Mawer Investment Management Ltd. Has $195.64 Million Position in Tencent Music Entertainment Group Sponsored ADR $TME

Mawer Investment Management Ltd. cut its position in shares of Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) by 17.4% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 8,382,139 shares of the company’s stock after selling 1,763,667 shares during the period. Mawer Investment Management Ltd.’s holdings in Tencent Music Entertainment Group were worth $195,639,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. Global Retirement Partners LLC grew its holdings in 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 worth $44,000 after purchasing an additional 1,751 shares during the period. 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 buying an additional 1,363 shares during the last quarter. MAI Capital Management bought a new position in shares of Tencent Music Entertainment Group during the 2nd quarter worth approximately $73,000. iA Global Asset Management Inc. acquired a new position in shares of Tencent Music Entertainment Group during the 2nd quarter worth approximately $131,000. Finally, Farther Finance Advisors LLC raised its stake in 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 acquiring an additional 5,793 shares during the period. 24.32% of the stock is currently owned by institutional investors and hedge funds.

Tencent Music Entertainment Group Price Performance

Shares of Tencent Music Entertainment Group stock opened at $16.79 on Monday. 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 market capitalization of $28.80 billion, a price-to-earnings ratio of 17.49, a price-to-earnings-growth ratio of 1.06 and a beta of 0.53. Tencent Music Entertainment Group Sponsored ADR has a twelve month low of $11.61 and a twelve month high of $26.70. The company has a 50-day simple moving average of $17.62 and a two-hundred day simple moving average of $21.10.

Analysts Set New Price Targets

A number of equities analysts have commented on TME shares. Bank of America began coverage on shares of Tencent Music Entertainment Group in a research report on Tuesday, October 28th. They set a “neutral” rating and a $25.00 price objective for the company. Wall Street Zen downgraded shares of Tencent Music Entertainment Group from a “buy” rating to a “hold” rating in a report on Saturday, November 8th. Barclays increased their price target on shares of Tencent Music Entertainment Group from $27.00 to $28.00 and gave the company an “overweight” rating in a report on Wednesday, November 12th. Weiss Ratings restated a “hold (c+)” rating on shares of Tencent Music Entertainment Group in a research report on Monday, December 29th. Finally, Morgan Stanley decreased their target price 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. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat, the stock currently 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.