Principal Financial Group Inc. Grows Holdings in Tencent Music Entertainment Group Sponsored ADR $TME

Principal Financial Group Inc. raised its position in Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) by 14.2% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,421,025 shares of the company’s stock after buying an additional 176,347 shares during the period. Principal Financial Group Inc.’s holdings in Tencent Music Entertainment Group were worth $33,167,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Schroder Investment Management Group lifted its stake in shares of Tencent Music Entertainment Group by 2.2% in the second quarter. Schroder Investment Management Group now owns 67,948,198 shares of the company’s stock worth $1,324,310,000 after acquiring an additional 1,491,095 shares in the last quarter. JPMorgan Chase & Co. increased its holdings in Tencent Music Entertainment Group by 26.4% during the 2nd quarter. JPMorgan Chase & Co. now owns 19,501,541 shares of the company’s stock worth $380,085,000 after purchasing an additional 4,071,323 shares during the last quarter. State Street Corp increased its holdings in Tencent Music Entertainment Group by 1.3% during the 2nd quarter. State Street Corp now owns 12,553,992 shares of the company’s stock worth $244,677,000 after purchasing an additional 155,692 shares during the last quarter. Norges Bank acquired a new position in shares of Tencent Music Entertainment Group in the 2nd quarter valued at approximately $110,813,000. Finally, Robeco Institutional Asset Management B.V. boosted its stake in shares of Tencent Music Entertainment Group by 174.9% during the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 5,319,631 shares of the company’s stock valued at $124,160,000 after buying an additional 3,384,583 shares during the last quarter. 24.32% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on TME. Zacks Research lowered shares of Tencent Music Entertainment Group from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 13th. Barclays raised their price objective on shares of Tencent Music Entertainment Group from $27.00 to $28.00 and gave the stock an “overweight” rating in a report on Wednesday, November 12th. Bank of America started coverage on shares of Tencent Music Entertainment Group in a research report on Tuesday, October 28th. They issued a “neutral” rating and a $25.00 target price for the company. Morgan Stanley cut their target price on shares of Tencent Music Entertainment Group from $27.50 to $25.00 and set an “overweight” rating on the stock in a research note on Monday, December 22nd. Finally, Benchmark decreased their price target on Tencent Music Entertainment Group from $28.00 to $25.00 and set a “buy” rating for the company in a research note on Thursday, November 13th. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, Tencent Music Entertainment Group currently has an average rating of “Moderate Buy” and a consensus price target of $25.79.

Tencent Music Entertainment Group Stock Up 0.5%

Shares of NYSE:TME opened at $15.92 on Friday. The company’s fifty day moving average is $17.46 and its two-hundred day moving average is $20.95. The company has a debt-to-equity ratio of 0.04, a quick ratio of 2.08 and a current ratio of 2.09. Tencent Music Entertainment Group Sponsored ADR has a 1-year low of $11.71 and a 1-year high of $26.70. The stock has a market capitalization of $27.31 billion, a price-to-earnings ratio of 16.58, a price-to-earnings-growth ratio of 1.00 and a beta of 0.53.

Tencent Music Entertainment Group 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.