Envestnet Asset Management Inc. Sells 28,363 Shares of Tencent Music Entertainment Group Sponsored ADR $TME

Envestnet Asset Management Inc. cut its position in Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) by 7.3% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 359,067 shares of the company’s stock after selling 28,363 shares during the period. Envestnet Asset Management Inc.’s holdings in Tencent Music Entertainment Group were worth $6,998,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in the company. Nuveen LLC acquired a new stake in Tencent Music Entertainment Group in the first quarter valued at approximately $85,498,000. JPMorgan Chase & Co. lifted its holdings in shares of Tencent Music Entertainment Group by 31.1% in the 1st quarter. JPMorgan Chase & Co. now owns 15,430,218 shares of the company’s stock worth $222,349,000 after purchasing an additional 3,656,695 shares in the last quarter. Massachusetts Financial Services Co. MA acquired a new stake in Tencent Music Entertainment Group in the 1st quarter valued at $32,254,000. Robeco Institutional Asset Management B.V. increased its stake in Tencent Music Entertainment Group by 1,847.5% during the 2nd quarter. Robeco Institutional Asset Management B.V. now owns 1,935,048 shares of the company’s stock valued at $37,714,000 after purchasing an additional 1,835,687 shares in the last quarter. Finally, Wellington Management Group LLP increased its stake in Tencent Music Entertainment Group by 419.7% during the 1st quarter. Wellington Management Group LLP now owns 1,948,415 shares of the company’s stock valued at $28,077,000 after purchasing an additional 1,573,531 shares in the last quarter. 24.32% of the stock is owned by institutional investors and hedge funds.

Tencent Music Entertainment Group Trading Down 3.7%

Shares of TME stock opened at $20.75 on Wednesday. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.87 and a current ratio of 1.87. The company has a market capitalization of $35.60 billion, a price-to-earnings ratio of 22.80, a PEG ratio of 1.30 and a beta of 0.51. 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 simple moving average of $23.47 and a two-hundred day simple moving average of $21.03.

Analysts Set New Price Targets

A number of research firms have weighed in on TME. Zacks Research lowered shares of Tencent Music Entertainment Group from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 13th. Sanford C. Bernstein set a $27.50 price target on shares of Tencent Music Entertainment Group and gave the company an “outperform” rating in a research report on Wednesday, August 13th. Citigroup reiterated a “buy” rating and set a $29.00 price target (up previously from $23.00) on shares of Tencent Music Entertainment Group in a research note on Tuesday, August 12th. Bank of America began coverage on Tencent Music Entertainment Group in a report on Tuesday, October 28th. They set a “neutral” rating and a $25.00 price objective for the company. Finally, Macquarie set a $29.80 target price on Tencent Music Entertainment Group and gave the company an “outperform” rating in a report on Tuesday, August 12th. One equities research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $24.54.

Tencent Music Entertainment Group Company 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.