Tencent Music Entertainment Group Sponsored ADR $TME Holdings Reduced by Baillie Gifford & Co.

Baillie Gifford & Co. lowered its position in Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) by 22.6% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 13,007,199 shares of the company’s stock after selling 3,806,125 shares during the quarter. Baillie Gifford & Co.’s holdings in Tencent Music Entertainment Group were worth $303,588,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also made changes to their positions in TME. Corient Private Wealth LLC increased its position in Tencent Music Entertainment Group by 1.6% in the 2nd quarter. Corient Private Wealth LLC now owns 32,213 shares of the company’s stock valued at $628,000 after acquiring an additional 498 shares during the period. Northwestern Mutual Wealth Management Co. increased its holdings in shares of Tencent Music Entertainment Group by 5.0% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 13,553 shares of the company’s stock valued at $264,000 after purchasing an additional 651 shares during the period. PDS Planning Inc increased its holdings in shares of Tencent Music Entertainment Group by 5.6% during the second quarter. PDS Planning Inc now owns 12,561 shares of the company’s stock valued at $245,000 after purchasing an additional 665 shares during the period. DekaBank Deutsche Girozentrale raised its stake in shares of Tencent Music Entertainment Group by 0.8% during the second quarter. DekaBank Deutsche Girozentrale now owns 101,362 shares of the company’s stock valued at $1,975,000 after purchasing an additional 842 shares in the last quarter. Finally, PNC Financial Services Group Inc. lifted its holdings in Tencent Music Entertainment Group by 11.0% in the second quarter. PNC Financial Services Group Inc. now owns 12,799 shares of the company’s stock worth $249,000 after purchasing an additional 1,269 shares during the period. 24.32% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

TME has been the topic of several research analyst reports. Wall Street Zen cut shares of Tencent Music Entertainment Group from a “buy” rating to a “hold” rating in a research note on Saturday, November 8th. Barclays raised 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 research note on Wednesday, November 12th. Morgan Stanley cut their target price on Tencent Music Entertainment Group from $27.50 to $25.00 and set an “overweight” rating for the company in a research report on Monday, December 22nd. Bank of America assumed coverage on Tencent Music Entertainment Group in a research report on Tuesday, October 28th. They set a “neutral” rating and a $25.00 price target on the stock. Finally, Benchmark dropped 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 note on Thursday, November 13th. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $25.79.

Tencent Music Entertainment Group Trading Up 4.8%

Shares of NYSE:TME opened at $16.81 on Friday. The company has a debt-to-equity ratio of 0.04, a quick ratio of 2.08 and a current ratio of 2.09. The stock has a market capitalization of $27.53 billion, a price-to-earnings ratio of 17.51, a PEG ratio of 1.01 and a beta of 0.45. Tencent Music Entertainment Group Sponsored ADR has a 1-year low of $11.08 and a 1-year high of $26.70. The company has a 50 day moving average price of $17.77 and a 200 day moving average price of $21.22.

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.