Principal Financial Group Inc. Grows Stock Holdings in Tencent Music Entertainment Group Sponsored ADR $TME

Principal Financial Group Inc. boosted its holdings in Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) by 12.5% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 630,066 shares of the company’s stock after buying an additional 69,818 shares during the quarter. Principal Financial Group Inc.’s holdings in Tencent Music Entertainment Group were worth $5,847,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of the business. Allworth Financial LP lifted its holdings in Tencent Music Entertainment Group by 63.2% during the 3rd quarter. Allworth Financial LP now owns 1,480 shares of the company’s stock worth $35,000 after buying an additional 573 shares during the last quarter. O Shaughnessy Asset Management LLC raised its position in shares of Tencent Music Entertainment Group by 0.5% during the 4th quarter. O Shaughnessy Asset Management LLC now owns 132,635 shares of the company’s stock worth $2,325,000 after acquiring an additional 610 shares in the last quarter. Vise Technologies Inc. raised its position in shares of Tencent Music Entertainment Group by 5.0% during the 4th quarter. Vise Technologies Inc. now owns 14,648 shares of the company’s stock worth $257,000 after acquiring an additional 692 shares in the last quarter. Smartleaf Asset Management LLC lifted its stake in Tencent Music Entertainment Group by 61.3% during the fourth quarter. Smartleaf Asset Management LLC now owns 2,123 shares of the company’s stock worth $37,000 after purchasing an additional 807 shares during the last quarter. Finally, Cerity Partners LLC boosted its holdings in Tencent Music Entertainment Group by 1.8% in the fourth quarter. Cerity Partners LLC now owns 52,583 shares of the company’s stock valued at $922,000 after purchasing an additional 929 shares in the last quarter. Hedge funds and other institutional investors own 24.32% of the company’s stock.

Tencent Music Entertainment Group Stock Up 4.8%

Tencent Music Entertainment Group stock opened at $9.29 on Tuesday. The company has a market capitalization of $14.61 billion, a P/E ratio of 11.61, a PEG ratio of 0.58 and a beta of 0.82. The company has a debt-to-equity ratio of 0.06, a quick ratio of 2.08 and a current ratio of 2.09. Tencent Music Entertainment Group Sponsored ADR has a fifty-two week low of $7.94 and a fifty-two week high of $26.70. The stock has a 50-day simple moving average of $8.91 and a 200-day simple moving average of $11.43.

Tencent Music Entertainment Group (NYSE:TME) last released its quarterly earnings results on Tuesday, March 31st. The company reported $0.11 earnings per share (EPS) for the quarter. The firm had revenue of $1.15 billion for the quarter. Tencent Music Entertainment Group had a return on equity of 11.20% and a net margin of 26.45%. Equities research analysts expect that Tencent Music Entertainment Group Sponsored ADR will post 0.89 earnings per share for the current year.

Wall Street Analysts Forecast Growth

TME has been the topic of several recent analyst reports. Weiss Ratings upgraded shares of Tencent Music Entertainment Group from a “hold (c-)” rating to a “hold (c)” rating in a research note on Wednesday, July 1st. Mizuho reduced their price objective on shares of Tencent Music Entertainment Group from $23.00 to $18.00 and set an “outperform” rating for the company in a research report on Wednesday, May 13th. Zacks Research upgraded shares of Tencent Music Entertainment Group from a “strong sell” rating to a “hold” rating in a report on Tuesday, May 19th. Finally, JPMorgan Chase & Co. dropped their target price on shares of Tencent Music Entertainment Group from $12.00 to $10.00 and set a “neutral” rating on the stock in a research report on Thursday, May 14th. Six analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company. Based on data from MarketBeat.com, Tencent Music Entertainment Group presently has a consensus rating of “Hold” and an average price target of $21.44.

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.