Franklin Resources Inc. Sells 120,647 Shares of Tencent Music Entertainment Group Sponsored ADR $TME

Franklin Resources Inc. decreased its holdings in shares of Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) by 25.4% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 354,784 shares of the company’s stock after selling 120,647 shares during the period. Franklin Resources Inc.’s holdings in Tencent Music Entertainment Group were worth $6,915,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in TME. Acadian Asset Management LLC grew its holdings in shares of Tencent Music Entertainment Group by 2,928.0% during the 2nd quarter. Acadian Asset Management LLC now owns 1,519,458 shares of the company’s stock worth $29,601,000 after acquiring an additional 1,469,278 shares during the period. Aviva PLC boosted its position in shares of Tencent Music Entertainment Group by 2.4% during the second quarter. Aviva PLC now owns 542,606 shares of the company’s stock valued at $10,575,000 after purchasing an additional 12,489 shares in the last quarter. AGF Management Ltd. purchased a new stake in Tencent Music Entertainment Group in the second quarter worth $9,184,000. Strs Ohio bought a new position in Tencent Music Entertainment Group in the first quarter worth $1,228,000. Finally, Aberdeen Group plc raised its holdings in Tencent Music Entertainment Group by 26.9% in the second quarter. Aberdeen Group plc now owns 227,607 shares of the company’s stock worth $4,436,000 after purchasing an additional 48,271 shares in the last quarter. 24.32% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on TME. Sanford C. Bernstein set a $27.50 target price on shares of Tencent Music Entertainment Group and gave the stock an “outperform” rating in a research report on Wednesday, August 13th. Citigroup reissued a “buy” rating and set a $29.00 price objective (up previously from $23.00) on shares of Tencent Music Entertainment Group in a research note on Tuesday, August 12th. Macquarie set a $29.80 price objective on shares of Tencent Music Entertainment Group and gave the stock an “outperform” rating in a report on Tuesday, August 12th. Zacks Research lowered shares of Tencent Music Entertainment Group from a “strong-buy” rating to a “hold” rating in a report on Monday, October 13th. Finally, Wall Street Zen cut Tencent Music Entertainment Group from a “buy” rating to a “hold” rating in a research report on Saturday, November 8th. One research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $24.29.

Tencent Music Entertainment Group Stock Up 2.6%

TME opened at $18.45 on Monday. The stock has a market capitalization of $31.66 billion, a price-to-earnings ratio of 19.22, a PEG ratio of 1.32 and a beta of 0.48. The firm has a 50 day moving average price of $21.71 and a 200-day moving average price of $21.41. Tencent Music Entertainment Group Sponsored ADR has a twelve month low of $10.26 and a twelve 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 operates online music entertainment platforms to provide music streaming, online karaoke, and live streaming services in the People's Republic of China. It offers QQ Music, Kugou Music, and Kuwo Music that enable users to discover music in personalized ways; long-form audio content, including audiobooks, podcasts and talk shows, as well as music-oriented video content comprising music videos, live performances, and short videos; and WeSing, which enables users to sing along from its library of karaoke songs and share their performances in audio or video formats with friends.