Resona Asset Management Co. Ltd. Reduces Holdings in Tencent Music Entertainment Group Sponsored ADR $TME

Resona Asset Management Co. Ltd. lowered its position in Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) by 28.6% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 148,668 shares of the company’s stock after selling 59,642 shares during the quarter. Resona Asset Management Co. Ltd.’s holdings in Tencent Music Entertainment Group were worth $3,478,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of TME. Mitsubishi UFJ Trust & Banking Corp increased its position in shares of Tencent Music Entertainment Group by 19.7% during the third quarter. Mitsubishi UFJ Trust & Banking Corp now owns 205,083 shares of the company’s stock worth $4,787,000 after acquiring an additional 33,739 shares during the last quarter. Drive Wealth Management LLC purchased a new stake in Tencent Music Entertainment Group during the 3rd quarter worth approximately $217,000. Rakuten Investment Management Inc. purchased a new stake in Tencent Music Entertainment Group during the 3rd quarter worth approximately $783,000. Sequoia Financial Advisors LLC raised its position in shares of Tencent Music Entertainment Group by 8.2% in the 3rd quarter. Sequoia Financial Advisors LLC now owns 22,485 shares of the company’s stock valued at $525,000 after purchasing an additional 1,712 shares in the last quarter. Finally, Csenge Advisory Group purchased a new position in shares of Tencent Music Entertainment Group during the 3rd quarter valued at approximately $246,000. 24.32% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages recently issued reports on TME. Wall Street Zen lowered 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 research report on Thursday, November 13th. Barclays increased their price target on shares of 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 lowered their price objective on 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. Finally, Bank of America initiated coverage on Tencent Music Entertainment Group in a report on Tuesday, October 28th. They set a “neutral” rating and a $25.00 target price on the stock. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and three have given a Hold rating to the company. According to MarketBeat.com, Tencent Music Entertainment Group presently has a consensus rating of “Moderate Buy” and an average target price of $25.79.

Tencent Music Entertainment Group Price Performance

TME opened at $17.24 on Thursday. 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 company’s 50-day moving average price is $17.66 and its 200 day moving average price is $21.16. Tencent Music Entertainment Group Sponsored ADR has a fifty-two week low of $11.54 and a fifty-two week high of $26.70. The firm has a market cap of $29.09 billion, a price-to-earnings ratio of 17.95, a price-to-earnings-growth ratio of 1.07 and a beta of 0.45.

Tencent Music Entertainment Group Company 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.