Artisan Partners Limited Partnership Has $62.31 Million Stake in Tencent Music Entertainment Group Sponsored ADR $TME

Artisan Partners Limited Partnership lifted its stake in Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) by 3.6% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 2,669,676 shares of the company’s stock after purchasing an additional 91,670 shares during the period. Artisan Partners Limited Partnership owned 0.16% of Tencent Music Entertainment Group worth $62,310,000 at the end of the most recent quarter.

Several other institutional investors have also recently bought and sold shares of the stock. Corient Private Wealth LLC boosted its position in Tencent Music Entertainment Group by 1.6% in the 2nd quarter. Corient Private Wealth LLC now owns 32,213 shares of the company’s stock valued at $628,000 after buying an additional 498 shares during the last quarter. Northwestern Mutual Wealth Management Co. lifted its stake in shares of Tencent Music Entertainment Group by 5.0% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 13,553 shares of the company’s stock valued at $264,000 after acquiring an additional 651 shares during the period. PNC Financial Services Group Inc. boosted its holdings in Tencent Music Entertainment Group by 11.0% in the second quarter. PNC Financial Services Group Inc. now owns 12,799 shares of the company’s stock valued at $249,000 after acquiring an additional 1,269 shares during the last quarter. Smartleaf Asset Management LLC acquired a new stake in Tencent Music Entertainment Group in the third quarter worth about $31,000. Finally, EverSource Wealth Advisors LLC raised its holdings 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 worth $59,000 after purchasing an additional 1,363 shares during the last quarter. Institutional investors own 24.32% of the company’s stock.

Tencent Music Entertainment Group Trading Down 1.1%

TME opened at $14.59 on Friday. 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 debt-to-equity ratio of 0.04, a quick ratio of 2.08 and a current ratio of 2.09. The company has a fifty day simple moving average of $16.60 and a 200 day simple moving average of $20.28.

Analyst Upgrades and Downgrades

TME has been the topic of several recent research reports. Barclays raised their target price on shares of Tencent Music Entertainment Group from $27.00 to $28.00 and gave the company an “overweight” rating in a research note on Wednesday, November 12th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Tencent Music Entertainment Group in a research note on Monday, December 29th. Benchmark dropped their target price on shares of Tencent Music Entertainment Group from $28.00 to $25.00 and set a “buy” rating for the company in a research report on Thursday, November 13th. Morgan Stanley cut their price target on Tencent Music Entertainment Group from $27.50 to $25.00 and set an “overweight” rating on the stock in a research note on Monday, December 22nd. Finally, Wall Street Zen cut Tencent Music Entertainment Group from a “buy” rating to a “hold” rating in a research note on Saturday, November 8th. One equities research 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. According to data from MarketBeat, Tencent Music Entertainment Group currently has an average rating of “Moderate Buy” and an average price target of $25.79.

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.