Bank of New York Mellon Corp Has $27.53 Million Position in Tencent Music Entertainment Group (NYSE:TME)

Bank of New York Mellon Corp cut its stake in shares of Tencent Music Entertainment Group (NYSE:TME) by 17.2% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 2,425,367 shares of the company’s stock after selling 504,316 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.14% of Tencent Music Entertainment Group worth $27,528,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Bank of Montreal Can lifted its holdings in Tencent Music Entertainment Group by 86.0% during the 3rd quarter. Bank of Montreal Can now owns 181,991 shares of the company’s stock worth $2,235,000 after buying an additional 84,161 shares during the period. BNP Paribas Financial Markets lifted its holdings in Tencent Music Entertainment Group by 33.6% during the 3rd quarter. BNP Paribas Financial Markets now owns 1,911,048 shares of the company’s stock worth $23,028,000 after buying an additional 480,504 shares during the period. Fiera Capital Corp lifted its holdings in Tencent Music Entertainment Group by 21.2% during the 3rd quarter. Fiera Capital Corp now owns 434,353 shares of the company’s stock worth $5,234,000 after buying an additional 75,991 shares during the period. Principal Financial Group Inc. lifted its holdings in Tencent Music Entertainment Group by 4.0% during the 3rd quarter. Principal Financial Group Inc. now owns 5,478,297 shares of the company’s stock worth $66,013,000 after buying an additional 211,873 shares during the period. Finally, Nordea Investment Management AB lifted its stake in shares of 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 purchasing an additional 127,561 shares during the period. 24.32% of the stock is owned by institutional investors and hedge funds.

Tencent Music Entertainment Group Stock Performance

Shares of Tencent Music Entertainment Group stock opened at $13.31 on Friday. Tencent Music Entertainment Group has a one year low of $9.41 and a one year high of $15.77. The firm has a market capitalization of $22.83 billion, a price-to-earnings ratio of 24.64, a PEG ratio of 0.77 and a beta of 0.70. The business has a 50-day simple moving average of $11.98 and a 200 day simple moving average of $11.62. The company has a debt-to-equity ratio of 0.09, a current ratio of 2.34 and a quick ratio of 2.34.

Wall Street Analysts Forecast Growth

Separately, Morgan Stanley raised Tencent Music Entertainment Group from an “equal weight” rating to an “overweight” rating and set a $13.00 price objective on the stock in a research note on Tuesday, January 21st. Three equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $14.04.

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.