Swiss National Bank Sells 3,700 Shares of Tencent Music Entertainment Group (NYSE:TME)

Swiss National Bank lessened its holdings in shares of Tencent Music Entertainment Group (NYSE:TME) by 0.2% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,700,630 shares of the company’s stock after selling 3,700 shares during the period. Swiss National Bank’s holdings in Tencent Music Entertainment Group were worth $19,302,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of the business. Bank of Montreal Can lifted its stake in Tencent Music Entertainment Group by 86.0% in the 3rd quarter. Bank of Montreal Can now owns 181,991 shares of the company’s stock valued at $2,235,000 after acquiring an additional 84,161 shares in the last quarter. BNP Paribas Financial Markets lifted its stake in Tencent Music Entertainment Group by 33.6% in the 3rd quarter. BNP Paribas Financial Markets now owns 1,911,048 shares of the company’s stock valued at $23,028,000 after acquiring an additional 480,504 shares in the last quarter. Nordea Investment Management AB lifted its stake in Tencent Music Entertainment Group by 9.5% in the 4th quarter. Nordea Investment Management AB now owns 1,464,366 shares of the company’s stock valued at $16,738,000 after acquiring an additional 127,561 shares in the last quarter. Oppenheimer Asset Management Inc. bought a new stake in Tencent Music Entertainment Group in the 4th quarter valued at approximately $114,000. Finally, Principal Financial Group Inc. lifted its stake in Tencent Music Entertainment Group by 4.0% in the 3rd quarter. Principal Financial Group Inc. now owns 5,478,297 shares of the company’s stock valued at $66,013,000 after acquiring an additional 211,873 shares in the last quarter. Institutional investors own 24.32% of the company’s stock.

Tencent Music Entertainment Group Stock Up 15.6 %

NYSE:TME opened at $15.10 on Wednesday. The firm has a market capitalization of $25.91 billion, a price-to-earnings ratio of 27.96, a price-to-earnings-growth ratio of 0.77 and a beta of 0.70. Tencent Music Entertainment Group has a twelve month low of $9.41 and a twelve month high of $15.77. The stock’s 50 day moving average price is $12.22 and its two-hundred day moving average price is $11.75. The company has a quick ratio of 2.34, a current ratio of 2.34 and a debt-to-equity ratio of 0.09.

Analyst Upgrades and Downgrades

Separately, Morgan Stanley upgraded 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 note on Tuesday, January 21st. Three analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $14.04.

About Tencent Music Entertainment Group

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.