Tencent Music Entertainment Group Sponsored ADR $TME Shares Sold by Vanguard Group Inc.

Vanguard Group Inc. reduced its holdings in shares of Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) by 1.1% during the 3rd quarter, according to its most recent 13F filing with the SEC. The fund owned 21,162,353 shares of the company’s stock after selling 243,199 shares during the period. Vanguard Group Inc.’s holdings in Tencent Music Entertainment Group were worth $493,929,000 as of its most recent filing with the SEC.

Several other hedge funds have also made changes to their positions in TME. Green Court Capital Management Ltd lifted its position in Tencent Music Entertainment Group by 93.1% in the third quarter. Green Court Capital Management Ltd now owns 1,039,078 shares of the company’s stock valued at $24,252,000 after purchasing an additional 501,078 shares during the period. Campbell & CO Investment Adviser LLC acquired a new position in Tencent Music Entertainment Group during the 3rd quarter worth approximately $4,257,000. AGF Management Ltd. raised its stake in shares of Tencent Music Entertainment Group by 86.5% during the 3rd quarter. AGF Management Ltd. now owns 878,591 shares of the company’s stock worth $20,506,000 after buying an additional 407,400 shares in the last quarter. OPTIMAS CAPITAL Ltd acquired a new stake in shares of Tencent Music Entertainment Group in the 3rd quarter valued at approximately $9,150,000. Finally, Y Intercept Hong Kong Ltd purchased a new stake in shares of Tencent Music Entertainment Group in the third quarter valued at approximately $2,904,000. Institutional investors and hedge funds own 24.32% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have commented on TME. Weiss Ratings reissued a “hold (c+)” rating on shares of Tencent Music Entertainment Group in a report on Monday, December 29th. Wall Street Zen cut shares of Tencent Music Entertainment Group from a “buy” rating to a “hold” rating in a research note on Saturday, November 8th. Benchmark dropped their target price on shares of Tencent Music Entertainment Group from $28.00 to $25.00 and set a “buy” rating for the company in a report on Thursday, November 13th. Barclays boosted their price target on Tencent Music Entertainment Group from $27.00 to $28.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 12th. Finally, Morgan Stanley dropped their price objective on Tencent Music Entertainment Group from $27.50 to $25.00 and set an “overweight” rating for the company in a research note on Monday, December 22nd. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $25.79.

Tencent Music Entertainment Group Stock Performance

Tencent Music Entertainment Group stock opened at $14.74 on Thursday. The company has a debt-to-equity ratio of 0.04, a current ratio of 2.09 and a quick ratio of 2.08. Tencent Music Entertainment Group Sponsored ADR has a fifty-two week low of $11.71 and a fifty-two week high of $26.70. The stock has a fifty day moving average of $16.72 and a two-hundred day moving average of $20.38.

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.