Asset Management One Co. Ltd. Decreases Stake in Tencent Music Entertainment Group Sponsored ADR $TME

Asset Management One Co. Ltd. lowered its position in shares of Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) by 4.7% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 695,566 shares of the company’s stock after selling 34,359 shares during the quarter. Asset Management One Co. Ltd.’s holdings in Tencent Music Entertainment Group were worth $16,235,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently modified their holdings of TME. Norges Bank bought a new stake in Tencent Music Entertainment Group during the second quarter worth $110,813,000. JPMorgan Chase & Co. increased its position in shares of Tencent Music Entertainment Group by 26.4% during the 2nd quarter. JPMorgan Chase & Co. now owns 19,501,541 shares of the company’s stock valued at $380,085,000 after purchasing an additional 4,071,323 shares during the last quarter. Robeco Institutional Asset Management B.V. increased its position in shares of Tencent Music Entertainment Group by 1,847.5% during the 2nd quarter. Robeco Institutional Asset Management B.V. now owns 1,935,048 shares of the company’s stock valued at $37,714,000 after purchasing an additional 1,835,687 shares during the last quarter. Skandinaviska Enskilda Banken AB publ raised its stake in shares of Tencent Music Entertainment Group by 993.5% during the 2nd quarter. Skandinaviska Enskilda Banken AB publ now owns 1,718,774 shares of the company’s stock worth $33,576,000 after purchasing an additional 1,561,600 shares during the period. Finally, Schroder Investment Management Group boosted its holdings in shares of Tencent Music Entertainment Group by 2.2% in the 2nd quarter. Schroder Investment Management Group now owns 67,948,198 shares of the company’s stock worth $1,324,310,000 after buying an additional 1,491,095 shares during the last quarter. 24.32% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on TME. Morgan Stanley decreased their price objective on shares of Tencent Music Entertainment Group from $27.50 to $25.00 and set an “overweight” rating for the company in a report on Monday, December 22nd. Benchmark decreased their price target on shares of Tencent Music Entertainment Group from $28.00 to $25.00 and set a “buy” rating for the company in a research note on Thursday, November 13th. Barclays upped 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 report on Wednesday, November 12th. Zacks Research downgraded Tencent Music Entertainment Group from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 13th. Finally, Weiss Ratings reissued a “hold (c+)” rating on shares of Tencent Music Entertainment Group in a report on Monday, December 29th. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and three have issued 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 Price Performance

Shares of Tencent Music Entertainment Group stock opened at $17.60 on Wednesday. The company’s fifty day simple moving average is $18.95 and its two-hundred day simple moving average is $21.45. Tencent Music Entertainment Group Sponsored ADR has a 12-month low of $10.26 and a 12-month high of $26.70. The firm has a market cap of $31.71 billion, a PE ratio of 18.33, a price-to-earnings-growth ratio of 1.14 and a beta of 0.45. The company has a quick ratio of 2.08, a current ratio of 2.09 and a debt-to-equity ratio of 0.04.

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.