Sustainable Growth Advisers LP Decreases Holdings in Tencent Music Entertainment Group Sponsored ADR $TME

Sustainable Growth Advisers LP reduced its position in Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) by 13.5% in the 2nd quarter, HoldingsChannel.com reports. The firm owned 511,933 shares of the company’s stock after selling 79,603 shares during the period. Sustainable Growth Advisers LP’s holdings in Tencent Music Entertainment Group were worth $9,978,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of TME. Vanguard Group Inc. grew its holdings in Tencent Music Entertainment Group by 1.4% in the first quarter. Vanguard Group Inc. now owns 29,993,486 shares of the company’s stock valued at $432,206,000 after purchasing an additional 404,674 shares during the last quarter. JPMorgan Chase & Co. lifted its stake in Tencent Music Entertainment Group by 31.1% in the 1st quarter. JPMorgan Chase & Co. now owns 15,430,218 shares of the company’s stock valued at $222,349,000 after buying an additional 3,656,695 shares in the last quarter. Nuveen LLC purchased a new position in Tencent Music Entertainment Group during the first quarter worth $85,498,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in shares of Tencent Music Entertainment Group by 15.2% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 5,062,619 shares of the company’s stock valued at $72,952,000 after acquiring an additional 666,674 shares during the last quarter. Finally, Geode Capital Management LLC raised its stake in Tencent Music Entertainment Group by 0.7% in the 2nd quarter. Geode Capital Management LLC now owns 4,482,899 shares of the company’s stock valued at $86,386,000 after purchasing an additional 33,082 shares during the last quarter. 24.32% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

TME has been the topic of a number of analyst reports. Zacks Research lowered shares of Tencent Music Entertainment Group from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 13th. Macquarie set a $29.80 price target on Tencent Music Entertainment Group and gave the stock an “outperform” rating in a research note on Tuesday, August 12th. Bank of America initiated coverage on shares of Tencent Music Entertainment Group in a report on Tuesday, October 28th. They set a “neutral” rating and a $25.00 price objective on the stock. Citigroup restated a “buy” rating and issued a $29.00 price target (up previously from $23.00) on shares of Tencent Music Entertainment Group in a report on Tuesday, August 12th. Finally, Daiwa Capital Markets upgraded shares of Tencent Music Entertainment Group from a “neutral” rating to an “outperform” rating in a research note on Tuesday, August 12th. One analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $24.29.

Tencent Music Entertainment Group Price Performance

TME opened at $18.90 on Friday. The stock has a market cap of $32.43 billion, a price-to-earnings ratio of 19.68, a PEG ratio of 1.13 and a beta of 0.51. The stock has a fifty day moving average price of $23.12 and a 200 day moving average price of $21.03. Tencent Music Entertainment Group Sponsored ADR has a 1 year low of $10.26 and a 1 year high of $26.70. The company has a current ratio of 1.87, a quick ratio of 1.87 and a debt-to-equity ratio of 0.04.

Tencent Music Entertainment Group Company Profile

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.