Tencent Music Entertainment Group Sponsored ADR $TME Shares Sold by Mirae Asset Global Investments Co. Ltd.

Mirae Asset Global Investments Co. Ltd. reduced its holdings in Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) by 36.1% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 85,314 shares of the company’s stock after selling 48,230 shares during the quarter. Mirae Asset Global Investments Co. Ltd.’s holdings in Tencent Music Entertainment Group were worth $1,991,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of TME. Campbell & CO Investment Adviser LLC purchased a new position in Tencent Music Entertainment Group during the third quarter valued at approximately $4,257,000. Acadian Asset Management LLC boosted its position in Tencent Music Entertainment Group by 2,928.0% during the second quarter. Acadian Asset Management LLC now owns 1,519,458 shares of the company’s stock valued at $29,601,000 after purchasing an additional 1,469,278 shares during the last quarter. Y Intercept Hong Kong Ltd purchased a new position in Tencent Music Entertainment Group in the third quarter valued at about $2,904,000. Robeco Institutional Asset Management B.V. grew its stake in Tencent Music Entertainment Group by 174.9% in the third quarter. Robeco Institutional Asset Management B.V. now owns 5,319,631 shares of the company’s stock valued at $124,160,000 after purchasing an additional 3,384,583 shares in the last quarter. Finally, Aviva PLC raised its stake in shares of Tencent Music Entertainment Group by 2.4% during the 2nd quarter. Aviva PLC now owns 542,606 shares of the company’s stock worth $10,575,000 after purchasing an additional 12,489 shares in the last quarter. 24.32% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages recently weighed in on TME. Weiss Ratings reissued a “hold (c+)” rating on shares of Tencent Music Entertainment Group in a research note on Monday, December 29th. Wall Street Zen lowered Tencent Music Entertainment Group from a “buy” rating to a “hold” rating in a research note on Saturday, November 8th. Bank of America assumed coverage on Tencent Music Entertainment Group in a report on Tuesday, October 28th. They issued a “neutral” rating and a $25.00 price target for the company. Barclays upped their target price on Tencent Music Entertainment Group from $27.00 to $28.00 and gave the company an “overweight” rating in a research note on Wednesday, November 12th. Finally, Zacks Research downgraded shares of Tencent Music Entertainment Group from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 13th. One equities research 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 stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $25.79.

Tencent Music Entertainment Group Stock Down 0.9%

Tencent Music Entertainment Group stock opened at $16.40 on Wednesday. The business has a 50-day moving average of $17.55 and a 200-day moving average of $21.02. 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 Sponsored ADR has a 1 year low of $11.61 and a 1 year high of $26.70.

About Tencent Music Entertainment Group

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.