Vanguard Group Inc. Lowers Stake in Tencent Music Entertainment Group Sponsored ADR $TME

Vanguard Group Inc. trimmed its position in shares of Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) by 1.1% during the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 21,162,353 shares of the company’s stock after selling 243,199 shares during the period. Vanguard Group Inc. owned approximately 1.23% of Tencent Music Entertainment Group worth $493,929,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. Corient Private Wealth LLC lifted its stake in Tencent Music Entertainment Group by 1.6% during the 2nd quarter. Corient Private Wealth LLC now owns 32,213 shares of the company’s stock worth $628,000 after acquiring an additional 498 shares in the last quarter. Northwestern Mutual Wealth Management Co. lifted its position in shares of Tencent Music Entertainment Group by 5.0% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 13,553 shares of the company’s stock worth $264,000 after purchasing an additional 651 shares in the last quarter. PNC Financial Services Group Inc. boosted its stake in shares of Tencent Music Entertainment Group by 11.0% in the second quarter. PNC Financial Services Group Inc. now owns 12,799 shares of the company’s stock valued at $249,000 after purchasing an additional 1,269 shares during the period. Smartleaf Asset Management LLC acquired a new position in shares of Tencent Music Entertainment Group in the third quarter valued at approximately $31,000. Finally, EverSource Wealth Advisors LLC increased its stake in Tencent Music Entertainment Group by 83.0% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 3,005 shares of the company’s stock worth $59,000 after buying an additional 1,363 shares during the period. 24.32% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on TME shares. Wall Street Zen cut Tencent Music Entertainment Group from a “buy” rating to a “hold” rating in a research note on Saturday, November 8th. Barclays lifted their price objective on Tencent Music Entertainment Group from $27.00 to $28.00 and gave the company an “overweight” rating in a research note on Wednesday, November 12th. Morgan Stanley lowered their price objective on Tencent Music Entertainment Group from $27.50 to $25.00 and set an “overweight” rating for the company in a research report on Monday, December 22nd. Benchmark reduced their target price on shares of Tencent Music Entertainment Group from $28.00 to $25.00 and set a “buy” rating on the stock in a report on Thursday, November 13th. Finally, Weiss Ratings reiterated a “hold (c+)” rating on shares of Tencent Music Entertainment Group in a report on Monday, December 29th. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, Tencent Music Entertainment Group presently has an average rating of “Moderate Buy” and an average target price of $25.79.

Tencent Music Entertainment Group Stock Down 1.6%

NYSE TME opened at $14.74 on Thursday. The firm’s fifty day moving average price is $16.72 and its 200 day moving average price is $20.38. Tencent Music Entertainment Group Sponsored ADR has a 12 month low of $11.71 and a 12 month high of $26.70. The company has a quick ratio of 2.08, a current ratio of 2.09 and a debt-to-equity ratio of 0.04.

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.