Cantillon Capital Management LLC Sells 235,779 Shares of Tencent Music Entertainment Group Sponsored ADR $TME

Cantillon Capital Management LLC lowered its stake in shares of Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) by 1.3% in the third quarter, according to its most recent 13F filing with the SEC. The fund owned 18,452,216 shares of the company’s stock after selling 235,779 shares during the period. Tencent Music Entertainment Group makes up approximately 2.4% of Cantillon Capital Management LLC’s portfolio, making the stock its 20th biggest holding. Cantillon Capital Management LLC owned about 1.08% of Tencent Music Entertainment Group worth $430,675,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Schroder Investment Management Group grew its stake 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 worth $1,324,310,000 after acquiring an additional 1,491,095 shares in the last quarter. JPMorgan Chase & Co. lifted its position in shares of 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 boosted its holdings in 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 purchased a new position in Tencent Music Entertainment Group during the second quarter worth about $110,813,000. Finally, Robeco Institutional Asset Management B.V. grew its position in Tencent Music Entertainment Group by 174.9% in the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 5,319,631 shares of the company’s stock worth $124,160,000 after purchasing an additional 3,384,583 shares in the last quarter. 24.32% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms have commented on TME. Bank of America assumed coverage on shares of Tencent Music Entertainment Group in a research report on Tuesday, October 28th. They set a “neutral” rating and a $25.00 target price on the stock. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Tencent Music Entertainment Group in a research report on Monday, December 29th. 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 report on Wednesday, November 12th. Wall Street Zen lowered Tencent Music Entertainment Group from a “buy” rating to a “hold” rating in a research report on Saturday, November 8th. Finally, Zacks Research cut Tencent Music Entertainment Group from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 13th. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat, Tencent Music Entertainment Group has an average rating of “Moderate Buy” and an average price target of $25.79.

Tencent Music Entertainment Group Stock Performance

NYSE:TME opened at $16.04 on Friday. The company has a market capitalization of $27.59 billion, a P/E ratio of 16.71, a P/E/G ratio of 1.01 and a beta of 0.45. The business has a fifty day simple moving average of $17.81 and a two-hundred day simple moving average of $21.24. 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 Sponsored ADR has a 1 year low of $10.91 and a 1 year high of $26.70.

Tencent Music Entertainment Group 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.