Alberta Investment Management Corp Has $1.18 Million Stake in Tencent Music Entertainment Group Sponsored ADR $TME

Alberta Investment Management Corp lowered its holdings in Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) by 50.6% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor 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 as of its most recent filing with the SEC.

Several other large investors also recently made changes to their positions in TME. Norges Bank bought a new position in shares of Tencent Music Entertainment Group in the second quarter valued at about $110,813,000. JPMorgan Chase & Co. grew its holdings in 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 worth $380,085,000 after acquiring an additional 4,071,323 shares during the last quarter. Robeco Institutional Asset Management B.V. increased its position in Tencent Music Entertainment Group by 174.9% in the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 5,319,631 shares of the company’s stock valued at $124,160,000 after acquiring an additional 3,384,583 shares in the last quarter. Skandinaviska Enskilda Banken AB publ increased its position in Tencent Music Entertainment Group by 993.5% in the 2nd quarter. Skandinaviska Enskilda Banken AB publ now owns 1,718,774 shares of the company’s stock valued at $33,576,000 after acquiring an additional 1,561,600 shares in the last quarter. Finally, Schroder Investment Management Group raised its stake in shares of Tencent Music Entertainment Group by 2.2% in the second 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. Institutional investors own 24.32% of the company’s stock.

Tencent Music Entertainment Group Price Performance

Shares of TME opened at $15.22 on Friday. The stock has a 50 day moving average of $16.96 and a 200 day moving average of $20.58. Tencent Music Entertainment Group Sponsored ADR has a 12 month low of $11.71 and a 12 month high of $26.70. The company has a quick ratio of 2.08, a current ratio of 2.09 and a debt-to-equity ratio of 0.04.

Analyst Upgrades and Downgrades

Several research firms have recently commented on TME. Benchmark decreased their price target on shares of 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. Bank of America assumed coverage on Tencent Music Entertainment Group in a report on Tuesday, October 28th. They set a “neutral” rating and a $25.00 price objective on the stock. Barclays increased their price objective on Tencent Music Entertainment Group from $27.00 to $28.00 and gave the company an “overweight” rating in a research report on Wednesday, November 12th. Weiss Ratings restated a “hold (c+)” rating on shares of Tencent Music Entertainment Group in a research report on Monday, December 29th. Finally, Wall Street Zen lowered Tencent Music Entertainment Group from a “buy” rating to a “hold” rating in a research note on Saturday, November 8th. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $25.79.

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.