Tencent Music Entertainment Group Sponsored ADR $TME Shares Sold by GF Fund Management CO. LTD.

GF Fund Management CO. LTD. lessened its position in Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) by 9.8% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 467,114 shares of the company’s stock after selling 50,701 shares during the quarter. GF Fund Management CO. LTD.’s holdings in Tencent Music Entertainment Group were worth $10,902,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in TME. Royal Bank of Canada boosted its holdings in shares of Tencent Music Entertainment Group by 9.0% during the 1st quarter. Royal Bank of Canada now owns 144,475 shares of the company’s stock worth $2,082,000 after purchasing an additional 11,979 shares during the last quarter. AQR Capital Management LLC lifted its position in Tencent Music Entertainment Group by 107.5% during the first quarter. AQR Capital Management LLC now owns 85,450 shares of the company’s stock worth $1,231,000 after buying an additional 44,265 shares in the last quarter. Jones Financial Companies Lllp acquired a new position in Tencent Music Entertainment Group during the first quarter worth $985,000. Acadian Asset Management LLC grew its holdings in Tencent Music Entertainment Group by 385,900.0% in the 1st quarter. Acadian Asset Management LLC now owns 50,180 shares of the company’s stock valued at $722,000 after buying an additional 50,167 shares in the last quarter. Finally, Vanguard Personalized Indexing Management LLC grew its holdings in Tencent Music Entertainment Group by 29.6% in the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 44,096 shares of the company’s stock valued at $859,000 after buying an additional 10,083 shares in the last quarter. 24.32% of the stock is currently owned by hedge funds and other institutional investors.

Tencent Music Entertainment Group Trading Up 4.5%

NYSE TME opened at $15.84 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 firm has a market cap of $27.17 billion, a price-to-earnings ratio of 16.49, a PEG ratio of 1.00 and a beta of 0.53. The firm has a 50 day simple moving average of $17.19 and a 200-day simple moving average of $20.73. Tencent Music Entertainment Group Sponsored ADR has a one year low of $11.71 and a one year high of $26.70.

Analysts Set New Price Targets

TME has been the subject of several 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 increased 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. Morgan Stanley reduced their target price on 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. Weiss Ratings reiterated a “hold (c+)” rating on shares of Tencent Music Entertainment Group in a report on Monday, December 29th. Finally, Bank of America began coverage on Tencent Music Entertainment Group in a research report on Tuesday, October 28th. They set a “neutral” rating and a $25.00 price objective for the company. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat, Tencent Music Entertainment Group presently has an average rating of “Moderate Buy” and an average target price of $25.79.

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.