Jennison Associates LLC Sells 370,544 Shares of Tencent Music Entertainment Group Sponsored ADR (NYSE:TME)

Jennison Associates LLC trimmed its holdings in Tencent Music Entertainment Group Sponsored ADR (NYSE:TME - Free Report) by 13.1% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 2,463,294 shares of the company's stock after selling 370,544 shares during the quarter. Jennison Associates LLC owned approximately 0.14% of Tencent Music Entertainment Group worth $35,496,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. PNC Financial Services Group Inc. lifted its position in Tencent Music Entertainment Group by 10.9% during the fourth quarter. PNC Financial Services Group Inc. now owns 11,138 shares of the company's stock worth $126,000 after buying an additional 1,094 shares during the period. Unigestion Holding SA purchased a new position in shares of Tencent Music Entertainment Group in the fourth quarter valued at $161,000. Diametric Capital LP acquired a new position in shares of Tencent Music Entertainment Group in the fourth quarter worth about $162,000. Vise Technologies Inc. bought a new stake in Tencent Music Entertainment Group during the fourth quarter valued at $169,000. Finally, Virtu Financial LLC acquired a new stake in Tencent Music Entertainment Group in the fourth quarter worth $177,000. Institutional investors and hedge funds own 24.32% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the company. Macquarie set a $26.20 price target on Tencent Music Entertainment Group and gave the stock an "outperform" rating in a research note on Tuesday, June 17th. Morgan Stanley restated an "overweight" rating on shares of Tencent Music Entertainment Group in a report on Tuesday, May 13th. Deutsche Bank Aktiengesellschaft raised Tencent Music Entertainment Group from a "hold" rating to a "buy" rating in a research report on Wednesday, March 26th. Nomura Securities raised shares of Tencent Music Entertainment Group to a "strong-buy" rating in a research note on Tuesday, April 8th. Finally, Sanford C. Bernstein reissued an "outperform" rating on shares of Tencent Music Entertainment Group in a research report on Wednesday, May 14th. Two research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $16.60.

Tencent Music Entertainment Group Trading Up 1.7%

Shares of TME stock traded up $0.37 during trading hours on Wednesday, hitting $21.73. 1,954,957 shares of the company were exchanged, compared to its average volume of 8,076,577. The company has a 50 day simple moving average of $18.48 and a two-hundred day simple moving average of $14.73. Tencent Music Entertainment Group Sponsored ADR has a fifty-two week low of $9.41 and a fifty-two week high of $22.50. The company has a debt-to-equity ratio of 0.05, a quick ratio of 1.83 and a current ratio of 1.83. The firm has a market cap of $37.28 billion, a P/E ratio of 25.84 and a beta of 0.55.

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.