Tencent Music Entertainment Group Sponsored ADR $TME Shares Sold by Capital World Investors

Capital World Investors lessened its stake in shares of Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) by 14.9% in the 3rd quarter, Holdings Channel reports. The firm owned 10,469,475 shares of the company’s stock after selling 1,835,986 shares during the period. Capital World Investors’ holdings in Tencent Music Entertainment Group were worth $244,358,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of TME. Smartleaf Asset Management LLC acquired a new stake in Tencent Music Entertainment Group in the 3rd quarter worth about $31,000. Global Retirement Partners LLC raised its holdings in shares of Tencent Music Entertainment Group by 1,326.5% during the third quarter. Global Retirement Partners LLC now owns 1,883 shares of the company’s stock valued at $44,000 after acquiring an additional 1,751 shares during the last quarter. Jones Financial Companies Lllp raised its holdings in shares of Tencent Music Entertainment Group by 137.4% during the third quarter. Jones Financial Companies Lllp now owns 2,414 shares of the company’s stock valued at $57,000 after acquiring an additional 1,397 shares during the last quarter. EverSource Wealth Advisors LLC lifted its position in shares of Tencent Music Entertainment Group by 83.0% in the second quarter. EverSource Wealth Advisors LLC now owns 3,005 shares of the company’s stock valued at $59,000 after acquiring an additional 1,363 shares in the last quarter. Finally, MAI Capital Management purchased a new position in shares of Tencent Music Entertainment Group in the second quarter valued at approximately $73,000. 24.32% of the stock is owned by hedge funds and other institutional investors.

Tencent Music Entertainment Group Stock Down 4.4%

Shares of TME opened at $13.35 on Thursday. Tencent Music Entertainment Group Sponsored ADR has a 52-week low of $11.71 and a 52-week high of $26.70. The company has a quick ratio of 2.08, a current ratio of 2.09 and a debt-to-equity ratio of 0.04. The stock has a fifty day simple moving average of $15.99 and a two-hundred day simple moving average of $19.60. The company has a market capitalization of $22.90 billion, a PE ratio of 13.90, a price-to-earnings-growth ratio of 0.88 and a beta of 0.56.

Wall Street Analyst Weigh In

Several brokerages recently commented on TME. 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 report on Wednesday, November 12th. Morgan Stanley dropped their target price on shares of Tencent Music Entertainment Group from $27.50 to $25.00 and set an “overweight” rating for the company in a report on Monday, December 22nd. Benchmark reduced 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 research report on Thursday, November 13th. Finally, Weiss Ratings restated a “hold (c+)” rating on shares of Tencent Music Entertainment Group in a research report on Monday, December 29th. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $25.79.

Tencent Music Entertainment Group Profile

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.