Tencent Music Entertainment Group (NYSE:TME) Position Lessened by Pinnacle Wealth Planning Services Inc.

Pinnacle Wealth Planning Services Inc. lowered its position in Tencent Music Entertainment Group (NYSE:TME) by 44.5% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 11,530 shares of the company’s stock after selling 9,256 shares during the quarter. Pinnacle Wealth Planning Services Inc.’s holdings in Tencent Music Entertainment Group were worth $131,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of TME. Intech Investment Management LLC lifted its holdings in shares of Tencent Music Entertainment Group by 9.1% during the 3rd quarter. Intech Investment Management LLC now owns 19,850 shares of the company’s stock valued at $239,000 after buying an additional 1,664 shares during the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd lifted its stake in Tencent Music Entertainment Group by 3.9% in the fourth quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 51,636 shares of the company’s stock valued at $586,000 after acquiring an additional 1,923 shares during the last quarter. Thrivent Financial for Lutherans grew its position in Tencent Music Entertainment Group by 31.7% in the third quarter. Thrivent Financial for Lutherans now owns 15,550 shares of the company’s stock worth $187,000 after acquiring an additional 3,746 shares in the last quarter. Avior Wealth Management LLC increased its stake in shares of Tencent Music Entertainment Group by 253.8% during the 3rd quarter. Avior Wealth Management LLC now owns 5,675 shares of the company’s stock worth $68,000 after purchasing an additional 4,071 shares during the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. raised its holdings in shares of Tencent Music Entertainment Group by 0.3% during the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,767,319 shares of the company’s stock valued at $20,059,000 after purchasing an additional 4,837 shares in the last quarter. 24.32% of the stock is owned by institutional investors and hedge funds.

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 price objective for the company in a report on Tuesday, January 21st. Three equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to MarketBeat.com, Tencent Music Entertainment Group currently has a consensus rating of “Moderate Buy” and a consensus target price of $14.04.

Tencent Music Entertainment Group Stock Performance

Shares of NYSE TME opened at $13.31 on Friday. Tencent Music Entertainment Group has a 12 month low of $9.41 and a 12 month high of $15.77. The company has a market cap of $22.83 billion, a P/E ratio of 24.64, a P/E/G ratio of 0.77 and a beta of 0.70. The business’s 50 day moving average is $11.98 and its two-hundred day moving average is $11.61. The company has a quick ratio of 2.34, a current ratio of 2.34 and a debt-to-equity ratio of 0.09.

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.