Keystone Investors PTE Ltd. Reduces Stake in Tencent Music Entertainment Group Sponsored ADR $TME

Keystone Investors PTE Ltd. decreased its position in shares of Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) by 36.4% during the third quarter, HoldingsChannel reports. The institutional investor owned 2,243,614 shares of the company’s stock after selling 1,282,009 shares during the period. Tencent Music Entertainment Group comprises 6.1% of Keystone Investors PTE Ltd.’s investment portfolio, making the stock its 4th largest position. Keystone Investors PTE Ltd.’s holdings in Tencent Music Entertainment Group were worth $52,366,000 at the end of the most recent reporting period.

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

Tencent Music Entertainment Group Stock Performance

Shares of NYSE:TME opened at $14.59 on Friday. Tencent Music Entertainment Group Sponsored ADR has a 1-year low of $11.71 and a 1-year high of $26.70. The firm’s 50 day simple moving average is $16.60 and its two-hundred day simple moving average is $20.28. The company has a quick ratio of 2.08, a current ratio of 2.09 and a debt-to-equity ratio of 0.04.

Analyst Upgrades and Downgrades

TME has been the topic of several research analyst reports. Wall Street Zen cut Tencent Music Entertainment Group from a “buy” rating to a “hold” rating in a report on Saturday, November 8th. Weiss Ratings restated a “hold (c+)” rating on shares of Tencent Music Entertainment Group in a research report on Monday, December 29th. Barclays boosted their price target on Tencent Music Entertainment Group from $27.00 to $28.00 and gave the stock an “overweight” rating in a report on Wednesday, November 12th. Morgan Stanley decreased their price target on shares of Tencent Music Entertainment Group from $27.50 to $25.00 and set an “overweight” rating on the stock in a research note on Monday, December 22nd. Finally, Benchmark dropped 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 note on Thursday, November 13th. One investment 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 company. Based on data from MarketBeat.com, Tencent Music Entertainment Group presently has a consensus rating of “Moderate Buy” and an average target price 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.