Lbp Am Sa Sells 53,000 Shares of Tencent Music Entertainment Group Sponsored ADR $TME

Lbp Am Sa cut its stake in Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) by 35.6% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 96,000 shares of the company’s stock after selling 53,000 shares during the quarter. Lbp Am Sa’s holdings in Tencent Music Entertainment Group were worth $2,241,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Global Retirement Partners LLC increased its position 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 buying an additional 1,751 shares during the period. EverSource Wealth Advisors LLC boosted its position in Tencent Music Entertainment Group by 83.0% during the 2nd 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. MAI Capital Management purchased a new position in shares of Tencent Music Entertainment Group during the 2nd quarter worth approximately $73,000. iA Global Asset Management Inc. bought a new position in shares of Tencent Music Entertainment Group in the 2nd quarter worth approximately $131,000. Finally, Farther Finance Advisors LLC lifted its stake in shares of Tencent Music Entertainment Group by 424.1% in the 3rd quarter. Farther Finance Advisors LLC now owns 7,159 shares of the company’s stock valued at $167,000 after purchasing an additional 5,793 shares during the period. 24.32% of the stock is owned by hedge funds and other institutional investors.

Tencent Music Entertainment Group Stock Performance

TME stock opened at $16.93 on Wednesday. The stock’s fifty day moving average price is $17.69 and its 200-day moving average price is $21.19. Tencent Music Entertainment Group Sponsored ADR has a 1 year low of $11.40 and a 1 year high of $26.70. The company has a debt-to-equity ratio of 0.04, a current ratio of 2.09 and a quick ratio of 2.08. The company has a market cap of $29.04 billion, a P/E ratio of 17.63, a price-to-earnings-growth ratio of 1.07 and a beta of 0.45.

Analysts Set New Price Targets

Several research analysts recently issued reports on TME shares. Bank of America began coverage on shares of Tencent Music Entertainment Group in a research note on Tuesday, October 28th. They issued a “neutral” rating and a $25.00 price target for the company. Benchmark reduced their price objective on shares of Tencent Music Entertainment Group from $28.00 to $25.00 and set a “buy” rating for the company in a research note on Thursday, November 13th. Barclays lifted their target price on shares of Tencent Music Entertainment Group from $27.00 to $28.00 and gave the stock an “overweight” rating in a report on Wednesday, November 12th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Tencent Music Entertainment Group in a report on Monday, December 29th. Finally, Zacks Research lowered shares of Tencent Music Entertainment Group from a “strong-buy” rating to a “hold” rating in a report on Monday, October 13th. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $25.79.

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.