Schroder Investment Management Group Sells 6,022,687 Shares of Tencent Music Entertainment Group Sponsored ADR $TME

Schroder Investment Management Group reduced its holdings in Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) by 8.9% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 61,925,511 shares of the company’s stock after selling 6,022,687 shares during the period. Tencent Music Entertainment Group makes up 1.1% of Schroder Investment Management Group’s portfolio, making the stock its 14th largest holding. Schroder Investment Management Group owned approximately 3.61% of Tencent Music Entertainment Group worth $1,445,341,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. JPMorgan Chase & Co. boosted its stake in shares of Tencent Music Entertainment Group by 26.4% during the second quarter. JPMorgan Chase & Co. now owns 19,501,541 shares of the company’s stock valued at $380,085,000 after purchasing an additional 4,071,323 shares during the period. Krane Funds Advisors LLC boosted its position in Tencent Music Entertainment Group by 25.4% in the 3rd quarter. Krane Funds Advisors LLC now owns 19,020,641 shares of the company’s stock valued at $421,593,000 after buying an additional 3,856,410 shares during the period. State Street Corp grew its stake in Tencent Music Entertainment Group by 1.3% in the 2nd quarter. State Street Corp now owns 12,553,992 shares of the company’s stock worth $244,677,000 after acquiring an additional 155,692 shares in the last quarter. Norges Bank purchased a new position in shares of Tencent Music Entertainment Group during the second quarter worth approximately $110,813,000. Finally, Robeco Institutional Asset Management B.V. increased its position in shares of Tencent Music Entertainment Group by 174.9% during the third quarter. Robeco Institutional Asset Management B.V. now owns 5,319,631 shares of the company’s stock worth $124,160,000 after acquiring an additional 3,384,583 shares during the period. 24.32% of the stock is currently owned by institutional investors.

Tencent Music Entertainment Group Stock Up 1.1%

NYSE:TME opened at $13.62 on Monday. The company’s 50-day simple moving average is $16.23 and its 200-day simple moving average is $19.81. The company has a debt-to-equity ratio of 0.04, a quick ratio of 2.08 and a current ratio of 2.09. Tencent Music Entertainment Group Sponsored ADR has a fifty-two week low of $11.71 and a fifty-two week high of $26.70. The stock has a market capitalization of $23.37 billion, a P/E ratio of 14.19, a P/E/G ratio of 0.86 and a beta of 0.56.

Wall Street Analysts Forecast Growth

TME has been the topic of several research analyst reports. Benchmark dropped their price objective on 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. Barclays boosted their price target on shares of Tencent Music Entertainment Group from $27.00 to $28.00 and gave the company an “overweight” rating in a report on Wednesday, November 12th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Tencent Music Entertainment Group in a research note on Monday, December 29th. Finally, Morgan Stanley cut their price objective on shares of Tencent Music Entertainment Group from $27.50 to $25.00 and set an “overweight” rating on the stock in a report on Monday, December 22nd. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and three have given a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $25.79.

Tencent Music Entertainment Group Profile

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.