Tencent Music Entertainment Group (NYSE:TME) Position Reduced by Zurcher Kantonalbank Zurich Cantonalbank

Zurcher Kantonalbank Zurich Cantonalbank lessened its position in Tencent Music Entertainment Group (NYSE:TME) by 1.8% in the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 448,674 shares of the company’s stock after selling 8,232 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Tencent Music Entertainment Group were worth $5,092,000 as of its most recent filing with the SEC.

Other large investors also recently added to or reduced their stakes in the company. Cantillon Capital Management LLC lifted its position in shares of Tencent Music Entertainment Group by 39.9% in the third quarter. Cantillon Capital Management LLC now owns 18,456,585 shares of the company’s stock worth $222,402,000 after buying an additional 5,265,783 shares during the last quarter. Mawer Investment Management Ltd. lifted its position in Tencent Music Entertainment Group by 1,131.8% in the third quarter. Mawer Investment Management Ltd. now owns 4,547,836 shares of the company’s stock worth $54,801,000 after purchasing an additional 4,178,636 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in Tencent Music Entertainment Group by 287.4% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 4,845,013 shares of the company’s stock worth $58,382,000 after buying an additional 3,594,383 shares in the last quarter. FMR LLC increased its holdings in Tencent Music Entertainment Group by 98.8% in the 3rd quarter. FMR LLC now owns 5,970,773 shares of the company’s stock valued at $71,948,000 after buying an additional 2,967,779 shares during the period. Finally, Public Employees Retirement System of Ohio acquired a new position in shares of Tencent Music Entertainment Group in the 3rd quarter valued at $29,706,000. 24.32% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Separately, Morgan Stanley upgraded shares of Tencent Music Entertainment Group from an “equal weight” rating to an “overweight” rating and set a $13.00 target price on the stock in a research report on Tuesday, January 21st. Three research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat, Tencent Music Entertainment Group currently has a consensus rating of “Moderate Buy” and a consensus price target of $14.04.

Tencent Music Entertainment Group Price Performance

NYSE:TME opened at $12.53 on Friday. The company has a quick ratio of 2.34, a current ratio of 2.34 and a debt-to-equity ratio of 0.09. The firm has a market cap of $21.49 billion, a PE ratio of 23.19, a price-to-earnings-growth ratio of 0.77 and a beta of 0.70. Tencent Music Entertainment Group has a 12 month low of $9.41 and a 12 month high of $15.77. The company’s 50-day moving average price is $12.09 and its two-hundred day moving average price is $11.68.

Tencent Music Entertainment Group Company 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.