Myriad Asset Management US LP Has $1.07 Million Stake in Tencent Music Entertainment Group Sponsored ADR $TME

Myriad Asset Management US LP reduced its position in Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) by 62.3% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 45,729 shares of the company’s stock after selling 75,565 shares during the quarter. Myriad Asset Management US LP’s holdings in Tencent Music Entertainment Group were worth $1,067,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of the stock. Global Retirement Partners LLC boosted its stake in Tencent Music Entertainment Group by 1,326.5% in the third quarter. Global Retirement Partners LLC now owns 1,883 shares of the company’s stock worth $44,000 after purchasing an additional 1,751 shares in the last quarter. EverSource Wealth Advisors LLC increased its position in Tencent Music Entertainment Group by 83.0% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 3,005 shares of the company’s stock valued at $59,000 after acquiring an additional 1,363 shares in the last quarter. MAI Capital Management bought a new position in Tencent Music Entertainment Group in the 2nd quarter worth approximately $73,000. iA Global Asset Management Inc. acquired a new position in shares of Tencent Music Entertainment Group during the second quarter valued at $131,000. Finally, Farther Finance Advisors LLC grew its position in shares of Tencent Music Entertainment Group by 424.1% during the 3rd quarter. Farther Finance Advisors LLC now owns 7,159 shares of the company’s stock worth $167,000 after buying an additional 5,793 shares during the period. 24.32% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the company. Zacks Research lowered Tencent Music Entertainment Group from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 13th. Morgan Stanley dropped their target price on Tencent Music Entertainment Group from $27.50 to $25.00 and set an “overweight” rating on the stock in a research report on Monday, December 22nd. Bank of America began coverage on shares of Tencent Music Entertainment Group in a research report on Tuesday, October 28th. They issued a “neutral” rating and a $25.00 target price for the company. Barclays upped 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 report on Wednesday, November 12th. Finally, Weiss Ratings reiterated a “hold (c+)” rating on shares of Tencent Music Entertainment Group in a research note on Monday, December 29th. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, Tencent Music Entertainment Group has a consensus rating of “Moderate Buy” and a consensus target price of $25.79.

Tencent Music Entertainment Group Stock Down 0.2%

TME stock opened at $16.04 on Friday. The company has a debt-to-equity ratio of 0.04, a current ratio of 2.09 and a quick ratio of 2.08. The stock has a market capitalization of $27.59 billion, a price-to-earnings ratio of 16.71, a PEG ratio of 1.01 and a beta of 0.45. Tencent Music Entertainment Group Sponsored ADR has a fifty-two week low of $10.91 and a fifty-two week high of $26.70. The business’s fifty day moving average price is $17.81 and its two-hundred day moving average price is $21.24.

Tencent Music Entertainment Group Profile

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.