Tencent Music Entertainment Group Sponsored ADR $TME Shares Sold by Matthews International Capital Management LLC

Matthews International Capital Management LLC reduced its stake in Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) by 20.2% during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 646,353 shares of the company’s stock after selling 163,910 shares during the period. Tencent Music Entertainment Group accounts for about 3.5% of Matthews International Capital Management LLC’s holdings, making the stock its 9th biggest position. Matthews International Capital Management LLC’s holdings in Tencent Music Entertainment Group were worth $15,086,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also modified their holdings of the company. Schroder Investment Management Group grew its position in shares of Tencent Music Entertainment Group by 2.2% in the 2nd quarter. Schroder Investment Management Group now owns 67,948,198 shares of the company’s stock valued at $1,324,310,000 after buying an additional 1,491,095 shares during the last quarter. JPMorgan Chase & Co. boosted its stake in Tencent Music Entertainment Group by 26.4% in the second quarter. JPMorgan Chase & Co. now owns 19,501,541 shares of the company’s stock valued at $380,085,000 after acquiring an additional 4,071,323 shares in the last quarter. State Street Corp grew its holdings in shares of Tencent Music Entertainment Group by 1.3% during the second quarter. State Street Corp now owns 12,553,992 shares of the company’s stock worth $244,677,000 after purchasing an additional 155,692 shares during the last quarter. Norges Bank acquired a new stake in shares of Tencent Music Entertainment Group during the second quarter worth about $110,813,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in shares of Tencent Music Entertainment Group by 15.2% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 5,062,619 shares of the company’s stock worth $72,952,000 after purchasing an additional 666,674 shares in the last quarter. Hedge funds and other institutional investors own 24.32% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on TME shares. Benchmark dropped their price target on Tencent Music Entertainment Group from $28.00 to $25.00 and set a “buy” rating on the stock in a research note on Thursday, November 13th. Morgan Stanley lowered their target price on shares of 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. Wall Street Zen cut shares of Tencent Music Entertainment Group from a “buy” rating to a “hold” rating in a report on Saturday, November 8th. Barclays upped their price target on shares of Tencent Music Entertainment Group from $27.00 to $28.00 and gave the company an “overweight” rating in a research report on Wednesday, November 12th. Finally, Weiss Ratings reissued a “hold (c+)” rating on shares of Tencent Music Entertainment Group in a research report on Monday, December 22nd. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, Tencent Music Entertainment Group has a consensus rating of “Moderate Buy” and a consensus price target of $25.79.

Tencent Music Entertainment Group Stock Up 0.1%

Tencent Music Entertainment Group stock opened at $17.65 on Friday. The stock’s 50 day moving average price is $19.67 and its 200 day moving average price is $21.47. Tencent Music Entertainment Group Sponsored ADR has a 1-year low of $10.26 and a 1-year high of $26.70. The company has a market cap of $30.28 billion, a PE ratio of 18.38, a price-to-earnings-growth ratio of 1.25 and a beta of 0.47. The company has a debt-to-equity ratio of 0.04, a current ratio of 2.09 and a quick ratio of 2.08.

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.