Zurcher Kantonalbank Zurich Cantonalbank Has $5.09 Million Stock Holdings in Tencent Music Entertainment Group (NYSE:TME)

Zurcher Kantonalbank Zurich Cantonalbank reduced its position in shares of Tencent Music Entertainment Group (NYSE:TME) by 1.8% in the 4th quarter, HoldingsChannel.com reports. The firm owned 448,674 shares of the company’s stock after selling 8,232 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Tencent Music Entertainment Group were worth $5,092,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of TME. Cantillon Capital Management LLC boosted its stake in Tencent Music Entertainment Group by 39.9% during the 3rd quarter. Cantillon Capital Management LLC now owns 18,456,585 shares of the company’s stock worth $222,402,000 after acquiring an additional 5,265,783 shares during the last quarter. Mawer Investment Management Ltd. grew its holdings in shares of Tencent Music Entertainment Group by 1,131.8% in the 3rd quarter. Mawer Investment Management Ltd. now owns 4,547,836 shares of the company’s stock valued at $54,801,000 after buying an additional 4,178,636 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in shares of Tencent Music Entertainment Group by 287.4% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 4,845,013 shares of the company’s stock valued at $58,382,000 after buying an additional 3,594,383 shares in the last quarter. FMR LLC raised its stake in Tencent Music Entertainment Group by 98.8% during the 3rd quarter. FMR LLC now owns 5,970,773 shares of the company’s stock worth $71,948,000 after buying an additional 2,967,779 shares during the period. Finally, Public Employees Retirement System of Ohio bought a new stake in Tencent Music Entertainment Group during the 3rd quarter worth approximately $29,706,000. Institutional investors own 24.32% of the company’s stock.

Tencent Music Entertainment Group Stock Up 1.0 %

Shares of NYSE TME opened at $12.53 on Friday. The firm has a market capitalization of $21.49 billion, a price-to-earnings ratio of 23.19, a PEG ratio of 0.77 and a beta of 0.70. The company has a current ratio of 2.34, a quick ratio of 2.34 and a debt-to-equity ratio of 0.09. Tencent Music Entertainment Group has a 12 month low of $9.41 and a 12 month high of $15.77. The business has a 50-day moving average of $12.09 and a 200-day moving average of $11.68.

Analysts Set New Price Targets

Separately, Morgan Stanley upgraded shares of Tencent Music Entertainment Group from an “equal weight” rating to an “overweight” rating and set a $13.00 target price for the company in a report on Tuesday, January 21st. Three research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat, Tencent Music Entertainment Group currently has an average rating of “Moderate Buy” and an average price target 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.