Mirae Asset Global Investments Co. Ltd. Has $1.99 Million Stock Holdings in Tencent Music Entertainment Group Sponsored ADR $TME

Mirae Asset Global Investments Co. Ltd. lowered its position in Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) by 36.1% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 85,314 shares of the company’s stock after selling 48,230 shares during the quarter. Mirae Asset Global Investments Co. Ltd.’s holdings in Tencent Music Entertainment Group were worth $1,991,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in the business. Global Retirement Partners LLC lifted its position in Tencent Music Entertainment Group by 1,326.5% during the third quarter. Global Retirement Partners LLC now owns 1,883 shares of the company’s stock worth $44,000 after acquiring an additional 1,751 shares during the last quarter. EverSource Wealth Advisors LLC increased its position 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 buying an additional 1,363 shares during the period. MAI Capital Management acquired a new stake in shares of Tencent Music Entertainment Group during the second quarter worth $73,000. iA Global Asset Management Inc. bought a new stake in shares of Tencent Music Entertainment Group in the second quarter valued at about $131,000. Finally, Farther Finance Advisors LLC increased its holdings in shares of Tencent Music Entertainment Group by 424.1% during the third quarter. Farther Finance Advisors LLC now owns 7,159 shares of the company’s stock worth $167,000 after purchasing an additional 5,793 shares during the period. Institutional investors and hedge funds own 24.32% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on TME. Weiss Ratings reiterated a “hold (c+)” rating on shares of Tencent Music Entertainment Group in a research note on Monday, December 29th. Wall Street Zen lowered shares of Tencent Music Entertainment Group from a “buy” rating to a “hold” rating in a report on Saturday, November 8th. Benchmark dropped their price objective on shares of Tencent Music Entertainment Group from $28.00 to $25.00 and set a “buy” rating for the company in a research note on Thursday, November 13th. Morgan Stanley decreased their target price on shares of 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, Zacks Research downgraded Tencent Music Entertainment Group from a “strong-buy” rating to a “hold” rating in a report on Monday, October 13th. 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 company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $25.79.

Tencent Music Entertainment Group Stock Down 0.9%

Shares of NYSE:TME opened at $16.40 on Wednesday. The company has a debt-to-equity ratio of 0.04, a current ratio of 2.09 and a quick ratio of 2.08. Tencent Music Entertainment Group Sponsored ADR has a 1 year low of $11.61 and a 1 year high of $26.70. The business’s 50-day moving average is $17.55 and its 200-day moving average is $21.02.

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.