Lbp Am Sa Sells 71,000 Shares of Tencent Music Entertainment Group Sponsored ADR $TME

Key Points

• Lbp Am Sa reduced its holdings in Tencent Music Entertainment Group by 32.3%, selling 71,000 shares and leaving them with 149,000 shares valued at approximately $2.9 million.
• Brokerages have positive outlooks for Tencent Music, with several analysts issuing upgrades and price targets ranging from $24.47 to $29.00, indicating a consensus Buy rating.
• Institutional investors currently own 24.32% of Tencent Music’s stock, reflecting a diverse interest from multiple hedge funds, including increases from Vanguard, JP Morgan, and UBS.

Lbp Am Sa trimmed its position in Tencent Music Entertainment Group Sponsored ADR (NYSE:TME - Free Report) by 32.3% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 149,000 shares of the company's stock after selling 71,000 shares during the quarter. Lbp Am Sa's holdings in Tencent Music Entertainment Group were worth $2,904,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in the company. Vanguard Group Inc. increased its stake in Tencent Music Entertainment Group by 1.4% in the first quarter. Vanguard Group Inc. now owns 29,993,486 shares of the company's stock valued at $432,206,000 after acquiring an additional 404,674 shares during the last quarter. Krane Funds Advisors LLC increased its stake in Tencent Music Entertainment Group by 20.8% in the first quarter. Krane Funds Advisors LLC now owns 23,984,629 shares of the company's stock valued at $345,619,000 after acquiring an additional 4,128,678 shares during the last quarter. JPMorgan Chase & Co. increased its stake in Tencent Music Entertainment Group by 31.1% in the first quarter. JPMorgan Chase & Co. now owns 15,430,218 shares of the company's stock valued at $222,349,000 after acquiring an additional 3,656,695 shares during the last quarter. Nuveen LLC bought a new position in Tencent Music Entertainment Group in the first quarter valued at approximately $85,498,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in Tencent Music Entertainment Group by 15.2% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 5,062,619 shares of the company's stock valued at $72,952,000 after acquiring an additional 666,674 shares during the last quarter. 24.32% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on TME. Sanford C. Bernstein set a $27.50 price target on shares of Tencent Music Entertainment Group and gave the stock an "outperform" rating in a report on Wednesday, August 13th. Daiwa Capital Markets upgraded shares of Tencent Music Entertainment Group from a "neutral" rating to an "outperform" rating in a report on Tuesday, August 12th. Citigroup reiterated a "buy" rating and set a $29.00 price target (up from $23.00) on shares of Tencent Music Entertainment Group in a report on Tuesday, August 12th. Wall Street Zen upgraded shares of Tencent Music Entertainment Group from a "hold" rating to a "buy" rating in a report on Friday, August 22nd. Finally, Zacks Research upgraded shares of Tencent Music Entertainment Group from a "hold" rating to a "strong-buy" rating in a report on Tuesday, August 26th. Two analysts have rated the stock with a Strong Buy rating and nine have given a Buy rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Buy" and an average price target of $24.47.

Tencent Music Entertainment Group Stock Performance

NYSE TME opened at $23.01 on Friday. The company has a market capitalization of $39.49 billion, a price-to-earnings ratio of 25.29 and a beta of 0.51. Tencent Music Entertainment Group Sponsored ADR has a twelve month low of $10.11 and a twelve month high of $26.70. The stock has a fifty day simple moving average of $24.06 and a 200 day simple moving average of $19.08. The company has a quick ratio of 1.87, a current ratio of 1.87 and a debt-to-equity ratio of 0.04.

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.

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