Tencent Music Entertainment Group Sponsored ADR $TME Shares Sold by Sumitomo Mitsui Trust Group Inc.

Sumitomo Mitsui Trust Group Inc. reduced its stake in Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) by 17.1% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 1,398,095 shares of the company’s stock after selling 288,165 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned 0.08% of Tencent Music Entertainment Group worth $32,632,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Royal Bank of Canada increased its stake in Tencent Music Entertainment Group by 9.0% in the 1st quarter. Royal Bank of Canada now owns 144,475 shares of the company’s stock valued at $2,082,000 after buying an additional 11,979 shares during the period. AQR Capital Management LLC increased its stake in shares of Tencent Music Entertainment Group by 107.5% during the first quarter. AQR Capital Management LLC now owns 85,450 shares of the company’s stock worth $1,231,000 after acquiring an additional 44,265 shares during the period. Jones Financial Companies Lllp purchased a new position in Tencent Music Entertainment Group during the first quarter worth about $985,000. Acadian Asset Management LLC lifted its position in Tencent Music Entertainment Group by 385,900.0% in the first quarter. Acadian Asset Management LLC now owns 50,180 shares of the company’s stock valued at $722,000 after purchasing an additional 50,167 shares during the period. Finally, Voya Investment Management LLC boosted its holdings in Tencent Music Entertainment Group by 169.1% in the 1st quarter. Voya Investment Management LLC now owns 180,629 shares of the company’s stock valued at $2,603,000 after purchasing an additional 113,503 shares in the last quarter. 24.32% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of brokerages have recently issued reports on TME. Bank of America began coverage on Tencent Music Entertainment Group in a research note on Tuesday, October 28th. They set a “neutral” rating and a $25.00 target price for the company. Barclays raised their target price on Tencent Music Entertainment Group from $27.00 to $28.00 and gave the company an “overweight” rating in a report on Wednesday, November 12th. Benchmark lowered 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 note on Thursday, November 13th. Zacks Research cut shares of Tencent Music Entertainment Group from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 13th. Finally, Wall Street Zen downgraded shares of Tencent Music Entertainment Group from a “buy” rating to a “hold” rating in a report on Saturday, November 8th. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $25.79.

Tencent Music Entertainment Group Stock Performance

Shares of TME opened at $16.59 on Friday. Tencent Music Entertainment Group Sponsored ADR has a 12-month low of $10.44 and a 12-month high of $26.70. The stock has a market cap of $28.49 billion, a P/E ratio of 17.28, a PEG ratio of 1.03 and a beta of 0.45. 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 company has a 50-day moving average of $18.11 and a two-hundred day moving average of $21.32.

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.