C WorldWide Group Holding A S Sells 181,518 Shares of Tencent Music Entertainment Group Sponsored ADR $TME

C WorldWide Group Holding A S reduced its stake in Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) by 12.3% during the second quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 1,300,088 shares of the company’s stock after selling 181,518 shares during the quarter. C WorldWide Group Holding A S’s holdings in Tencent Music Entertainment Group were worth $25,339,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. SVB Wealth LLC bought a new stake in Tencent Music Entertainment Group during the first quarter valued at about $34,000. Banque Transatlantique SA bought a new stake in Tencent Music Entertainment Group during the first quarter valued at about $46,000. Brooklyn Investment Group grew its position in shares of Tencent Music Entertainment Group by 957.1% during the first quarter. Brooklyn Investment Group now owns 4,757 shares of the company’s stock valued at $69,000 after purchasing an additional 4,307 shares in the last quarter. iA Global Asset Management Inc. purchased a new position in shares of Tencent Music Entertainment Group during the second quarter valued at about $131,000. Finally, Haven Private LLC purchased a new position in shares of Tencent Music Entertainment Group during the second quarter valued at about $237,000. 24.32% of the stock is owned by institutional investors.

Tencent Music Entertainment Group Stock Performance

Tencent Music Entertainment Group stock opened at $22.48 on Thursday. The company has a 50 day moving average price of $23.72 and a 200-day moving average price of $20.73. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.87 and a current ratio of 1.87. Tencent Music Entertainment Group Sponsored ADR has a fifty-two week low of $10.11 and a fifty-two week high of $26.70. The company has a market capitalization of $38.58 billion, a PE ratio of 24.70, a P/E/G ratio of 1.36 and a beta of 0.51.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on the company. Macquarie set a $29.80 price objective on Tencent Music Entertainment Group and gave the company an “outperform” rating in a research report on Tuesday, August 12th. Zacks Research lowered Tencent Music Entertainment Group from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 13th. Bank of America assumed coverage on Tencent Music Entertainment Group in a research report on Tuesday, October 28th. They issued a “neutral” rating and a $25.00 price target for the company. Weiss Ratings reiterated a “buy (b-)” rating on shares of Tencent Music Entertainment Group in a research report on Wednesday, October 8th. Finally, Barclays reiterated an “overweight” rating and issued a $27.00 price target (up previously from $16.00) on shares of Tencent Music Entertainment Group in a research report on Tuesday, August 12th. One analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $24.54.

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.