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

Several other institutional investors have also recently made changes to their positions in the company. Resona Asset Management Co. Ltd. increased its stake in shares of Tencent Music Entertainment Group by 9.7% during the first quarter. Resona Asset Management Co. Ltd. now owns 197,630 shares of the company's stock valued at $2,847,000 after buying an additional 17,405 shares during the period. Public Sector Pension Investment Board increased its stake in shares of Tencent Music Entertainment Group by 18.8% during the first quarter. Public Sector Pension Investment Board now owns 283,929 shares of the company's stock valued at $4,091,000 after buying an additional 44,900 shares during the period. AIA Group Ltd purchased a new position in shares of Tencent Music Entertainment Group during the first quarter valued at $708,000. Nuveen LLC purchased a new position in shares of Tencent Music Entertainment Group during the first quarter valued at $85,498,000. Finally, Polen Capital Management LLC increased its stake in shares of Tencent Music Entertainment Group by 86.7% during the first quarter. Polen Capital Management LLC now owns 1,978,769 shares of the company's stock valued at $28,514,000 after buying an additional 919,182 shares during the period. Hedge funds and other institutional investors own 24.32% of the company's stock.

Tencent Music Entertainment Group Stock Down 1.5%

NYSE TME traded down $0.40 during trading on Wednesday, hitting $25.83. The company's stock had a trading volume of 5,218,172 shares, compared to its average volume of 7,307,290. 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 cap of $44.33 billion, a PE ratio of 28.39 and a beta of 0.50. The business's 50 day simple moving average is $21.72 and its 200-day simple moving average is $16.99. Tencent Music Entertainment Group Sponsored ADR has a fifty-two week low of $9.41 and a fifty-two week high of $26.54.

Analysts Set New Price Targets

Several equities analysts have recently commented on the company. Daiwa Capital Markets upgraded Tencent Music Entertainment Group from a "neutral" rating to an "outperform" rating in a research note on Tuesday, August 12th. Barclays restated an "overweight" rating and set a $27.00 price target (up previously from $16.00) on shares of Tencent Music Entertainment Group in a research note on Tuesday, August 12th. Benchmark raised their price target on Tencent Music Entertainment Group from $19.00 to $28.00 and gave the company a "buy" rating in a research note on Wednesday, August 13th. Sanford C. Bernstein set a $27.50 price objective on Tencent Music Entertainment Group and gave the company an "outperform" rating in a research report on Wednesday, August 13th. Finally, Citigroup reaffirmed a "buy" rating and set a $29.00 price objective (up previously from $23.00) on shares of Tencent Music Entertainment Group in a research report on Tuesday, August 12th. One analyst has rated the stock with a Strong Buy rating and nine have assigned a Buy rating to the company. According to MarketBeat, the stock has an average rating of "Buy" and a consensus price target of $24.47.

About Tencent Music Entertainment Group

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.