Mawer Investment Management Ltd. Has $158.28 Million Stake in Tencent Music Entertainment Group Sponsored ADR (NYSE:TME)

Key Points

• Mawer Investment Management Ltd. has sold 483,259 shares, reducing its stake in Tencent Music Entertainment Group by 4.2%, leaving it with approximately 10.98 million shares valued at $158.3 million.
• Institutional investors collectively own 24.32% of Tencent Music, with several firms like Unigestion and Diametric Capital acquiring new positions in the fourth quarter.
• Analysts have mixed ratings on Tencent Music shares, with a consensus rating of "Moderate Buy" and an average price target of $16.60, while one analyst set a price objective of $26.20.

Mawer Investment Management Ltd. lowered its holdings in Tencent Music Entertainment Group Sponsored ADR (NYSE:TME - Free Report) by 4.2% during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 10,984,151 shares of the company's stock after selling 483,259 shares during the period. Mawer Investment Management Ltd. owned about 0.64% of Tencent Music Entertainment Group worth $158,282,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in TME. Unigestion Holding SA bought a new stake in shares of Tencent Music Entertainment Group during the fourth quarter valued at approximately $161,000. Diametric Capital LP bought a new position in shares of Tencent Music Entertainment Group in the fourth quarter valued at $162,000. Vise Technologies Inc. purchased a new position in Tencent Music Entertainment Group during the 4th quarter worth approximately $169,000. Ethic Inc. purchased a new position in Tencent Music Entertainment Group during the 4th quarter worth approximately $192,000. Finally, Oppenheimer Asset Management Inc. grew its position in Tencent Music Entertainment Group by 35.6% during the 1st quarter. Oppenheimer Asset Management Inc. now owns 13,609 shares of the company's stock worth $196,000 after purchasing an additional 3,570 shares in the last quarter. Institutional investors own 24.32% of the company's stock.

Analyst Ratings Changes

Several equities analysts have weighed in on TME shares. Wall Street Zen cut shares of Tencent Music Entertainment Group from a "buy" rating to a "hold" rating in a research report on Saturday, July 26th. Sanford C. Bernstein restated an "outperform" rating on shares of Tencent Music Entertainment Group in a report on Wednesday, May 14th. Macquarie set a $26.20 price target on shares of Tencent Music Entertainment Group and gave the company an "outperform" rating in a report on Tuesday, June 17th. Nomura Securities upgraded shares of Tencent Music Entertainment Group to a "strong-buy" rating in a report on Tuesday, April 8th. Finally, Morgan Stanley reiterated an "overweight" rating on shares of Tencent Music Entertainment Group in a report on Tuesday, May 13th. Three equities research analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $16.60.

Tencent Music Entertainment Group Stock Performance

Tencent Music Entertainment Group stock traded down $0.51 on Friday, reaching $20.49. 3,461,356 shares of the stock were exchanged, compared to its average volume of 7,494,249. The stock has a market cap of $35.15 billion, a PE ratio of 24.40 and a beta of 0.55. The company has a current ratio of 1.83, a quick ratio of 1.83 and a debt-to-equity ratio of 0.05. Tencent Music Entertainment Group Sponsored ADR has a twelve month low of $9.41 and a twelve month high of $22.50. The firm has a fifty day moving average price of $19.39 and a two-hundred day moving average price of $15.33.

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.