Tencent Music Entertainment Group Sponsored ADR $TME Shares Sold by Aberdeen Group plc

Key Points

• Aberdeen Group plc has reduced its holdings in Tencent Music Entertainment Group by 49.4%, now owning 179,336 shares after selling 174,750 shares in the first quarter.
• Several major hedge funds have increased their stakes in Tencent Music, with Vanguard Group adding 1.4% and Mirae Asset Global Investments boosting its stake by 3,382.1% during the same period.
• Analysts have a positive outlook on Tencent Music, with multiple firms rating it as "outperform," and the average target price is set at $24.47.

Aberdeen Group plc lowered its position in shares of Tencent Music Entertainment Group Sponsored ADR (NYSE:TME - Free Report) by 49.4% in the first quarter, according to its most recent 13F filing with the SEC. The firm owned 179,336 shares of the company's stock after selling 174,750 shares during the quarter. Aberdeen Group plc's holdings in Tencent Music Entertainment Group were worth $2,584,000 as of its most recent filing with the SEC.

Other institutional investors have also modified their holdings of the company. Vanguard Group Inc. boosted its holdings in Tencent Music Entertainment Group by 1.4% in the 1st quarter. Vanguard Group Inc. now owns 29,993,486 shares of the company's stock worth $432,206,000 after acquiring an additional 404,674 shares during the period. Krane Funds Advisors LLC boosted its holdings in Tencent Music Entertainment Group by 20.8% in the 1st quarter. Krane Funds Advisors LLC now owns 23,984,629 shares of the company's stock worth $345,619,000 after acquiring an additional 4,128,678 shares during the period. JPMorgan Chase & Co. boosted its holdings in 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 acquiring an additional 3,656,695 shares during the period. Nuveen LLC purchased a new position in Tencent Music Entertainment Group in the 1st quarter worth approximately $85,498,000. Finally, Mirae Asset Global Investments Co. Ltd. boosted its holdings in Tencent Music Entertainment Group by 3,382.1% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 4,481,537 shares of the company's stock worth $64,579,000 after acquiring an additional 4,352,834 shares during the period. Hedge funds and other institutional investors own 24.32% of the company's stock.

Tencent Music Entertainment Group Stock Performance

Shares of TME stock traded up $0.21 on Tuesday, hitting $25.93. 3,173,774 shares of the stock traded hands, compared to its average volume of 7,372,370. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.87 and a quick ratio of 1.87. The company has a market capitalization of $44.49 billion, a PE ratio of 28.50 and a beta of 0.50. Tencent Music Entertainment Group Sponsored ADR has a 1-year low of $9.41 and a 1-year high of $26.54. The company's fifty day moving average is $21.41 and its 200 day moving average is $16.86.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on TME shares. Sanford C. Bernstein set a $27.50 price target on Tencent Music Entertainment Group and gave the stock an "outperform" rating in a report on Wednesday, August 13th. Citigroup restated a "buy" rating and issued a $29.00 price target (up previously from $23.00) on shares of Tencent Music Entertainment Group in a report on Tuesday, August 12th. Barclays restated an "overweight" rating and issued a $27.00 price target (up previously from $16.00) on shares of Tencent Music Entertainment Group in a report on Tuesday, August 12th. Daiwa Capital Markets upgraded Tencent Music Entertainment Group from a "neutral" rating to an "outperform" rating in a report on Tuesday, August 12th. Finally, Wall Street Zen upgraded Tencent Music Entertainment Group from a "hold" rating to a "buy" rating in a research note on Friday. One research analyst has rated the stock with a Strong Buy rating and nine have assigned a Buy rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Buy" and an average target price of $24.47.

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.