Allianz Asset Management GmbH Purchases 742,528 Shares of Tencent Music Entertainment Group Sponsored ADR $TME

Allianz Asset Management GmbH lifted its position in shares of Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) by 207.9% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,099,754 shares of the company’s stock after purchasing an additional 742,528 shares during the period. Allianz Asset Management GmbH owned 0.06% of Tencent Music Entertainment Group worth $25,668,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of TME. AGF Management Ltd. grew its position in shares of Tencent Music Entertainment Group by 86.5% in the 3rd quarter. AGF Management Ltd. now owns 878,591 shares of the company’s stock worth $20,506,000 after buying an additional 407,400 shares during the last quarter. Jones Financial Companies Lllp increased its position in Tencent Music Entertainment Group by 137.4% during the 3rd quarter. Jones Financial Companies Lllp now owns 2,414 shares of the company’s stock valued at $57,000 after purchasing an additional 1,397 shares during the period. State of Wyoming bought a new position in Tencent Music Entertainment Group in the 3rd quarter worth $101,000. Principal Financial Group Inc. raised its holdings in Tencent Music Entertainment Group by 14.2% in the 3rd quarter. Principal Financial Group Inc. now owns 1,421,025 shares of the company’s stock worth $33,167,000 after purchasing an additional 176,347 shares in the last quarter. Finally, Independent Advisor Alliance purchased a new stake in shares of Tencent Music Entertainment Group in the 3rd quarter worth about $2,841,000. Hedge funds and other institutional investors own 24.32% of the company’s stock.

Tencent Music Entertainment Group Trading Up 2.6%

NYSE TME opened at $16.34 on Friday. The company has a debt-to-equity ratio of 0.04, a quick ratio of 2.08 and a current ratio of 2.09. Tencent Music Entertainment Group Sponsored ADR has a 1-year low of $11.71 and a 1-year high of $26.70. The business has a 50 day simple moving average of $17.42 and a two-hundred day simple moving average of $20.92.

Analysts Set New Price Targets

TME has been the subject of several research analyst reports. Morgan Stanley lowered their price objective on shares of Tencent Music Entertainment Group from $27.50 to $25.00 and set an “overweight” rating for the company in a report on Monday, December 22nd. Wall Street Zen cut Tencent Music Entertainment Group from a “buy” rating to a “hold” rating in a research note on Saturday, November 8th. Zacks Research downgraded shares of Tencent Music Entertainment Group from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 13th. Barclays lifted their target price on shares of Tencent Music Entertainment Group from $27.00 to $28.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 12th. Finally, Benchmark dropped their price objective on shares of Tencent Music Entertainment Group from $28.00 to $25.00 and set a “buy” rating on the stock in a report on Thursday, November 13th. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and three have given a Hold rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $25.79.

About Tencent Music Entertainment Group

Tencent Music Entertainment Group (NYSE: TME) is a China-based digital music and audio entertainment platform that operates a portfolio of leading music streaming and social entertainment services. Its core consumer-facing products include streaming apps, online karaoke (KTV) services and live music and entertainment broadcasts. The company monetizes its content through a mix of subscriptions, digital music sales, in-app purchases, virtual gifting, advertising and licensing arrangements with rights holders.

The company traces its roots to the consolidation of Tencent’s music assets and was established in the mid-2010s to unify several prominent music properties under a single operating entity.