Principal Financial Group Inc. Decreases Stock Holdings in Tencent Music Entertainment Group (NYSE:TME)

Principal Financial Group Inc. trimmed its holdings in shares of Tencent Music Entertainment Group (NYSE:TME) by 48.1% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 2,845,724 shares of the company’s stock after selling 2,632,573 shares during the quarter. Principal Financial Group Inc. owned 0.17% of Tencent Music Entertainment Group worth $32,299,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of TME. Blue Trust Inc. increased its position in shares of Tencent Music Entertainment Group by 31.5% during the third quarter. Blue Trust Inc. now owns 21,258 shares of the company’s stock valued at $256,000 after acquiring an additional 5,092 shares during the last quarter. abrdn plc increased its position in shares of Tencent Music Entertainment Group by 57.6% during the third quarter. abrdn plc now owns 437,948 shares of the company’s stock valued at $5,236,000 after acquiring an additional 160,109 shares during the last quarter. Diversify Advisory Services LLC purchased a new stake in shares of Tencent Music Entertainment Group during the third quarter valued at approximately $166,000. Diversify Wealth Management LLC increased its position in shares of Tencent Music Entertainment Group by 3.9% during the third quarter. Diversify Wealth Management LLC now owns 49,146 shares of the company’s stock valued at $570,000 after acquiring an additional 1,862 shares during the last quarter. Finally, US Bancorp DE increased its position in shares of Tencent Music Entertainment Group by 278.6% during the third quarter. US Bancorp DE now owns 101,174 shares of the company’s stock valued at $1,219,000 after acquiring an additional 74,452 shares during the last quarter. 24.32% of the stock is owned by hedge funds and other institutional investors.

Tencent Music Entertainment Group Price Performance

Tencent Music Entertainment Group stock opened at $14.44 on Friday. Tencent Music Entertainment Group has a one year low of $9.15 and a one year high of $15.77. The business has a fifty day moving average price of $11.76 and a 200-day moving average price of $11.55. The company has a debt-to-equity ratio of 0.09, a current ratio of 2.34 and a quick ratio of 2.34. The firm has a market capitalization of $24.79 billion, a P/E ratio of 26.75, a PEG ratio of 0.79 and a beta of 0.70.

Analyst Ratings Changes

Several equities analysts have weighed in on TME shares. Morgan Stanley raised Tencent Music Entertainment Group from an “equal weight” rating to an “overweight” rating and set a $13.00 price objective for the company in a report on Tuesday, January 21st. Sanford C. Bernstein started coverage on Tencent Music Entertainment Group in a report on Monday, November 4th. They set an “outperform” rating and a $14.00 price objective for the company. Finally, Barclays started coverage on Tencent Music Entertainment Group in a report on Wednesday, November 6th. They set an “overweight” rating and a $16.00 price objective for the company. Three analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price 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.