Zurcher Kantonalbank Zurich Cantonalbank Has $5.51 Million Holdings in Tencent Music Entertainment Group (NYSE:TME)

Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of Tencent Music Entertainment Group (NYSE:TME) by 6.9% in the third quarter, according to the company in its most recent filing with the SEC. The firm owned 456,906 shares of the company’s stock after acquiring an additional 29,512 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Tencent Music Entertainment Group were worth $5,506,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of the stock. Ashton Thomas Private Wealth LLC acquired a new position in Tencent Music Entertainment Group in the second quarter valued at about $37,000. Tobam lifted its holdings in shares of Tencent Music Entertainment Group by 37.7% during the 2nd quarter. Tobam now owns 3,498 shares of the company’s stock worth $49,000 after acquiring an additional 957 shares during the period. Avior Wealth Management LLC boosted its position 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 acquiring an additional 4,071 shares in the last quarter. Caprock Group LLC bought a new position in Tencent Music Entertainment Group in the third quarter valued at approximately $147,000. Finally, Diversify Advisory Services LLC acquired a new position in Tencent Music Entertainment Group during the third quarter valued at approximately $166,000. 24.32% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

TME has been the topic of a number of research analyst reports. Benchmark reduced their target price on Tencent Music Entertainment Group from $19.00 to $15.00 and set a “buy” rating on the stock in a report on Wednesday, August 14th. Daiwa America cut Tencent Music Entertainment Group from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, August 13th. Sanford C. Bernstein began coverage on shares of Tencent Music Entertainment Group in a report on Monday, November 4th. They issued an “outperform” rating and a $14.00 target price for the company. Bank of America decreased their price target on shares of Tencent Music Entertainment Group from $18.00 to $15.00 and set a “buy” rating on the stock in a report on Wednesday, August 14th. Finally, Daiwa Capital Markets downgraded shares of Tencent Music Entertainment Group from an “outperform” rating to a “neutral” rating in a research note on Tuesday, August 13th. Four investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $13.28.

Tencent Music Entertainment Group Stock Performance

Shares of Tencent Music Entertainment Group stock opened at $12.19 on Tuesday. The stock has a market cap of $20.92 billion, a price-to-earnings ratio of 22.57, a P/E/G ratio of 0.86 and a beta of 0.67. 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 has a twelve month low of $7.93 and a twelve month high of $15.77. The company’s fifty day moving average is $11.79 and its 200 day moving average is $12.63.

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.