Tencent Music Entertainment Group Sponsored ADR $TME Shares Sold by OVERSEA CHINESE BANKING Corp Ltd

OVERSEA CHINESE BANKING Corp Ltd cut its position in shares of Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) by 44.6% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 69,324 shares of the company’s stock after selling 55,782 shares during the quarter. OVERSEA CHINESE BANKING Corp Ltd’s holdings in Tencent Music Entertainment Group were worth $1,352,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. SVB Wealth LLC bought a new position in Tencent Music Entertainment Group during the first quarter worth $34,000. Banque Transatlantique SA bought a new position in shares of Tencent Music Entertainment Group in the first quarter worth $46,000. Brooklyn Investment Group boosted its stake in Tencent Music Entertainment Group by 957.1% during the first quarter. Brooklyn Investment Group now owns 4,757 shares of the company’s stock valued at $69,000 after buying an additional 4,307 shares in the last quarter. Oppenheimer Asset Management Inc. boosted its stake in Tencent Music Entertainment Group by 35.6% during the first quarter. Oppenheimer Asset Management Inc. now owns 13,609 shares of the company’s stock valued at $196,000 after buying an additional 3,570 shares in the last quarter. Finally, Eschler Asset Management LLP bought a new position in Tencent Music Entertainment Group during the first quarter valued at about $206,000. 24.32% of the stock is currently owned by institutional investors.

Tencent Music Entertainment Group Price Performance

Shares of NYSE:TME opened at $23.76 on Tuesday. The business’s 50 day moving average is $24.12 and its 200-day moving average is $20.23. The company has a current ratio of 1.87, a quick ratio of 1.87 and a debt-to-equity ratio of 0.04. The firm has a market capitalization of $40.77 billion, a PE ratio of 26.10 and a beta of 0.51. Tencent Music Entertainment Group Sponsored ADR has a 1-year low of $10.11 and a 1-year high of $26.70.

Analyst Ratings Changes

A number of research firms recently weighed in on TME. Wall Street Zen upgraded Tencent Music Entertainment Group from a “hold” rating to a “buy” rating in a research report on Friday, August 22nd. Weiss Ratings reissued a “buy (b-)” rating on shares of Tencent Music Entertainment Group in a research note on Wednesday, October 8th. Daiwa Capital Markets raised Tencent Music Entertainment Group from a “neutral” rating to an “outperform” rating in a research note on Tuesday, August 12th. Barclays reaffirmed an “overweight” rating and set a $27.00 price target (up from $16.00) on shares of Tencent Music Entertainment Group in a research note on Tuesday, August 12th. Finally, Citigroup reissued a “buy” rating and issued a $29.00 price objective (up from $23.00) on shares of Tencent Music Entertainment Group in a research note on Tuesday, August 12th. One investment analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Buy” and an average target price of $24.47.

Tencent Music Entertainment Group Profile

Tencent Music Entertainment Group operates online music entertainment platforms to provide music streaming, online karaoke, and live streaming services in the People's Republic of China. It offers QQ Music, Kugou Music, and Kuwo Music that enable users to discover music in personalized ways; long-form audio content, including audiobooks, podcasts and talk shows, as well as music-oriented video content comprising music videos, live performances, and short videos; and WeSing, which enables users to sing along from its library of karaoke songs and share their performances in audio or video formats with friends.