B. Metzler seel. Sohn & Co. AG Sells 35,661 Shares of Tencent Music Entertainment Group Sponsored ADR $TME

Key Points

• B. Metzler seel. Sohn & Co. AG has reduced its stake in Tencent Music Entertainment Group by 16.3%, selling 35,661 shares, and now holds 182,536 shares valued at approximately $2.63 million.
• Several hedge funds have recently altered their positions in Tencent Music, with Brooklyn Investment Group increasing its holdings by 957.1% in the first quarter, now owning 4,757 shares worth $69,000.
• Analyst ratings for Tencent Music have improved, with multiple firms raising their ratings and target prices, including Barclays and Citigroup, signaling strong potential growth ahead.

B. Metzler seel. Sohn & Co. AG trimmed its position in shares of Tencent Music Entertainment Group Sponsored ADR (NYSE:TME - Free Report) by 16.3% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 182,536 shares of the company's stock after selling 35,661 shares during the period. B. Metzler seel. Sohn & Co. AG's holdings in Tencent Music Entertainment Group were worth $2,630,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of TME. Nuveen LLC purchased a new position in shares of Tencent Music Entertainment Group during the 1st quarter valued at about $85,498,000. Mirae Asset Global Investments Co. Ltd. increased its stake 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 purchasing an additional 4,352,834 shares during the period. Krane Funds Advisors LLC increased its stake 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 purchasing an additional 4,128,678 shares during the period. JPMorgan Chase & Co. increased its stake 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 purchasing an additional 3,656,695 shares during the period. Finally, Marathon Asset Management Ltd purchased a new position in Tencent Music Entertainment Group in the 1st quarter worth approximately $47,215,000. 24.32% of the stock is owned by hedge funds and other institutional investors.

Tencent Music Entertainment Group Trading Down 1.5%

Shares of TME stock traded down $0.36 during trading hours on Monday, reaching $24.54. The company's stock had a trading volume of 7,157,765 shares, compared to its average volume of 7,400,595. The stock has a market capitalization of $42.11 billion, a P/E ratio of 26.96 and a beta of 0.54. Tencent Music Entertainment Group Sponsored ADR has a one year low of $9.41 and a one year high of $26.54. The firm's fifty day simple moving average is $21.96 and its 200 day simple moving average is $17.22. The company has a current ratio of 1.87, a quick ratio of 1.87 and a debt-to-equity ratio of 0.04.

Wall Street Analysts Forecast Growth

TME has been the topic of a number of analyst reports. Barclays reaffirmed an "overweight" rating and issued a $27.00 price target (up from $16.00) on shares of Tencent Music Entertainment Group in a research note on Tuesday, August 12th. Zacks Research raised Tencent Music Entertainment Group from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, August 26th. Sanford C. Bernstein set a $27.50 price target on Tencent Music Entertainment Group and gave the stock an "outperform" rating in a research note on Wednesday, August 13th. Morgan Stanley reaffirmed an "overweight" rating on shares of Tencent Music Entertainment Group in a research note on Tuesday, May 13th. Finally, Benchmark lifted their price objective on Tencent Music Entertainment Group from $19.00 to $28.00 and gave the stock a "buy" rating in a research report on Wednesday, August 13th. Two research analysts have rated the stock with a Strong Buy rating and nine have assigned a Buy rating to the company. According to MarketBeat, Tencent Music Entertainment Group has an average rating of "Buy" and an average 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.