Carmignac Gestion Cuts Holdings in Tencent Music Entertainment Group Sponsored ADR $TME

Key Points

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Carmignac Gestion reduced its position in Tencent Music Entertainment Group Sponsored ADR (NYSE:TME - Free Report) by 37.6% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 111,602 shares of the company's stock after selling 67,385 shares during the period. Carmignac Gestion's holdings in Tencent Music Entertainment Group were worth $1,608,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in TME. LPL Financial LLC lifted its holdings in shares of Tencent Music Entertainment Group by 40.2% in the 4th quarter. LPL Financial LLC now owns 69,539 shares of the company's stock valued at $789,000 after purchasing an additional 19,928 shares during the last quarter. Wells Fargo & Company MN lifted its holdings in shares of Tencent Music Entertainment Group by 86.9% in the 4th quarter. Wells Fargo & Company MN now owns 136,423 shares of the company's stock valued at $1,548,000 after purchasing an additional 63,413 shares during the last quarter. Cerity Partners LLC lifted its holdings in shares of Tencent Music Entertainment Group by 45.2% in the 4th quarter. Cerity Partners LLC now owns 50,074 shares of the company's stock valued at $573,000 after purchasing an additional 15,589 shares during the last quarter. Raymond James Financial Inc. purchased a new stake in shares of Tencent Music Entertainment Group in the 4th quarter valued at about $731,000. Finally, Barclays PLC lifted its holdings in shares of Tencent Music Entertainment Group by 14.2% in the 4th quarter. Barclays PLC now owns 870,982 shares of the company's stock valued at $9,887,000 after purchasing an additional 108,332 shares during the last quarter. 24.32% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

TME has been the subject of several research reports. Wall Street Zen raised Tencent Music Entertainment Group from a "hold" rating to a "buy" rating in a report on Friday. Morgan Stanley reissued an "overweight" rating on shares of Tencent Music Entertainment Group in a report on Tuesday, May 13th. Daiwa Capital Markets raised Tencent Music Entertainment Group from a "neutral" rating to an "outperform" rating in a report on Tuesday, August 12th. Benchmark upped their price objective 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. Finally, Barclays reaffirmed an "overweight" rating and set a $27.00 price objective (up from $16.00) on shares of Tencent Music Entertainment Group in a research note on Tuesday, August 12th. One investment analyst has rated the stock with a Strong Buy rating and nine have assigned a Buy rating to the company. According to MarketBeat.com, Tencent Music Entertainment Group presently has an average rating of "Buy" and a consensus target price of $24.47.

Tencent Music Entertainment Group Stock Performance

TME traded up $0.3760 on Friday, hitting $25.3660. 3,232,963 shares of the company traded hands, compared to its average volume of 6,274,201. The company has a 50 day moving average of $21.28 and a 200-day moving average of $16.70. 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 stock has a market capitalization of $43.53 billion, a PE ratio of 27.87 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.

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.