Tencent Music Entertainment Group Sponsored ADR $TME Shares Sold by Aberdeen Group plc

Aberdeen Group plc reduced its stake in Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) by 18.3% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 185,986 shares of the company’s stock after selling 41,621 shares during the quarter. Aberdeen Group plc’s holdings in Tencent Music Entertainment Group were worth $4,413,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Smartleaf Asset Management LLC purchased a new position in Tencent Music Entertainment Group in the 3rd quarter valued at approximately $31,000. Global Retirement Partners LLC raised its position in shares of Tencent Music Entertainment Group by 1,326.5% in the 3rd quarter. Global Retirement Partners LLC now owns 1,883 shares of the company’s stock worth $44,000 after buying an additional 1,751 shares during the period. Jones Financial Companies Lllp lifted its position in Tencent Music Entertainment Group by 137.4% during the third quarter. Jones Financial Companies Lllp now owns 2,414 shares of the company’s stock valued at $57,000 after buying an additional 1,397 shares in the last quarter. EverSource Wealth Advisors LLC increased its holdings in Tencent Music Entertainment Group by 83.0% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 3,005 shares of the company’s stock valued at $59,000 after purchasing an additional 1,363 shares in the last quarter. Finally, MAI Capital Management purchased a new stake in shares of Tencent Music Entertainment Group during the second quarter valued at approximately $73,000. Institutional investors and hedge funds own 24.32% of the company’s stock.

Analysts Set New Price Targets

TME has been the topic of a number of recent analyst reports. Barclays upped their target price 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. Wall Street Zen lowered Tencent Music Entertainment Group from a “buy” rating to a “hold” rating in a report on Saturday, November 8th. Benchmark dropped 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 report on Thursday, November 13th. Bank of America started coverage on shares of Tencent Music Entertainment Group in a research report on Tuesday, October 28th. They issued a “neutral” rating and a $25.00 price target on the stock. Finally, Morgan Stanley decreased their target price on Tencent Music Entertainment Group from $27.50 to $25.00 and set an “overweight” rating on the stock in a report on Monday, December 22nd. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $25.79.

Tencent Music Entertainment Group Stock Performance

Shares of Tencent Music Entertainment Group stock 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. 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.

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.