Bayforest Capital Ltd Sells 29,108 Shares of Tencent Music Entertainment Group Sponsored ADR $TME

Bayforest Capital Ltd trimmed its position in shares of Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) by 45.2% during the 2nd quarter, Holdings Channel reports. The firm owned 35,351 shares of the company’s stock after selling 29,108 shares during the period. Bayforest Capital Ltd’s holdings in Tencent Music Entertainment Group were worth $689,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of TME. Nuveen LLC bought a new stake in shares of Tencent Music Entertainment Group during the 1st quarter valued at $85,498,000. Mirae Asset Global Investments Co. Ltd. raised its position in shares of Tencent Music Entertainment Group by 3,382.1% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 4,481,537 shares of the company’s stock valued at $64,579,000 after purchasing an additional 4,352,834 shares during the period. Krane Funds Advisors LLC raised its position in shares of Tencent Music Entertainment Group by 20.8% during the 1st quarter. Krane Funds Advisors LLC now owns 23,984,629 shares of the company’s stock valued at $345,619,000 after purchasing an additional 4,128,678 shares during the period. JPMorgan Chase & Co. raised its position in shares of Tencent Music Entertainment Group by 31.1% during the 1st quarter. JPMorgan Chase & Co. now owns 15,430,218 shares of the company’s stock valued at $222,349,000 after purchasing an additional 3,656,695 shares during the period. Finally, Marathon Asset Management Ltd bought a new stake in shares of Tencent Music Entertainment Group during the 1st quarter valued at $47,215,000. 24.32% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on TME. Barclays reaffirmed an “overweight” rating and set a $27.00 target price (up from $16.00) on shares of Tencent Music Entertainment Group in a research note on Tuesday, August 12th. Daiwa Capital Markets raised shares of Tencent Music Entertainment Group from a “neutral” rating to an “outperform” rating in a research note on Tuesday, August 12th. Wall Street Zen raised shares of Tencent Music Entertainment Group from a “hold” rating to a “buy” rating in a research note on Friday, August 22nd. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Tencent Music Entertainment Group in a research note on Wednesday, October 8th. Finally, Benchmark raised their target price on shares of Tencent Music Entertainment Group from $19.00 to $28.00 and gave the company a “buy” rating in a research note on Wednesday, August 13th. Two investment analysts have rated the stock with a Strong Buy rating and ten have assigned a Buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average price target of $24.47.

Tencent Music Entertainment Group Stock Performance

Tencent Music Entertainment Group stock opened at $23.20 on Tuesday. The company’s 50-day moving average price is $24.31 and its 200-day moving average price is $19.56. Tencent Music Entertainment Group Sponsored ADR has a twelve month low of $10.11 and a twelve month high of $26.70. 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 $39.80 billion, a PE ratio of 25.49 and a beta of 0.51.

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.