Tencent Music Entertainment Group Sponsored ADR $TME Shares Sold by Envestnet Asset Management Inc.

Envestnet Asset Management Inc. reduced its stake in Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) by 28.1% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 258,285 shares of the company’s stock after selling 100,782 shares during the quarter. Envestnet Asset Management Inc.’s holdings in Tencent Music Entertainment Group were worth $6,028,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Norges Bank acquired a new stake in Tencent Music Entertainment Group during the second quarter worth about $110,813,000. JPMorgan Chase & Co. grew its stake in shares of Tencent Music Entertainment Group by 26.4% in the 2nd quarter. JPMorgan Chase & Co. now owns 19,501,541 shares of the company’s stock valued at $380,085,000 after buying an additional 4,071,323 shares during the period. Robeco Institutional Asset Management B.V. grew its stake in shares of 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 buying an additional 3,384,583 shares during the period. Skandinaviska Enskilda Banken AB publ increased its holdings 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 buying an additional 1,561,600 shares during the last quarter. Finally, Schroder Investment Management Group raised its position in shares of Tencent Music Entertainment Group by 2.2% during the 2nd quarter. Schroder Investment Management Group now owns 67,948,198 shares of the company’s stock valued at $1,324,310,000 after buying an additional 1,491,095 shares during the period. 24.32% of the stock is owned by institutional investors and hedge funds.

Tencent Music Entertainment Group Price Performance

Shares of NYSE:TME opened at $15.24 on Friday. Tencent Music Entertainment Group Sponsored ADR has a 1 year low of $11.71 and a 1 year high of $26.70. 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 firm’s 50-day moving average is $16.90 and its two-hundred day moving average is $20.53.

Analysts Set New Price Targets

Several brokerages recently weighed in on TME. Morgan Stanley lowered their price objective on Tencent Music Entertainment Group from $27.50 to $25.00 and set an “overweight” rating for the company in a research report on Monday, December 22nd. Weiss Ratings reissued a “hold (c+)” rating on shares of Tencent Music Entertainment Group in a research report on Monday, December 29th. Benchmark decreased their target price 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 initiated coverage on shares of Tencent Music Entertainment Group in a research report on Tuesday, October 28th. They set a “neutral” rating and a $25.00 price target for the company. Finally, Barclays upped their price objective on shares of Tencent Music Entertainment Group from $27.00 to $28.00 and gave the stock an “overweight” rating in a report on Wednesday, November 12th. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat, Tencent Music Entertainment Group presently has an average rating of “Moderate Buy” and an average price target of $25.79.

Tencent Music Entertainment Group 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.