Pictet Asset Management SA Lowers Holdings in Tencent Music Entertainment Group (NYSE:TME)

Pictet Asset Management SA trimmed its holdings in Tencent Music Entertainment Group (NYSE:TMEGet Rating) by 8.6% in the 2nd quarter, according to its most recent disclosure with the SEC. The firm owned 767,623 shares of the company’s stock after selling 72,177 shares during the period. Pictet Asset Management SA’s holdings in Tencent Music Entertainment Group were worth $3,853,000 at the end of the most recent quarter.

A number of other large investors also recently added to or reduced their stakes in TME. Founders Financial Securities LLC acquired a new position in Tencent Music Entertainment Group during the second quarter worth $50,000. HighTower Advisors LLC acquired a new position in Tencent Music Entertainment Group during the first quarter worth $51,000. Parallel Advisors LLC lifted its stake in Tencent Music Entertainment Group by 50.0% during the second quarter. Parallel Advisors LLC now owns 11,795 shares of the company’s stock worth $59,000 after purchasing an additional 3,931 shares in the last quarter. Ground Swell Capital LLC lifted its stake in Tencent Music Entertainment Group by 25.5% during the first quarter. Ground Swell Capital LLC now owns 13,223 shares of the company’s stock worth $64,000 after purchasing an additional 2,690 shares in the last quarter. Finally, JJJ Advisors Inc. lifted its stake in Tencent Music Entertainment Group by 132.1% during the first quarter. JJJ Advisors Inc. now owns 13,787 shares of the company’s stock worth $67,000 after purchasing an additional 7,847 shares in the last quarter. 22.62% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

TME has been the topic of a number of research reports. The Goldman Sachs Group decreased their price target on Tencent Music Entertainment Group from $5.40 to $4.40 in a research note on Sunday, November 6th. Benchmark upgraded Tencent Music Entertainment Group from a “hold” rating to a “buy” rating and set a $7.00 price objective on the stock in a research note on Wednesday, November 16th.

Tencent Music Entertainment Group Stock Down 6.4 %

Shares of NYSE TME opened at $5.58 on Monday. The stock has a market cap of $9.46 billion, a P/E ratio of 19.93, a PEG ratio of 0.96 and a beta of 0.63. The company has a current ratio of 2.15, a quick ratio of 2.33 and a debt-to-equity ratio of 0.12. Tencent Music Entertainment Group has a 12-month low of $2.95 and a 12-month high of $7.83. The business’s fifty day simple moving average is $4.23 and its 200-day simple moving average is $4.39.

Tencent Music Entertainment Group Profile

(Get Rating)

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 and listen to music in personalized ways; and WeSing, which enables users to have fun by singing and interacting with friends, sharing their singing performances with friends, and discovering songs that others have sung.

Further Reading

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Institutional Ownership by Quarter for Tencent Music Entertainment Group (NYSE:TME)

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