Burgundy Asset Management Ltd. Reduces Stake in Tencent Music Entertainment Group Sponsored ADR $TME

Key Points

• Burgundy Asset Management Ltd. reduced its stake in Tencent Music Entertainment Group by 24.5%, now holding 31,689 shares valued at $457,000, following the sale of 10,291 shares in the first quarter.
• Multiple institutional investors, including Wells Fargo and LPL Financial, have increased their holdings in Tencent Music Entertainment Group significantly during the fourth quarter, highlighting investor interest in the stock.
• Analysts maintain a positive outlook on Tencent Music, with the stock receiving several "buy" ratings and a consensus target price of $24.47, indicating potential for future gains.

Burgundy Asset Management Ltd. lessened its holdings in Tencent Music Entertainment Group Sponsored ADR (NYSE:TME - Free Report) by 24.5% in the first quarter, according to its most recent filing with the SEC. The institutional investor owned 31,689 shares of the company's stock after selling 10,291 shares during the period. Burgundy Asset Management Ltd.'s holdings in Tencent Music Entertainment Group were worth $457,000 as of its most recent SEC filing.

Other institutional investors have also bought and sold shares of the company. Vise Technologies Inc. purchased a new stake in Tencent Music Entertainment Group in the 4th quarter worth $169,000. Ethic Inc. purchased a new stake in Tencent Music Entertainment Group in the 4th quarter worth $192,000. Oppenheimer Asset Management Inc. increased its stake in Tencent Music Entertainment Group by 35.6% in the 1st quarter. Oppenheimer Asset Management Inc. now owns 13,609 shares of the company's stock worth $196,000 after buying an additional 3,570 shares in the last quarter. Vident Advisory LLC increased its stake in Tencent Music Entertainment Group by 23.0% in the 4th quarter. Vident Advisory LLC now owns 18,889 shares of the company's stock worth $214,000 after buying an additional 3,538 shares in the last quarter. Finally, Toronto Dominion Bank purchased a new stake in Tencent Music Entertainment Group in the 4th quarter worth $286,000. Hedge funds and other institutional investors own 24.32% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on TME shares. Benchmark increased their price target on Tencent Music Entertainment Group from $19.00 to $28.00 and gave the stock a "buy" rating in a research note on Wednesday, August 13th. Macquarie set a $29.80 price objective on Tencent Music Entertainment Group and gave the company an "outperform" rating in a research report on Tuesday, August 12th. Daiwa Capital Markets upgraded Tencent Music Entertainment Group from a "neutral" rating to an "outperform" rating in a research report on Tuesday, August 12th. Wall Street Zen lowered Tencent Music Entertainment Group from a "buy" rating to a "hold" rating in a research report on Monday, August 11th. Finally, Morgan Stanley restated an "overweight" rating on shares of Tencent Music Entertainment Group in a research report on Tuesday, May 13th. One investment analyst has rated the stock with a Strong Buy rating and nine have assigned a Buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Buy" and an average target price of $24.47.

Tencent Music Entertainment Group Trading Up 2.0%

TME traded up $0.5050 on Friday, hitting $25.4950. The company had a trading volume of 1,798,919 shares, compared to its average volume of 7,397,103. The company has a market cap of $43.75 billion, a PE ratio of 27.98 and a beta of 0.50. Tencent Music Entertainment Group Sponsored ADR has a 12-month low of $9.41 and a 12-month high of $26.54. The company has a quick ratio of 1.87, a current ratio of 1.87 and a debt-to-equity ratio of 0.04. The business's fifty day simple moving average is $21.14 and its 200 day simple moving average is $16.61.

Tencent Music Entertainment Group 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.