Tencent Music Entertainment Group (NYSE:TME) Shares Bought by Zurcher Kantonalbank Zurich Cantonalbank

Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of Tencent Music Entertainment Group (NYSE:TME) by 90.6% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 427,394 shares of the company’s stock after purchasing an additional 203,177 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Tencent Music Entertainment Group were worth $6,005,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in TME. QRG Capital Management Inc. increased its holdings in shares of Tencent Music Entertainment Group by 5.7% in the 2nd quarter. QRG Capital Management Inc. now owns 15,843 shares of the company’s stock valued at $223,000 after acquiring an additional 860 shares during the period. Atomi Financial Group Inc. increased its holdings in shares of Tencent Music Entertainment Group by 6.1% in the 2nd quarter. Atomi Financial Group Inc. now owns 26,996 shares of the company’s stock valued at $379,000 after acquiring an additional 1,561 shares during the period. Parallel Advisors LLC increased its holdings in shares of Tencent Music Entertainment Group by 27.1% in the 4th quarter. Parallel Advisors LLC now owns 10,927 shares of the company’s stock valued at $98,000 after acquiring an additional 2,328 shares during the period. Blue Trust Inc. increased its holdings in shares of Tencent Music Entertainment Group by 30.9% in the 2nd quarter. Blue Trust Inc. now owns 16,166 shares of the company’s stock valued at $227,000 after acquiring an additional 3,819 shares during the period. Finally, Daiwa Securities Group Inc. increased its holdings in shares of Tencent Music Entertainment Group by 25.0% in the 1st quarter. Daiwa Securities Group Inc. now owns 19,500 shares of the company’s stock valued at $218,000 after acquiring an additional 3,900 shares during the period. Institutional investors and hedge funds own 24.32% of the company’s stock.

Tencent Music Entertainment Group Price Performance

Shares of NYSE TME traded down $0.09 during trading on Friday, hitting $10.38. 3,311,126 shares of the company were exchanged, compared to its average volume of 8,467,020. The company has a market cap of $17.81 billion, a price-to-earnings ratio of 22.76, a PEG ratio of 0.80 and a beta of 0.68. Tencent Music Entertainment Group has a 1 year low of $5.96 and a 1 year high of $15.77. The firm’s fifty day moving average price is $13.36 and its 200 day moving average price is $12.66. The company has a debt-to-equity ratio of 0.09, a current ratio of 2.34 and a quick ratio of 2.34.

Analyst Ratings Changes

TME has been the topic of a number of recent research reports. Bank of America cut their target price on shares of Tencent Music Entertainment Group from $18.00 to $15.00 and set a “buy” rating on the stock in a report on Wednesday, August 14th. Daiwa Capital Markets cut shares of Tencent Music Entertainment Group from an “outperform” rating to a “neutral” rating in a research note on Tuesday, August 13th. Daiwa America cut shares of Tencent Music Entertainment Group from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, August 13th. Mizuho dropped their price objective on shares of Tencent Music Entertainment Group from $17.00 to $16.00 and set an “outperform” rating on the stock in a research note on Wednesday, August 14th. Finally, Benchmark dropped their price objective on shares of Tencent Music Entertainment Group from $19.00 to $15.00 and set a “buy” rating on the stock in a research note on Wednesday, August 14th. Three analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $12.72.

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.