Tencent Music Entertainment Group Sponsored ADR $TME Shares Sold by Baillie Gifford & Co.

Baillie Gifford & Co. lowered its holdings in Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) by 22.6% in the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 13,007,199 shares of the company’s stock after selling 3,806,125 shares during the period. Baillie Gifford & Co. owned about 0.76% of Tencent Music Entertainment Group worth $303,588,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Global Retirement Partners LLC boosted its stake 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. EverSource Wealth Advisors LLC boosted its stake in 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 valued at $59,000 after acquiring an additional 1,363 shares during the last quarter. MAI Capital Management bought a new position in Tencent Music Entertainment Group during the 2nd quarter valued at $73,000. iA Global Asset Management Inc. acquired a new position in Tencent Music Entertainment Group during the 2nd quarter worth $131,000. Finally, Farther Finance Advisors LLC increased its position in shares of Tencent Music Entertainment Group by 424.1% in the 3rd quarter. Farther Finance Advisors LLC now owns 7,159 shares of the company’s stock worth $167,000 after purchasing an additional 5,793 shares during the last quarter. 24.32% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

TME has been the topic of several research analyst reports. Morgan Stanley reduced their price target on shares of 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. Barclays increased their target price 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. Wall Street Zen downgraded Tencent Music Entertainment Group from a “buy” rating to a “hold” rating in a report on Saturday, November 8th. Benchmark reduced 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, Zacks Research downgraded shares of Tencent Music Entertainment Group from a “strong-buy” rating to a “hold” rating in a report on Monday, October 13th. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $25.79.

Tencent Music Entertainment Group Trading Up 4.8%

Shares of NYSE TME opened at $16.81 on Friday. Tencent Music Entertainment Group Sponsored ADR has a 12-month low of $11.08 and a 12-month high of $26.70. The company has a market cap of $27.53 billion, a price-to-earnings ratio of 17.51, a price-to-earnings-growth ratio of 1.01 and a beta of 0.45. The company has a current ratio of 2.09, a quick ratio of 2.08 and a debt-to-equity ratio of 0.04. The stock’s 50 day simple moving average is $17.77 and its 200 day simple moving average is $21.22.

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.