Tencent Music Entertainment Group Sponsored ADR $TME Shares Sold by Myriad Asset Management US LP

Myriad Asset Management US LP trimmed its stake in shares of Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) by 32.1% in the 2nd quarter, HoldingsChannel reports. The firm owned 121,294 shares of the company’s stock after selling 57,324 shares during the period. Tencent Music Entertainment Group makes up 1.6% of Myriad Asset Management US LP’s investment portfolio, making the stock its 14th biggest position. Myriad Asset Management US LP’s holdings in Tencent Music Entertainment Group were worth $2,364,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of TME. SVB Wealth LLC acquired a new position in Tencent Music Entertainment Group during the 1st quarter worth $34,000. Banque Transatlantique SA acquired a new position in Tencent Music Entertainment Group during the 1st quarter worth $46,000. Brooklyn Investment Group boosted its position in shares of Tencent Music Entertainment Group by 957.1% during the 1st quarter. Brooklyn Investment Group now owns 4,757 shares of the company’s stock worth $69,000 after acquiring an additional 4,307 shares in the last quarter. Vise Technologies Inc. acquired a new position in shares of Tencent Music Entertainment Group during the 4th quarter worth about $169,000. Finally, Oppenheimer Asset Management Inc. boosted its position in shares of Tencent Music Entertainment Group by 35.6% during the 1st quarter. Oppenheimer Asset Management Inc. now owns 13,609 shares of the company’s stock worth $196,000 after acquiring an additional 3,570 shares in the last quarter. 24.32% of the stock is owned by institutional investors and hedge funds.

Tencent Music Entertainment Group Stock Up 3.5%

TME opened at $26.37 on Thursday. The business has a 50 day moving average price of $23.47 and a two-hundred day moving average price of $18.24. The company has a quick ratio of 1.87, a current ratio of 1.87 and a debt-to-equity ratio of 0.04. The company has a market cap of $45.25 billion, a PE ratio of 28.98 and a beta of 0.54. Tencent Music Entertainment Group Sponsored ADR has a 52 week low of $9.41 and a 52 week high of $26.70.

Wall Street Analysts Forecast Growth

TME has been the subject of several analyst reports. Daiwa Capital Markets raised Tencent Music Entertainment Group from a “neutral” rating to an “outperform” rating in a research report on Tuesday, August 12th. Wall Street Zen raised Tencent Music Entertainment Group from a “hold” rating to a “buy” rating in a research report on Friday, August 22nd. Zacks Research raised Tencent Music Entertainment Group from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, August 26th. Citigroup reaffirmed a “buy” rating and set a $29.00 price objective (up from $23.00) on shares of Tencent Music Entertainment Group in a research report on Tuesday, August 12th. Finally, Barclays reaffirmed an “overweight” rating and set a $27.00 price objective (up from $16.00) on shares of Tencent Music Entertainment Group in a research report on Tuesday, August 12th. Two research analysts have rated the stock with a Strong Buy rating and nine have given a Buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Buy” and a consensus target price of $24.47.

About Tencent Music Entertainment Group

Tencent Music Entertainment Group operates online music entertainment platforms to provide music streaming, online karaoke, and live streaming services in the People's Republic of China. It offers QQ Music, Kugou Music, and Kuwo Music that enable users to discover music in personalized ways; long-form audio content, including audiobooks, podcasts and talk shows, as well as music-oriented video content comprising music videos, live performances, and short videos; and WeSing, which enables users to sing along from its library of karaoke songs and share their performances in audio or video formats with friends.