Tencent Music Entertainment Group Sponsored ADR $TME Stock Position Cut by LSV Asset Management

LSV Asset Management decreased its stake in shares of Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) by 3.7% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,077,300 shares of the company’s stock after selling 41,000 shares during the period. LSV Asset Management owned approximately 0.06% of Tencent Music Entertainment Group worth $20,997,000 as of its most recent SEC filing.

Other institutional investors also recently made changes to their positions in the company. Nuveen LLC bought a new position in shares of Tencent Music Entertainment Group in the first quarter valued at approximately $85,498,000. JPMorgan Chase & Co. lifted its position in Tencent Music Entertainment Group by 31.1% in the first 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 during the period. Robeco Institutional Asset Management B.V. boosted 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. Wellington Management Group LLP increased its position in shares of 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 during the period. Finally, Acadian Asset Management LLC increased its position 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 valued at $29,601,000 after purchasing an additional 1,469,278 shares during the period. 24.32% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research analysts recently weighed in on the company. Zacks Research cut Tencent Music Entertainment Group from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 13th. Wall Street Zen downgraded shares of Tencent Music Entertainment Group from a “buy” rating to a “hold” rating in a report on Saturday, November 8th. Weiss Ratings restated a “buy (b-)” rating on shares of Tencent Music Entertainment Group in a research report on Wednesday, October 8th. Macquarie set a $29.80 price objective on shares of Tencent Music Entertainment Group and gave the stock an “outperform” rating in a research note on Tuesday, August 12th. Finally, Daiwa Capital Markets upgraded shares of Tencent Music Entertainment Group from a “neutral” rating to 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 issued a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $24.29.

Tencent Music Entertainment Group Trading Down 1.0%

NYSE:TME opened at $18.71 on Wednesday. The stock has a fifty day simple moving average of $22.87 and a 200 day simple moving average of $21.21. The firm has a market capitalization of $32.10 billion, a price-to-earnings ratio of 19.48, a price-to-earnings-growth ratio of 1.14 and a beta of 0.51. Tencent Music Entertainment Group Sponsored ADR has a 1-year low of $10.26 and a 1-year high of $26.70. The company has a quick ratio of 2.08, a current ratio of 2.09 and a debt-to-equity ratio of 0.04.

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.