Tencent Music Entertainment Group Sponsored ADR $TME Shares Sold by Sava Infond d.o.o.

Sava Infond d.o.o. trimmed its position in Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) by 1.9% in the second quarter, HoldingsChannel.com reports. The firm owned 46,640 shares of the company’s stock after selling 900 shares during the quarter. Sava Infond d.o.o.’s holdings in Tencent Music Entertainment Group were worth $909,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the company. QRG Capital Management Inc. acquired a new stake in Tencent Music Entertainment Group in the second quarter worth approximately $243,000. Matthews International Capital Management LLC lifted its position in Tencent Music Entertainment Group by 1.3% in the second quarter. Matthews International Capital Management LLC now owns 810,263 shares of the company’s stock worth $15,792,000 after purchasing an additional 10,383 shares during the period. Fortis Capital Advisors LLC lifted its position in Tencent Music Entertainment Group by 4.4% in the second quarter. Fortis Capital Advisors LLC now owns 46,925 shares of the company’s stock worth $915,000 after purchasing an additional 1,958 shares during the period. Robeco Institutional Asset Management B.V. lifted its position in Tencent Music Entertainment Group by 1,847.5% in the second quarter. Robeco Institutional Asset Management B.V. now owns 1,935,048 shares of the company’s stock worth $37,714,000 after purchasing an additional 1,835,687 shares during the period. Finally, Harbour Capital Advisors LLC lifted its position in Tencent Music Entertainment Group by 4.3% in the second quarter. Harbour Capital Advisors LLC now owns 57,525 shares of the company’s stock worth $1,103,000 after purchasing an additional 2,380 shares during the period. 24.32% of the stock is currently owned by institutional investors and hedge funds.

Tencent Music Entertainment Group Price Performance

Shares of NYSE:TME opened at $22.87 on Friday. The company’s fifty day moving average is $24.09 and its two-hundred day moving average is $19.13. The company has a quick ratio of 1.87, a current ratio of 1.87 and a debt-to-equity ratio of 0.04. Tencent Music Entertainment Group Sponsored ADR has a 12-month low of $10.11 and a 12-month high of $26.70. The company has a market cap of $39.25 billion, a P/E ratio of 25.13 and a beta of 0.51.

Analysts Set New Price Targets

TME has been the subject of a number of recent research reports. Benchmark increased their price objective on Tencent Music Entertainment Group from $19.00 to $28.00 and gave the company a “buy” rating in a research report on Wednesday, August 13th. Citigroup reiterated a “buy” rating and set a $29.00 price objective (up previously from $23.00) on shares of Tencent Music Entertainment Group in a research report on Tuesday, August 12th. Barclays reiterated an “overweight” rating and set a $27.00 price objective (up previously from $16.00) on shares of Tencent Music Entertainment Group in a research report on Tuesday, August 12th. Daiwa Capital Markets upgraded Tencent Music Entertainment Group from a “neutral” rating to an “outperform” rating in a research report on Tuesday, August 12th. Finally, Sanford C. Bernstein set a $27.50 price objective on Tencent Music Entertainment Group and gave the company an “outperform” rating in a research report on Wednesday, August 13th. Two equities research analysts have rated the stock with a Strong Buy rating and ten have assigned a Buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Buy” and an average price target of $24.47.

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.