Tencent Music Entertainment Group Sponsored ADR $TME Shares Sold by Marathon Asset Management Ltd

Marathon Asset Management Ltd reduced its holdings in Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) by 5.8% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 2,864,424 shares of the company’s stock after selling 175,275 shares during the period. Tencent Music Entertainment Group comprises 2.5% of Marathon Asset Management Ltd’s holdings, making the stock its 12th largest position. Marathon Asset Management Ltd owned about 0.17% of Tencent Music Entertainment Group worth $66,856,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Schroder Investment Management Group lifted its position in shares of Tencent Music Entertainment Group by 2.2% during 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 in the last quarter. JPMorgan Chase & Co. lifted its holdings in Tencent Music Entertainment Group by 26.4% during the second quarter. JPMorgan Chase & Co. now owns 19,501,541 shares of the company’s stock valued at $380,085,000 after purchasing an additional 4,071,323 shares in the last quarter. State Street Corp grew its position in shares of Tencent Music Entertainment Group by 1.3% in the second quarter. State Street Corp now owns 12,553,992 shares of the company’s stock valued at $244,677,000 after purchasing an additional 155,692 shares during the period. Norges Bank purchased 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 raised its position in shares of Tencent Music Entertainment Group by 15.2% during the 1st 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 during the last quarter. 24.32% of the stock is currently owned by hedge funds and other institutional investors.

Tencent Music Entertainment Group Stock Up 0.1%

Shares of NYSE:TME opened at $17.65 on Monday. Tencent Music Entertainment Group Sponsored ADR has a 52-week low of $10.26 and a 52-week high of $26.70. The stock has a market cap of $30.28 billion, a P/E ratio of 18.38, a PEG ratio of 1.25 and a beta of 0.48. The business has a fifty day moving average of $19.67 and a two-hundred day moving average of $21.49. 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 Ratings Changes

Several equities research analysts recently issued reports on TME shares. Morgan Stanley lowered their price objective on Tencent Music Entertainment Group from $27.50 to $25.00 and set an “overweight” rating on the stock in a report on Monday, December 22nd. Benchmark lowered 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. Bank of America began coverage on Tencent Music Entertainment Group in a research note on Tuesday, October 28th. They issued a “neutral” rating and a $25.00 price objective for the company. Barclays raised their price objective on Tencent Music Entertainment Group from $27.00 to $28.00 and gave the company an “overweight” rating in a report on Wednesday, November 12th. Finally, 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. 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 stock. According to MarketBeat.com, Tencent Music Entertainment Group currently has a consensus rating of “Moderate Buy” and a consensus 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.