Sustainable Growth Advisers LP Sells 79,603 Shares of Tencent Music Entertainment Group Sponsored ADR $TME

Sustainable Growth Advisers LP trimmed its holdings in shares of Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) by 13.5% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 511,933 shares of the company’s stock after selling 79,603 shares during the quarter. Sustainable Growth Advisers LP’s holdings in Tencent Music Entertainment Group were worth $9,978,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of the business. Acadian Asset Management LLC grew its stake in shares of Tencent Music Entertainment Group by 2,928.0% during the 2nd quarter. Acadian Asset Management LLC now owns 1,519,458 shares of the company’s stock worth $29,601,000 after acquiring an additional 1,469,278 shares during the period. Aviva PLC boosted its holdings in Tencent Music Entertainment Group by 2.4% in the 2nd quarter. Aviva PLC now owns 542,606 shares of the company’s stock worth $10,575,000 after buying an additional 12,489 shares during the period. Envestnet Asset Management Inc. grew its stake in Tencent Music Entertainment Group by 10.6% in the 1st quarter. Envestnet Asset Management Inc. now owns 387,430 shares of the company’s stock valued at $5,583,000 after buying an additional 37,108 shares in the last quarter. Strs Ohio bought a new stake in Tencent Music Entertainment Group during the 1st quarter valued at $1,228,000. Finally, AGF Management Ltd. purchased a new stake in shares of Tencent Music Entertainment Group during the second quarter worth $9,184,000. Hedge funds and other institutional investors own 24.32% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have recently weighed in on TME shares. Sanford C. Bernstein set a $27.50 price target on Tencent Music Entertainment Group and gave the company an “outperform” rating in a research report on Wednesday, August 13th. Wall Street Zen lowered Tencent Music Entertainment Group from a “buy” rating to a “hold” rating in a research note on Saturday, November 8th. Weiss Ratings reiterated a “buy (b-)” rating on shares of Tencent Music Entertainment Group in a report on Wednesday, October 8th. Benchmark cut their target price on Tencent Music Entertainment Group from $28.00 to $25.00 and set a “buy” rating for the company in a research note on Thursday. Finally, Citigroup restated a “buy” rating and issued a $29.00 target price (up previously from $23.00) on shares of Tencent Music Entertainment Group in a research note on Tuesday, August 12th. One analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $24.29.

Tencent Music Entertainment Group Stock Up 1.2%

TME opened at $18.90 on Friday. The company has a market capitalization of $32.43 billion, a PE ratio of 19.68, a price-to-earnings-growth ratio of 1.13 and a beta of 0.51. The company has a quick ratio of 1.87, a current ratio of 1.87 and a debt-to-equity ratio of 0.04. Tencent Music Entertainment Group Sponsored ADR has a 52 week low of $10.26 and a 52 week high of $26.70. The firm has a 50-day simple moving average of $23.12 and a two-hundred day simple moving average of $21.03.

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.