Tencent Music Entertainment Group Sponsored ADR $TME Shares Sold by OVERSEA CHINESE BANKING Corp Ltd

OVERSEA CHINESE BANKING Corp Ltd trimmed its holdings in Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) by 44.6% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 69,324 shares of the company’s stock after selling 55,782 shares during the period. OVERSEA CHINESE BANKING Corp Ltd’s holdings in Tencent Music Entertainment Group were worth $1,352,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. State of New Jersey Common Pension Fund D increased its position in Tencent Music Entertainment Group by 91.9% during the second quarter. State of New Jersey Common Pension Fund D now owns 703,001 shares of the company’s stock worth $13,701,000 after purchasing an additional 336,690 shares during the last quarter. Asset Management One Co. Ltd. lifted its stake in Tencent Music Entertainment Group by 44.6% in the second quarter. Asset Management One Co. Ltd. now owns 729,925 shares of the company’s stock worth $14,226,000 after acquiring an additional 225,293 shares during the last quarter. DekaBank Deutsche Girozentrale lifted its stake in Tencent Music Entertainment Group by 0.8% in the second quarter. DekaBank Deutsche Girozentrale now owns 101,362 shares of the company’s stock worth $1,975,000 after acquiring an additional 842 shares during the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new stake in shares of Tencent Music Entertainment Group during the 2nd quarter worth approximately $813,000. Finally, Aubrey Capital Management Ltd purchased a new stake in shares of Tencent Music Entertainment Group during the 2nd quarter worth approximately $9,915,000. 24.32% of the stock is currently owned by institutional investors and hedge funds.

Tencent Music Entertainment Group Stock Up 3.7%

Shares of NYSE:TME opened at $23.76 on Tuesday. 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 $10.11 and a 52-week high of $26.70. The company has a 50 day moving average of $24.12 and a two-hundred day moving average of $20.23. The company has a market capitalization of $40.77 billion, a price-to-earnings ratio of 26.10 and a beta of 0.51.

Wall Street Analyst Weigh In

TME has been the subject of several research reports. Weiss Ratings reiterated a “buy (b-)” rating on shares of Tencent Music Entertainment Group in a research report on Wednesday, October 8th. Daiwa Capital Markets raised shares of Tencent Music Entertainment Group from a “neutral” rating to an “outperform” rating in a research note on Tuesday, August 12th. Benchmark upped their price target on shares of Tencent Music Entertainment Group from $19.00 to $28.00 and gave the stock a “buy” rating in a research note on Wednesday, August 13th. Macquarie set a $29.80 price target on shares of Tencent Music Entertainment Group and gave the stock an “outperform” rating in a research note on Tuesday, August 12th. Finally, Wall Street Zen raised shares of Tencent Music Entertainment Group from a “hold” rating to a “buy” rating in a research note on Friday, August 22nd. One analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and one has given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus target price of $24.47.

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.