Tencent Music Entertainment Group Sponsored ADR $TME Shares Sold by KLP Kapitalforvaltning AS

KLP Kapitalforvaltning AS lowered its position in Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) by 24.7% in the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 122,843 shares of the company’s stock after selling 40,400 shares during the period. KLP Kapitalforvaltning AS’s holdings in Tencent Music Entertainment Group were worth $2,867,000 at the end of the most recent quarter.

Other institutional investors have also recently modified their holdings of the company. Acadian Asset Management LLC boosted its holdings in Tencent Music Entertainment Group by 2,928.0% in the 2nd quarter. Acadian Asset Management LLC now owns 1,519,458 shares of the company’s stock worth $29,601,000 after buying an additional 1,469,278 shares during the last quarter. Aviva PLC lifted its position in shares of Tencent Music Entertainment Group by 2.4% in the second quarter. Aviva PLC now owns 542,606 shares of the company’s stock valued at $10,575,000 after acquiring an additional 12,489 shares in the last quarter. Robeco Institutional Asset Management B.V. boosted its stake in shares of Tencent Music Entertainment Group by 174.9% in the third quarter. Robeco Institutional Asset Management B.V. now owns 5,319,631 shares of the company’s stock worth $124,160,000 after acquiring an additional 3,384,583 shares during the last quarter. Calamos Wealth Management LLC purchased a new stake in shares of Tencent Music Entertainment Group during the third quarter worth approximately $2,546,000. Finally, AGF Management Ltd. acquired a new position in Tencent Music Entertainment Group in the 2nd quarter valued at $9,184,000. 24.32% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the stock. 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. Barclays increased their price objective on shares of Tencent Music Entertainment Group from $27.00 to $28.00 and gave the company an “overweight” rating in a report on Wednesday, November 12th. Morgan Stanley lowered their target price 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. Weiss Ratings restated a “hold (c+)” rating on shares of Tencent Music Entertainment Group in a research report on Monday, December 29th. Finally, Benchmark reduced their price objective on Tencent Music Entertainment Group from $28.00 to $25.00 and set a “buy” rating on the stock in a research report on Thursday, November 13th. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $25.79.

Tencent Music Entertainment Group Stock Performance

Tencent Music Entertainment Group stock opened at $17.34 on Friday. The company has a debt-to-equity ratio of 0.04, a current ratio of 2.09 and a quick ratio of 2.08. The firm has a 50 day simple moving average of $18.63 and a 200-day simple moving average of $21.41. Tencent Music Entertainment Group Sponsored ADR has a 1-year low of $10.26 and a 1-year high of $26.70.

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.