Mawer Investment Management Ltd. Sells 838,345 Shares of Tencent Music Entertainment Group Sponsored ADR $TME

Mawer Investment Management Ltd. reduced its stake in shares of Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) by 7.6% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 10,145,806 shares of the company’s stock after selling 838,345 shares during the quarter. Tencent Music Entertainment Group accounts for 1.0% of Mawer Investment Management Ltd.’s holdings, making the stock its 29th biggest holding. Mawer Investment Management Ltd. owned approximately 0.59% of Tencent Music Entertainment Group worth $197,742,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Vise Technologies Inc. acquired a new stake in Tencent Music Entertainment Group during the second quarter worth about $262,000. Acadian Asset Management LLC raised its position in shares of Tencent Music Entertainment Group by 2,928.0% in the 2nd quarter. Acadian Asset Management LLC now owns 1,519,458 shares of the company’s stock valued at $29,601,000 after buying an additional 1,469,278 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. lifted its holdings in shares of Tencent Music Entertainment Group by 1,979.4% during the 2nd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 379,675 shares of the company’s stock worth $7,400,000 after acquiring an additional 361,416 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. boosted its position in shares of Tencent Music Entertainment Group by 11.8% during the 2nd quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 783,472 shares of the company’s stock worth $15,270,000 after acquiring an additional 82,549 shares in the last quarter. Finally, Aviva PLC boosted its position in shares of Tencent Music Entertainment Group by 2.4% during the 2nd quarter. Aviva PLC now owns 542,606 shares of the company’s stock worth $10,575,000 after acquiring an additional 12,489 shares in the last quarter. Institutional investors and hedge funds own 24.32% of the company’s stock.

Tencent Music Entertainment Group Price Performance

Tencent Music Entertainment Group stock opened at $21.59 on Tuesday. The stock has a 50-day moving average price of $23.54 and a two-hundred day moving average price of $20.97. Tencent Music Entertainment Group Sponsored ADR has a 12 month low of $10.11 and a 12 month high of $26.70. The company has a market capitalization of $37.05 billion, a PE ratio of 23.73, a P/E/G ratio of 1.29 and a beta of 0.51. The company has a current ratio of 1.87, a quick ratio of 1.87 and a debt-to-equity ratio of 0.04.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on TME shares. Daiwa Capital Markets upgraded Tencent Music Entertainment Group from a “neutral” rating to an “outperform” rating in a research note on Tuesday, August 12th. Wall Street Zen lowered Tencent Music Entertainment Group from a “buy” rating to a “hold” rating in a research note on Saturday. Barclays restated an “overweight” rating and set a $27.00 price objective (up from $16.00) on shares of Tencent Music Entertainment Group in a research report on Tuesday, August 12th. Zacks Research cut Tencent Music Entertainment Group from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 13th. Finally, Weiss Ratings reissued a “buy (b-)” rating on shares of Tencent Music Entertainment Group in a research note on Wednesday, October 8th. One analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, Tencent Music Entertainment Group currently has a consensus rating of “Moderate Buy” and an average price target of $24.54.

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.