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

Prudential Financial Inc. increased its stake in Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) by 196.8% during the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 744,549 shares of the company’s stock after buying an additional 493,705 shares during the quarter. Prudential Financial Inc.’s holdings in Tencent Music Entertainment Group were worth $14,511,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. SVB Wealth LLC bought a new stake in Tencent Music Entertainment Group in the first quarter worth $34,000. Banque Transatlantique SA purchased a new position in shares of Tencent Music Entertainment Group in the 1st quarter worth about $46,000. Brooklyn Investment Group boosted its stake in Tencent Music Entertainment Group by 957.1% in the 1st quarter. Brooklyn Investment Group now owns 4,757 shares of the company’s stock worth $69,000 after purchasing an additional 4,307 shares in the last quarter. MAI Capital Management purchased a new stake in Tencent Music Entertainment Group during the 2nd quarter valued at about $73,000. Finally, iA Global Asset Management Inc. bought a new stake in Tencent Music Entertainment Group during the 2nd quarter valued at about $131,000. Institutional investors own 24.32% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the stock. Daiwa Capital Markets upgraded shares of Tencent Music Entertainment Group from a “neutral” rating to an “outperform” rating in a research note on Tuesday, August 12th. Sanford C. Bernstein set a $27.50 price objective on Tencent Music Entertainment Group and gave the company an “outperform” rating in a research report on Wednesday, August 13th. Zacks Research downgraded Tencent Music Entertainment Group from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 13th. Barclays boosted their price target on Tencent Music Entertainment Group from $27.00 to $28.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 12th. Finally, Citigroup reaffirmed a “buy” rating and set a $29.00 price objective (up from $23.00) on shares of Tencent Music Entertainment Group in a research report on Tuesday, August 12th. One equities research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $24.29.

Tencent Music Entertainment Group Price Performance

Shares of TME opened at $17.99 on Thursday. The firm has a fifty day simple moving average of $21.99 and a two-hundred day simple moving average of $21.33. The firm has a market cap of $30.88 billion, a PE ratio of 18.74, a P/E/G ratio of 1.10 and a beta of 0.51. The company has a current ratio of 2.09, a quick ratio of 2.08 and a debt-to-equity ratio of 0.04. Tencent Music Entertainment Group Sponsored ADR has a 1-year low of $10.26 and a 1-year high of $26.70.

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.