Aberdeen Group plc Sells 41,621 Shares of Tencent Music Entertainment Group Sponsored ADR $TME

Aberdeen Group plc trimmed its stake in shares of Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) by 18.3% during the third quarter, Holdings Channel reports. The firm owned 185,986 shares of the company’s stock after selling 41,621 shares during the period. Aberdeen Group plc’s holdings in Tencent Music Entertainment Group were worth $4,413,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of TME. Schroder Investment Management Group grew its holdings in Tencent Music Entertainment Group by 2.2% during 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 during the last quarter. JPMorgan Chase & Co. boosted its stake in Tencent Music Entertainment Group by 26.4% in the 2nd quarter. JPMorgan Chase & Co. now owns 19,501,541 shares of the company’s stock worth $380,085,000 after purchasing an additional 4,071,323 shares during the period. State Street Corp raised its holdings in shares of Tencent Music Entertainment Group by 1.3% in the second quarter. State Street Corp now owns 12,553,992 shares of the company’s stock valued at $244,677,000 after purchasing an additional 155,692 shares during the last quarter. Norges Bank acquired a new position in shares of Tencent Music Entertainment Group during the 2nd quarter worth approximately $110,813,000. Finally, Robeco Institutional Asset Management B.V. raised its position in Tencent Music Entertainment Group by 174.9% during 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 in the last quarter. Institutional investors and hedge funds own 24.32% of the company’s stock.

Wall Street Analysts Forecast Growth

TME has been the subject of several research analyst reports. Bank of America began coverage on Tencent Music Entertainment Group in a research note on Tuesday, October 28th. They set a “neutral” rating and a $25.00 target price for the company. 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. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Tencent Music Entertainment Group in a research note on Monday, December 29th. Morgan Stanley dropped their price target on shares of Tencent Music Entertainment Group from $27.50 to $25.00 and set an “overweight” rating for the company in a research note on Monday, December 22nd. Finally, Barclays boosted their price target on shares of 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. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat, Tencent Music Entertainment Group currently has a consensus rating of “Moderate Buy” and a consensus target price of $25.79.

Tencent Music Entertainment Group Stock Up 0.1%

Shares of TME opened at $15.24 on Friday. The stock has a 50 day moving average price of $16.90 and a two-hundred day moving average price of $20.54. 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 52 week low of $11.71 and a 52 week 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.