Girozentrale’s holdings in Tencent Music Entertainment Group were worth $1,975,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of the stock. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new position in shares of Tencent Music Entertainment Group in the second quarter valued at approximately $813,000. Aubrey Capital Management Ltd acquired a new position in shares of Tencent Music Entertainment Group in the second quarter valued at approximately $9,915,000. Nordea Investment Management AB increased its holdings in shares of Tencent Music Entertainment Group by 5.0% in the second quarter. Nordea Investment Management AB now owns 1,682,287 shares of the company’s stock valued at $32,670,000 after purchasing an additional 79,734 shares during the period. Allianz Asset Management GmbH increased its holdings in shares of Tencent Music Entertainment Group by 91.1% in the second quarter. Allianz Asset Management GmbH now owns 357,226 shares of the company’s stock valued at $6,962,000 after purchasing an additional 170,306 shares during the period. Finally, Morningstar Investment Management LLC increased its holdings in shares of Tencent Music Entertainment Group by 16.7% in the second quarter. Morningstar Investment Management LLC now owns 92,622 shares of the company’s stock valued at $1,805,000 after purchasing an additional 13,238 shares during the period. Institutional investors and hedge funds own 24.32% of the company’s stock.

Tencent Music Entertainment Group Stock Up 0.4%

Tencent Music Entertainment Group stock opened at $22.91 on Friday. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.87 and a current ratio of 1.87. The firm has a market capitalization of $39.32 billion, a price-to-earnings ratio of 25.18 and a beta of 0.51. Tencent Music Entertainment Group Sponsored ADR has a fifty-two week low of $10.11 and a fifty-two week high of $26.70. The stock’s fifty day moving average is $24.15 and its two-hundred day moving average is $20.10.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the company. Benchmark upped their price objective on Tencent Music Entertainment Group from $19.00 to $28.00 and gave the stock a “buy” rating in a report on Wednesday, August 13th. Barclays reaffirmed an “overweight” rating and set a $27.00 price objective (up previously from $16.00) on shares of Tencent Music Entertainment Group in a report on Tuesday, August 12th. Sanford C. Bernstein set a $27.50 price objective on Tencent Music Entertainment Group and gave the stock an “outperform” rating in a report on Wednesday, August 13th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Tencent Music Entertainment Group in a report on Friday. Finally, Citigroup reaffirmed a “buy” rating and set a $29.00 price objective (up previously from $23.00) on shares of Tencent Music Entertainment Group in a report on Tuesday, August 12th. One investment analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat, Tencent Music Entertainment Group presently has a consensus rating of “Buy” and an average price target of $24.47.

About Tencent Music Entertainment Group

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.