Alberta Investment Management Corp Sells 51,600 Shares of Tencent Music Entertainment Group Sponsored ADR $TME

Alberta Investment Management Corp lessened its stake in Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) by 50.6% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 50,400 shares of the company’s stock after selling 51,600 shares during the quarter. Alberta Investment Management Corp’s holdings in Tencent Music Entertainment Group were worth $1,176,000 at the end of the most recent quarter.

Several other institutional investors have also bought and sold shares of the company. Smartleaf Asset Management LLC bought a new position in Tencent Music Entertainment Group during the third quarter valued at $31,000. Global Retirement Partners LLC lifted its position in shares of Tencent Music Entertainment Group by 1,326.5% during the 3rd quarter. Global Retirement Partners LLC now owns 1,883 shares of the company’s stock valued at $44,000 after buying an additional 1,751 shares during the last quarter. Jones Financial Companies Lllp grew its stake in shares of Tencent Music Entertainment Group by 137.4% during the 3rd quarter. Jones Financial Companies Lllp now owns 2,414 shares of the company’s stock worth $57,000 after acquiring an additional 1,397 shares during the period. EverSource Wealth Advisors LLC grew its stake in shares of Tencent Music Entertainment Group by 83.0% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 3,005 shares of the company’s stock worth $59,000 after acquiring an additional 1,363 shares during the period. Finally, MAI Capital Management purchased a new stake in Tencent Music Entertainment Group in the 2nd quarter worth about $73,000. Hedge funds and other institutional investors own 24.32% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have commented on TME. Wall Street Zen downgraded shares of Tencent Music Entertainment Group from a “buy” rating to a “hold” rating in a report on Saturday, November 8th. Bank of America began coverage on shares of Tencent Music Entertainment Group in a report on Tuesday, October 28th. They set a “neutral” rating and a $25.00 target price on the stock. Barclays raised their price target on Tencent Music Entertainment Group from $27.00 to $28.00 and gave the stock an “overweight” rating in a report on Wednesday, November 12th. Benchmark decreased 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. Finally, Weiss Ratings reissued a “hold (c+)” rating on shares of Tencent Music Entertainment Group in a report on Monday, December 29th. One 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. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $25.79.

Tencent Music Entertainment Group Stock Performance

Tencent Music Entertainment Group stock opened at $15.22 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 business has a fifty day moving average of $16.96 and a two-hundred day moving average of $20.58. Tencent Music Entertainment Group Sponsored ADR has a twelve month low of $11.71 and a twelve month high of $26.70.

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.