Schroder Investment Management Group Decreases Stock Position in Tencent Music Entertainment Group Sponsored ADR $TME

Schroder Investment Management Group decreased its holdings in shares of Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) by 8.9% during the third quarter, Holdings Channel.com reports. The fund owned 61,925,511 shares of the company’s stock after selling 6,022,687 shares during the period. Tencent Music Entertainment Group accounts for approximately 1.1% of Schroder Investment Management Group’s holdings, making the stock its 14th biggest holding. Schroder Investment Management Group’s holdings in Tencent Music Entertainment Group were worth $1,445,341,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of the stock. Smartleaf Asset Management LLC purchased a new position in Tencent Music Entertainment Group during the third quarter valued at approximately $31,000. Global Retirement Partners LLC lifted its stake in shares of Tencent Music Entertainment Group by 1,326.5% in the 3rd quarter. Global Retirement Partners LLC now owns 1,883 shares of the company’s stock valued at $44,000 after purchasing an additional 1,751 shares during the period. Jones Financial Companies Lllp boosted its holdings in Tencent Music Entertainment Group by 137.4% during the third quarter. Jones Financial Companies Lllp now owns 2,414 shares of the company’s stock worth $57,000 after buying an additional 1,397 shares in the last quarter. EverSource Wealth Advisors LLC grew its position in 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 buying an additional 1,363 shares during the period. Finally, MAI Capital Management purchased a new stake in shares of Tencent Music Entertainment Group in the second quarter valued at approximately $73,000. Institutional investors and hedge funds own 24.32% of the company’s stock.

Tencent Music Entertainment Group Trading Up 1.1%

Shares of TME stock opened at $13.62 on Monday. The company has a current ratio of 2.09, a quick ratio of 2.08 and a debt-to-equity ratio of 0.04. Tencent Music Entertainment Group Sponsored ADR has a twelve month low of $11.71 and a twelve month high of $26.70. The company’s 50-day moving average price is $16.23 and its 200-day moving average price is $19.81. The stock has a market cap of $23.37 billion, a price-to-earnings ratio of 14.19, a PEG ratio of 0.86 and a beta of 0.56.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the stock. Benchmark cut their price target on shares of Tencent Music Entertainment Group from $28.00 to $25.00 and set a “buy” rating for the company in a report on Thursday, November 13th. Weiss Ratings reissued a “hold (c+)” rating on shares of Tencent Music Entertainment Group in a research note on Monday, December 29th. Morgan Stanley reduced their price target on shares of 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. Finally, Barclays boosted their price objective on 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 research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat.com, Tencent Music Entertainment Group presently has an average rating of “Moderate Buy” and a consensus price target of $25.79.

Tencent Music Entertainment Group Company 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.