Bank of New York Mellon Corp Has $39.70 Million Holdings in Tencent Music Entertainment Group Sponsored ADR $TME

Bank of New York Mellon Corp trimmed its position in shares of Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) by 11.9% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,036,885 shares of the company’s stock after selling 274,911 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.12% of Tencent Music Entertainment Group worth $39,699,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently added to or reduced their stakes in the company. PDS Planning Inc raised its stake in shares of Tencent Music Entertainment Group by 5.6% in the 2nd quarter. PDS Planning Inc now owns 12,561 shares of the company’s stock valued at $245,000 after acquiring an additional 665 shares in the last quarter. DekaBank Deutsche Girozentrale grew its holdings in Tencent Music Entertainment Group by 0.8% during the second quarter. DekaBank Deutsche Girozentrale now owns 101,362 shares of the company’s stock valued at $1,975,000 after purchasing an additional 842 shares during the last quarter. Fortis Capital Advisors LLC raised its position in shares of Tencent Music Entertainment Group by 4.4% in the second quarter. Fortis Capital Advisors LLC now owns 46,925 shares of the company’s stock valued at $915,000 after purchasing an additional 1,958 shares during the period. Belpointe Asset Management LLC lifted its stake in shares of Tencent Music Entertainment Group by 4.4% in the second quarter. Belpointe Asset Management LLC now owns 46,925 shares of the company’s stock worth $915,000 after buying an additional 1,958 shares during the last quarter. Finally, Ballentine Partners LLC boosted its holdings in shares of Tencent Music Entertainment Group by 10.6% during the 1st quarter. Ballentine Partners LLC now owns 21,054 shares of the company’s stock worth $303,000 after buying an additional 2,019 shares during the period. Institutional investors and hedge funds own 24.32% of the company’s stock.

Tencent Music Entertainment Group Stock Performance

Shares of NYSE:TME opened at $19.03 on Thursday. The firm’s 50 day simple moving average is $23.35 and its 200 day simple moving average is $21.01. 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 company has a market capitalization of $32.65 billion, a price-to-earnings ratio of 20.91, a P/E/G ratio of 1.25 and a beta of 0.51. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.87 and a quick ratio of 1.87.

Analyst Ratings Changes

A number of brokerages recently issued reports on TME. Sanford C. Bernstein set a $27.50 target price on shares of Tencent Music Entertainment Group and gave the stock an “outperform” rating in a research report on Wednesday, August 13th. Wall Street Zen lowered shares of Tencent Music Entertainment Group from a “buy” rating to a “hold” rating in a research report on Saturday, November 8th. Bank of America started coverage on shares of Tencent Music Entertainment Group in a research note on Tuesday, October 28th. They issued a “neutral” rating and a $25.00 target price for the company. Weiss Ratings restated a “buy (b-)” rating on shares of Tencent Music Entertainment Group in a research note on Wednesday, October 8th. Finally, Benchmark raised their price objective on Tencent Music Entertainment Group from $19.00 to $28.00 and gave the stock a “buy” rating in a research report on Wednesday, August 13th. One research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and two have issued a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $24.66.

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.