Tencent Music Entertainment Group Sponsored ADR $TME Shares Purchased by Principal Financial Group Inc.

Principal Financial Group Inc. raised its position in Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) by 12.5% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 630,066 shares of the company’s stock after purchasing an additional 69,818 shares during the quarter. Principal Financial Group Inc.’s holdings in Tencent Music Entertainment Group were worth $5,847,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. Sequoia Financial Advisors LLC grew its stake in shares of Tencent Music Entertainment Group by 14.6% in the first quarter. Sequoia Financial Advisors LLC now owns 21,728 shares of the company’s stock valued at $202,000 after buying an additional 2,765 shares in the last quarter. Summit Securities Group LLC acquired a new position in Tencent Music Entertainment Group during the 1st quarter worth about $110,000. Swedbank AB lifted its stake in Tencent Music Entertainment Group by 6.7% during the 1st quarter. Swedbank AB now owns 651,685 shares of the company’s stock worth $6,048,000 after acquiring an additional 40,766 shares in the last quarter. Y Intercept Hong Kong Ltd boosted its holdings in Tencent Music Entertainment Group by 75.0% during the 1st quarter. Y Intercept Hong Kong Ltd now owns 763,551 shares of the company’s stock valued at $7,086,000 after acquiring an additional 327,295 shares during the period. Finally, Leonteq Securities AG boosted its holdings in Tencent Music Entertainment Group by 341.1% during the 1st quarter. Leonteq Securities AG now owns 226,689 shares of the company’s stock valued at $2,104,000 after acquiring an additional 175,292 shares during the period. 24.32% of the stock is currently owned by institutional investors and hedge funds.

Tencent Music Entertainment Group Price Performance

TME stock opened at $9.29 on Tuesday. The company has a debt-to-equity ratio of 0.06, a current ratio of 2.09 and a quick ratio of 2.08. The firm has a market capitalization of $14.61 billion, a P/E ratio of 11.61, a P/E/G ratio of 0.58 and a beta of 0.82. The business’s 50-day moving average is $8.91 and its two-hundred day moving average is $11.43. Tencent Music Entertainment Group Sponsored ADR has a 1 year low of $7.94 and a 1 year high of $26.70.

Tencent Music Entertainment Group (NYSE:TME) last announced its quarterly earnings data on Tuesday, March 31st. The company reported $0.11 earnings per share (EPS) for the quarter. Tencent Music Entertainment Group had a return on equity of 11.20% and a net margin of 26.45%.The business had revenue of $1.15 billion during the quarter. Analysts anticipate that Tencent Music Entertainment Group Sponsored ADR will post 0.89 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

TME has been the topic of a number of recent research reports. Mizuho cut their price target on shares of Tencent Music Entertainment Group from $23.00 to $18.00 and set an “outperform” rating on the stock in a research note on Wednesday, May 13th. Weiss Ratings raised shares of Tencent Music Entertainment Group from a “hold (c-)” rating to a “hold (c)” rating in a research note on Wednesday, July 1st. Zacks Research upgraded shares of Tencent Music Entertainment Group from a “strong sell” rating to a “hold” rating in a report on Tuesday, May 19th. Finally, JPMorgan Chase & Co. cut their target price on shares of Tencent Music Entertainment Group from $12.00 to $10.00 and set a “neutral” rating on the stock in a research note on Thursday, May 14th. Six analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $21.44.

Tencent Music Entertainment Group Company Profile

Tencent Music Entertainment Group (NYSE: TME) is a China-based digital music and audio entertainment platform that operates a portfolio of leading music streaming and social entertainment services. Its core consumer-facing products include streaming apps, online karaoke (KTV) services and live music and entertainment broadcasts. The company monetizes its content through a mix of subscriptions, digital music sales, in-app purchases, virtual gifting, advertising and licensing arrangements with rights holders.

The company traces its roots to the consolidation of Tencent’s music assets and was established in the mid-2010s to unify several prominent music properties under a single operating entity.