267,729 Tencent Music Entertainment Group Sponsored ADR $TME Shares Sold by ARGA Investment Management LP

ARGA Investment Management LP trimmed its stake in Tencent Music Entertainment Group Sponsored ADR (NYSE:TME - Free Report) by 1.5% in the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 17,918,781 shares of the company's stock after selling 267,729 shares during the quarter. Tencent Music Entertainment Group comprises 3.6% of ARGA Investment Management LP's portfolio, making the stock its 9th largest position. ARGA Investment Management LP owned about 1.14% of Tencent Music Entertainment Group worth $142,096,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Allspring Global Investments Holdings LLC lifted its holdings in shares of Tencent Music Entertainment Group by 21.3% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 4,246,363 shares of the company's stock valued at $39,024,000 after acquiring an additional 744,490 shares in the last quarter. Sei Investments Co. boosted its stake in shares of Tencent Music Entertainment Group by 10.4% in the first quarter. Sei Investments Co. now owns 3,980,820 shares of the company's stock valued at $36,942,000 after purchasing an additional 374,586 shares during the period. Amundi boosted its position in Tencent Music Entertainment Group by 13.6% in the 1st quarter. Amundi now owns 3,350,991 shares of the company's stock valued at $31,097,000 after buying an additional 401,396 shares during the last quarter. Carmignac Gestion lifted its stake in shares of Tencent Music Entertainment Group by 2,635.9% in the first quarter. Carmignac Gestion now owns 2,881,153 shares of the company's stock worth $26,740,000 after acquiring an additional 2,775,843 shares in the last quarter. Finally, Public Employees Retirement System of Ohio acquired a new position in shares of Tencent Music Entertainment Group in the 2nd quarter valued at approximately $21,974,000. Institutional investors and hedge funds own 24.32% of the company's stock.

Tencent Music Entertainment Group Trading Up 1.3%

Tencent Music Entertainment Group stock opened at $9.03 on Wednesday. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.74 and a current ratio of 1.74. The firm has a market capitalization of $14.21 billion, a price-to-earnings ratio of 10.36, a P/E/G ratio of 1.56 and a beta of 0.76. The company has a 50 day moving average price of $8.28 and a 200 day moving average price of $10.25. Tencent Music Entertainment Group Sponsored ADR has a 52 week low of $7.66 and a 52 week high of $23.00.

Tencent Music Entertainment Group (NYSE:TME - Get Free Report) last posted its earnings results on Tuesday, June 30th. The company reported $0.25 earnings per share for the quarter. Tencent Music Entertainment Group had a return on equity of 11.53% and a net margin of 26.27%. The company had revenue of $1.31 billion for the quarter. Research analysts forecast that Tencent Music Entertainment Group Sponsored ADR will post 0.87 EPS for the current year.

Analyst Ratings Changes

TME has been the subject of several research analyst reports. China Renaissance upgraded Tencent Music Entertainment Group from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, October 14th. Weiss Ratings reissued a "hold (c)" rating on shares of Tencent Music Entertainment Group in a research report on Monday, September 28th. UBS Group set a $15.00 price target on Tencent Music Entertainment Group in a research note on Wednesday, August 12th. Nomura lowered Tencent Music Entertainment Group from a "buy" rating to a "neutral" rating and set a $10.00 price objective for the company. in a report on Thursday, August 13th. Finally, Mizuho cut their price objective on Tencent Music Entertainment Group from $18.00 to $15.00 and set an "outperform" rating on the stock in a research note on Wednesday, August 12th. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and eight have given a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $16.43.

Tencent Music Entertainment Group Company Profile

Tencent Music Entertainment Group is a China-based online music and audio entertainment company. Established in 2016 through the combination of Tencent's online music businesses, the company operates digital platforms that provide music streaming, audio content and interactive entertainment services.

Its principal services include QQ Music, Kugou Music and Kuwo Music, which offer licensed songs, playlists, music videos, podcasts and other audio programming. Tencent Music also operates WeSing, a social karaoke platform that enables users to sing, record and share performances.

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