Keystone Investors PTE Ltd. Decreases Stake in Tencent Music Entertainment Group Sponsored ADR $TME

Keystone Investors PTE Ltd. lowered its position in shares of Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) by 36.4% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,243,614 shares of the company’s stock after selling 1,282,009 shares during the period. Tencent Music Entertainment Group accounts for about 6.1% of Keystone Investors PTE Ltd.’s holdings, making the stock its 4th biggest position. Keystone Investors PTE Ltd. owned 0.13% of Tencent Music Entertainment Group worth $52,366,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Corient Private Wealth LLC boosted its stake in Tencent Music Entertainment Group by 1.6% during the second 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 period. Northwestern Mutual Wealth Management Co. boosted its position in shares of Tencent Music Entertainment Group by 5.0% during the 2nd 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 last quarter. PNC Financial Services Group Inc. grew its holdings in shares of Tencent Music Entertainment Group by 11.0% during the second quarter. PNC Financial Services Group Inc. now owns 12,799 shares of the company’s stock worth $249,000 after purchasing an additional 1,269 shares in the last quarter. Smartleaf Asset Management LLC bought a new position in shares of Tencent Music Entertainment Group in the third quarter worth approximately $31,000. Finally, EverSource Wealth Advisors LLC raised its stake in Tencent Music Entertainment Group by 83.0% in the second quarter. EverSource Wealth Advisors LLC now owns 3,005 shares of the company’s stock valued at $59,000 after purchasing an additional 1,363 shares in the last quarter. 24.32% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities analysts have commented on the stock. Barclays boosted their price target on shares of Tencent Music Entertainment Group from $27.00 to $28.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 12th. Benchmark lowered their price target on Tencent Music Entertainment Group from $28.00 to $25.00 and set a “buy” rating on the stock in a research report on Thursday, November 13th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Tencent Music Entertainment Group in a research note on Monday, December 29th. Morgan Stanley reduced their price objective on Tencent Music Entertainment Group from $27.50 to $25.00 and set an “overweight” rating on the stock in a research report on Monday, December 22nd. Finally, Wall Street Zen cut Tencent Music Entertainment Group from a “buy” rating to a “hold” rating in a report on Saturday, November 8th. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and three have issued a Hold rating to the company. 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 Price Performance

Shares of Tencent Music Entertainment Group stock opened at $14.59 on Friday. 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 50-day moving average of $16.60 and a 200 day moving average of $20.28. 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.