Tencent Music Entertainment Group (NYSE:TME) Shares Bought by Principal Financial Group Inc.

Principal Financial Group Inc. raised its position in Tencent Music Entertainment Group (NYSE:TME - Free Report) by 4.0% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 5,478,297 shares of the company's stock after acquiring an additional 211,873 shares during the period. Principal Financial Group Inc. owned approximately 0.32% of Tencent Music Entertainment Group worth $66,013,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Janney Montgomery Scott LLC boosted its holdings in Tencent Music Entertainment Group by 10.5% in the first quarter. Janney Montgomery Scott LLC now owns 54,547 shares of the company's stock worth $610,000 after acquiring an additional 5,175 shares in the last quarter. Daiwa Securities Group Inc. boosted its stake in Tencent Music Entertainment Group by 25.0% in the 1st quarter. Daiwa Securities Group Inc. now owns 19,500 shares of the company's stock worth $218,000 after purchasing an additional 3,900 shares in the last quarter. Swiss National Bank grew its position in Tencent Music Entertainment Group by 0.3% during the 1st quarter. Swiss National Bank now owns 1,691,130 shares of the company's stock worth $18,924,000 after purchasing an additional 4,500 shares during the last quarter. Atomi Financial Group Inc. increased its stake in Tencent Music Entertainment Group by 12.0% during the 1st quarter. Atomi Financial Group Inc. now owns 25,435 shares of the company's stock valued at $285,000 after purchasing an additional 2,727 shares in the last quarter. Finally, Sei Investments Co. raised its holdings in shares of Tencent Music Entertainment Group by 115.9% in the first quarter. Sei Investments Co. now owns 1,846,116 shares of the company's stock worth $20,658,000 after buying an additional 991,056 shares during the last quarter. 24.32% of the stock is owned by hedge funds and other institutional investors.

Tencent Music Entertainment Group Stock Performance

Shares of NYSE:TME traded down $0.39 during trading on Friday, hitting $11.39. 8,103,286 shares of the stock traded hands, compared to its average volume of 5,787,867. The company has a quick ratio of 2.34, a current ratio of 2.34 and a debt-to-equity ratio of 0.09. The company has a fifty day moving average price of $11.39 and a two-hundred day moving average price of $12.86. Tencent Music Entertainment Group has a 52-week low of $6.76 and a 52-week high of $15.77. The company has a market cap of $19.55 billion, a price-to-earnings ratio of 22.78, a P/E/G ratio of 0.84 and a beta of 0.67.

Tencent Music Entertainment Group (NYSE:TME - Get Free Report) last released its quarterly earnings data on Tuesday, August 13th. The company reported $0.15 earnings per share for the quarter, missing analysts' consensus estimates of $0.16 by ($0.01). Tencent Music Entertainment Group had a net margin of 20.35% and a return on equity of 10.11%. The firm had revenue of $985.00 million during the quarter, compared to analysts' expectations of $1 billion. As a group, equities analysts predict that Tencent Music Entertainment Group will post 0.63 EPS for the current year.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on TME. Barclays initiated coverage on shares of Tencent Music Entertainment Group in a report on Wednesday. They set an "overweight" rating and a $16.00 price objective on the stock. Bank of America cut their price objective on Tencent Music Entertainment Group from $18.00 to $15.00 and set a "buy" rating on the stock in a report on Wednesday, August 14th. Mizuho reduced their price objective on Tencent Music Entertainment Group from $17.00 to $16.00 and set an "outperform" rating for the company in a research note on Wednesday, August 14th. Morgan Stanley lowered Tencent Music Entertainment Group from an "overweight" rating to an "equal weight" rating and dropped their target price for the company from $15.00 to $13.00 in a research report on Wednesday, September 25th. Finally, Daiwa America lowered shares of Tencent Music Entertainment Group from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, August 13th. Four research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat.com, Tencent Music Entertainment Group has an average rating of "Moderate Buy" and a consensus price target of $13.03.

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.