MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. Cuts Stake in Tencent Music Entertainment Group Sponsored ADR $TME

Key Points

• MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. reduced its position in Tencent Music Entertainment Group by 11.0%, now holding 395,880 shares valued at approximately $5.7 million.
• Several other institutional investors, including Deutsche Bank AG and Vident Advisory LLC, also adjusted their stakes in Tencent Music, with some increasing their holdings significantly in the last quarter.
• Tencent Music Entertainment Group has recently received positive ratings from analysts, with updates including a buy rating from Wall Street Zen and a new price target set by Macquarie at $29.80.

MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. trimmed its stake in shares of Tencent Music Entertainment Group Sponsored ADR (NYSE:TME - Free Report) by 11.0% in the first quarter, according to the company in its most recent filing with the SEC. The firm owned 395,880 shares of the company's stock after selling 48,757 shares during the quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd.'s holdings in Tencent Music Entertainment Group were worth $5,705,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Ethic Inc. bought a new position in Tencent Music Entertainment Group in the fourth quarter valued at about $192,000. Envestnet Asset Management Inc. lifted its stake in shares of Tencent Music Entertainment Group by 10.6% in the first quarter. Envestnet Asset Management Inc. now owns 387,430 shares of the company's stock worth $5,583,000 after acquiring an additional 37,108 shares during the period. Cerity Partners LLC lifted its position in shares of Tencent Music Entertainment Group by 14.1% in the 1st quarter. Cerity Partners LLC now owns 57,140 shares of the company's stock worth $823,000 after purchasing an additional 7,066 shares during the period. Oppenheimer Asset Management Inc. boosted its position in Tencent Music Entertainment Group by 35.6% during the first quarter. Oppenheimer Asset Management Inc. now owns 13,609 shares of the company's stock valued at $196,000 after acquiring an additional 3,570 shares during the last quarter. Finally, Cetera Investment Advisers bought a new stake in shares of Tencent Music Entertainment Group during the 1st quarter valued at about $1,008,000. 24.32% of the stock is owned by institutional investors.

Tencent Music Entertainment Group Price Performance

Shares of TME stock traded down $0.04 during trading on Tuesday, hitting $25.48. The company had a trading volume of 4,091,076 shares, compared to its average volume of 5,405,868. The stock's 50-day moving average is $23.35 and its two-hundred day moving average is $18.18. 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 $43.73 billion, a price-to-earnings ratio of 28.00 and a beta of 0.54. Tencent Music Entertainment Group Sponsored ADR has a 52 week low of $9.41 and a 52 week high of $26.54.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the company. Macquarie set a $29.80 target price on Tencent Music Entertainment Group and gave the company an "outperform" rating in a research note on Tuesday, August 12th. 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. Barclays reissued an "overweight" rating and issued a $27.00 price objective (up previously from $16.00) on shares of Tencent Music Entertainment Group in a research report on Tuesday, August 12th. Sanford C. Bernstein set a $27.50 target price on shares of Tencent Music Entertainment Group and gave the company an "outperform" rating in a research report on Wednesday, August 13th. Finally, Zacks Research raised Tencent Music Entertainment Group from a "hold" rating to a "strong-buy" rating in a report on Tuesday, August 26th. Two investment analysts have rated the stock with a Strong Buy rating and nine have issued a Buy rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Buy" and a consensus target price of $24.47.

Tencent Music Entertainment Group Company 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.