Bamco Inc. NY Sells 330,873 Shares of Tencent Music Entertainment Group Sponsored ADR $TME

Bamco Inc. NY cut its position in Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) by 15.2% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 1,839,036 shares of the company’s stock after selling 330,873 shares during the period. Bamco Inc. NY owned about 0.11% of Tencent Music Entertainment Group worth $42,923,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Norges Bank acquired a new stake in Tencent Music Entertainment Group during the 2nd quarter worth $110,813,000. JPMorgan Chase & Co. grew its stake in Tencent Music Entertainment Group by 26.4% in the second quarter. JPMorgan Chase & Co. now owns 19,501,541 shares of the company’s stock valued at $380,085,000 after acquiring an additional 4,071,323 shares during the period. Krane Funds Advisors LLC grew its stake in Tencent Music Entertainment Group by 25.4% in the third quarter. Krane Funds Advisors LLC now owns 19,020,641 shares of the company’s stock valued at $421,593,000 after acquiring an additional 3,856,410 shares during the period. William Blair Investment Management LLC bought a new stake in shares of Tencent Music Entertainment Group in the third quarter worth about $88,175,000. Finally, Robeco Institutional Asset Management B.V. increased its holdings in shares of Tencent Music Entertainment Group by 174.9% in the third quarter. Robeco Institutional Asset Management B.V. now owns 5,319,631 shares of the company’s stock worth $124,160,000 after acquiring an additional 3,384,583 shares in the last quarter. Institutional investors and hedge funds own 24.32% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the company. Weiss Ratings reiterated a “hold (c+)” rating on shares of Tencent Music Entertainment Group in a report on Monday, December 29th. Morgan Stanley lowered their target price on Tencent Music Entertainment Group from $27.50 to $25.00 and set an “overweight” rating for the company in a research note on Monday, December 22nd. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat, Tencent Music Entertainment Group currently has a consensus rating of “Moderate Buy” and an average target price of $25.79.

Tencent Music Entertainment Group Stock Performance

TME stock opened at $14.18 on Monday. The stock has a 50-day moving average price of $15.84 and a two-hundred day moving average price of $19.39. 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.

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.