US Bancorp DE Has $1.22 Million Stock Holdings in Tencent Music Entertainment Group (NYSE:TME)

US Bancorp DE grew its stake in shares of Tencent Music Entertainment Group (NYSE:TME - Free Report) by 278.6% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 101,174 shares of the company's stock after acquiring an additional 74,452 shares during the period. US Bancorp DE's holdings in Tencent Music Entertainment Group were worth $1,219,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Capital Wealth Planning LLC purchased a new stake in shares of Tencent Music Entertainment Group during the first quarter worth about $2,588,000. Progeny 3 Inc. purchased a new stake in shares of Tencent Music Entertainment Group in the second quarter worth $11,436,000. Swedbank AB bought a new position in shares of Tencent Music Entertainment Group during the first quarter worth $1,980,000. Russell Investments Group Ltd. increased its stake in Tencent Music Entertainment Group by 102.8% in the 1st quarter. Russell Investments Group Ltd. now owns 707,683 shares of the company's stock worth $7,919,000 after acquiring an additional 358,694 shares during the last quarter. Finally, Diversified Trust Co bought a new position in shares of Tencent Music Entertainment Group during the second quarter valued at approximately $632,000. Hedge funds and other institutional investors own 24.32% of the company's stock.

Analyst Ratings Changes

A number of brokerages recently commented on TME. 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. Sanford C. Bernstein initiated coverage on shares of Tencent Music Entertainment Group in a research report on Monday. They issued an "outperform" rating and a $14.00 price target for the company. 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. Mizuho reduced their target price on Tencent Music Entertainment Group from $17.00 to $16.00 and set an "outperform" rating on the stock in a report on Wednesday, August 14th. Finally, Benchmark cut their target price on Tencent Music Entertainment Group from $19.00 to $15.00 and set a "buy" rating on the stock in a research report on Wednesday, August 14th. Four research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $13.03.

Tencent Music Entertainment Group Stock Down 3.5 %

NYSE:TME traded down $0.41 during mid-day trading on Friday, reaching $11.37. The company's stock had a trading volume of 5,065,426 shares, compared to its average volume of 8,605,662. Tencent Music Entertainment Group has a 1 year low of $6.76 and a 1 year high of $15.77. The stock has a fifty day moving average of $11.34 and a 200-day moving average of $12.86. 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 firm has a market capitalization of $19.51 billion, a PE ratio of 23.58, a price-to-earnings-growth ratio of 0.86 and a beta of 0.67.

Tencent Music Entertainment Group (NYSE:TME - Get Free Report) last posted its earnings results on Tuesday, August 13th. The company reported $0.15 EPS 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 business had revenue of $985.00 million during the quarter, compared to analysts' expectations of $1 billion. Equities research analysts forecast that Tencent Music Entertainment Group will post 0.63 earnings per share for the current year.

Tencent Music Entertainment Group Company 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.