Contrarius Group Holdings Ltd Sells 94,118 Shares of Tencent Music Entertainment Group Sponsored ADR $TME

Contrarius Group Holdings Ltd decreased its holdings in shares of Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) by 37.8% during the third quarter, according to its most recent filing with the SEC. The firm owned 154,650 shares of the company’s stock after selling 94,118 shares during the period. Contrarius Group Holdings Ltd’s holdings in Tencent Music Entertainment Group were worth $3,610,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of TME. Smartleaf Asset Management LLC purchased a new position in Tencent Music Entertainment Group during the third quarter valued at approximately $31,000. Global Retirement Partners LLC boosted its position in Tencent Music Entertainment Group by 1,326.5% during the 3rd 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 in the last quarter. Jones Financial Companies Lllp increased its holdings in shares of Tencent Music Entertainment Group by 137.4% in the 3rd 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 period. EverSource Wealth Advisors LLC raised its position in shares of Tencent Music Entertainment Group by 83.0% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 3,005 shares of the company’s stock worth $59,000 after acquiring an additional 1,363 shares in the last quarter. Finally, MAI Capital Management bought a new position in shares of Tencent Music Entertainment Group in the 2nd quarter worth $73,000. Hedge funds and other institutional investors own 24.32% of the company’s stock.

Analysts Set New Price Targets

TME has been the topic of a number of recent analyst reports. Benchmark lowered their price target on shares of Tencent Music Entertainment Group from $28.00 to $25.00 and set a “buy” rating on the stock in a report on Thursday, November 13th. Wall Street Zen downgraded shares of Tencent Music Entertainment Group from a “buy” rating to a “hold” rating in a research note on Saturday, November 8th. Morgan Stanley reduced their price target on Tencent Music Entertainment Group from $27.50 to $25.00 and set an “overweight” rating on the stock in a research report on Monday, December 22nd. Weiss Ratings reiterated a “hold (c+)” rating on shares of Tencent Music Entertainment Group in a report on Monday, December 29th. Finally, Barclays boosted their target price 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. One investment 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’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $25.79.

Tencent Music Entertainment Group Stock Performance

Shares of TME stock opened at $14.41 on Tuesday. The business has a fifty day moving average of $16.53 and a 200 day moving average of $20.13. Tencent Music Entertainment Group Sponsored ADR has a 1 year low of $11.71 and a 1 year high of $26.70. The company has a debt-to-equity ratio of 0.04, a quick ratio of 2.08 and a current ratio of 2.09.

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.