Tencent Music Entertainment Group Sponsored ADR $TME Shares Sold by Marathon Asset Management Ltd

Marathon Asset Management Ltd cut its holdings in Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) by 5.8% during the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 2,864,424 shares of the company’s stock after selling 175,275 shares during the period. Tencent Music Entertainment Group accounts for about 2.5% of Marathon Asset Management Ltd’s portfolio, making the stock its 12th largest holding. Marathon Asset Management Ltd’s holdings in Tencent Music Entertainment Group were worth $66,856,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Vident Advisory LLC lifted its stake in shares of Tencent Music Entertainment Group by 36.9% in the 1st quarter. Vident Advisory LLC now owns 25,858 shares of the company’s stock valued at $373,000 after purchasing an additional 6,969 shares during the last quarter. Nomura Holdings Inc. lifted its position in Tencent Music Entertainment Group by 36.0% in the first quarter. Nomura Holdings Inc. now owns 65,000 shares of the company’s stock valued at $937,000 after buying an additional 17,211 shares during the last quarter. Royal Bank of Canada lifted its position in Tencent Music Entertainment Group by 9.0% in the first quarter. Royal Bank of Canada now owns 144,475 shares of the company’s stock valued at $2,082,000 after buying an additional 11,979 shares during the last quarter. AQR Capital Management LLC boosted its stake in Tencent Music Entertainment Group by 107.5% during the first quarter. AQR Capital Management LLC now owns 85,450 shares of the company’s stock worth $1,231,000 after buying an additional 44,265 shares during the period. Finally, Banque Transatlantique SA acquired a new stake in shares of Tencent Music Entertainment Group during the first quarter valued at about $46,000. Institutional investors and hedge funds own 24.32% of the company’s stock.

Tencent Music Entertainment Group Trading Up 0.1%

NYSE:TME opened at $17.65 on Monday. Tencent Music Entertainment Group Sponsored ADR has a 12-month low of $10.26 and a 12-month high of $26.70. The firm has a market cap of $30.28 billion, a PE ratio of 18.38, a price-to-earnings-growth ratio of 1.25 and a beta of 0.48. The company has a current ratio of 2.09, a quick ratio of 2.08 and a debt-to-equity ratio of 0.04. The stock has a fifty day moving average price of $19.67 and a 200 day moving average price of $21.49.

Analyst Ratings Changes

A number of equities analysts recently weighed in on the stock. Benchmark lowered their price objective on shares of Tencent Music Entertainment Group from $28.00 to $25.00 and set a “buy” rating for the company in a research report on Thursday, November 13th. Weiss Ratings restated a “hold (c+)” rating on shares of Tencent Music Entertainment Group in a research report on Monday, December 22nd. Wall Street Zen downgraded Tencent Music Entertainment Group from a “buy” rating to a “hold” rating in a report on Saturday, November 8th. Zacks Research cut Tencent Music Entertainment Group from a “strong-buy” rating to a “hold” rating in a report on Monday, October 13th. Finally, Barclays boosted their price target on shares of Tencent Music Entertainment Group from $27.00 to $28.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 12th. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $25.79.

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.