Tencent Music Entertainment Group Sponsored ADR $TME Shares Sold by Alberta Investment Management Corp

Alberta Investment Management Corp trimmed its position in shares of Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) by 83.1% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 102,000 shares of the company’s stock after selling 502,887 shares during the period. Alberta Investment Management Corp’s holdings in Tencent Music Entertainment Group were worth $1,988,000 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. SVB Wealth LLC purchased a new stake in shares of Tencent Music Entertainment Group during the 1st quarter valued at about $34,000. Banque Transatlantique SA purchased a new stake in shares of Tencent Music Entertainment Group during the first quarter valued at approximately $46,000. Brooklyn Investment Group lifted its position in shares of Tencent Music Entertainment Group by 957.1% during the first quarter. Brooklyn Investment Group now owns 4,757 shares of the company’s stock worth $69,000 after purchasing an additional 4,307 shares in the last quarter. iA Global Asset Management Inc. acquired a new position in shares of Tencent Music Entertainment Group during the second quarter worth $131,000. Finally, Haven Private LLC acquired a new stake in Tencent Music Entertainment Group during the 2nd quarter valued at $237,000. Institutional investors and hedge funds own 24.32% of the company’s stock.

Tencent Music Entertainment Group Price Performance

Shares of NYSE:TME opened at $18.90 on Monday. The business has a fifty day simple moving average of $23.12 and a 200 day simple moving average of $21.14. The company has a current ratio of 2.09, a quick ratio of 2.08 and a debt-to-equity ratio of 0.04. Tencent Music Entertainment Group Sponsored ADR has a 1 year low of $10.26 and a 1 year high of $26.70. The firm has a market cap of $32.43 billion, a price-to-earnings ratio of 19.68, a P/E/G ratio of 1.14 and a beta of 0.51.

Wall Street Analyst Weigh In

TME has been the topic of a number of recent analyst reports. Daiwa Capital Markets upgraded shares of Tencent Music Entertainment Group from a “neutral” rating to an “outperform” rating in a research note on Tuesday, August 12th. Barclays boosted their price objective on Tencent Music Entertainment Group from $27.00 to $28.00 and gave the company an “overweight” rating in a report on Wednesday, November 12th. Zacks Research cut Tencent Music Entertainment Group from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 13th. Citigroup reiterated a “buy” rating and issued a $29.00 target price (up previously from $23.00) on shares of Tencent Music Entertainment Group in a research report on Tuesday, August 12th. Finally, Benchmark lowered their price target on Tencent Music Entertainment Group from $28.00 to $25.00 and set a “buy” rating for the company in a report on Thursday. One research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $24.29.

About Tencent Music Entertainment Group

Tencent Music Entertainment Group operates online music entertainment platforms to provide music streaming, online karaoke, and live streaming services in the People's Republic of China. It offers QQ Music, Kugou Music, and Kuwo Music that enable users to discover music in personalized ways; long-form audio content, including audiobooks, podcasts and talk shows, as well as music-oriented video content comprising music videos, live performances, and short videos; and WeSing, which enables users to sing along from its library of karaoke songs and share their performances in audio or video formats with friends.