MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. Lowers Position 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. lessened its holdings in Tencent Music Entertainment Group Sponsored ADR (NYSE:TME - Free Report) by 11.0% during the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 395,880 shares of the company's stock after selling 48,757 shares during the period. 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.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. Deutsche Bank AG raised its position in Tencent Music Entertainment Group by 0.5% during the fourth quarter. Deutsche Bank AG now owns 3,964,894 shares of the company's stock valued at $45,002,000 after purchasing an additional 18,130 shares in the last quarter. Ethic Inc. purchased a new stake in Tencent Music Entertainment Group during the fourth quarter valued at about $192,000. Quantinno Capital Management LP raised its position in Tencent Music Entertainment Group by 31.9% during the fourth quarter. Quantinno Capital Management LP now owns 29,113 shares of the company's stock valued at $330,000 after purchasing an additional 7,033 shares in the last quarter. Toronto Dominion Bank purchased a new stake in Tencent Music Entertainment Group during the fourth quarter valued at about $286,000. Finally, Vident Advisory LLC raised its position in Tencent Music Entertainment Group by 23.0% during the fourth quarter. Vident Advisory LLC now owns 18,889 shares of the company's stock valued at $214,000 after purchasing an additional 3,538 shares in the last quarter. Hedge funds and other institutional investors own 24.32% of the company's stock.

Tencent Music Entertainment Group Stock Up 0.9%

TME opened at $25.50 on Thursday. The company has a market cap of $43.75 billion, a P/E ratio of 28.02 and a beta of 0.54. The business's 50-day moving average price is $22.90 and its 200-day moving average price is $17.79. The company has a current ratio of 1.87, a quick ratio of 1.87 and a debt-to-equity ratio of 0.04. Tencent Music Entertainment Group Sponsored ADR has a 12 month low of $9.41 and a 12 month high of $26.54.

Analyst Upgrades and Downgrades

TME has been the topic of a number of research reports. Wall Street Zen upgraded Tencent Music Entertainment Group from a "hold" rating to a "buy" rating in a research report on Friday, August 22nd. Macquarie set a $29.80 price target on Tencent Music Entertainment Group and gave the company an "outperform" rating in a research report on Tuesday, August 12th. Citigroup reiterated a "buy" rating and issued a $29.00 price objective (up previously from $23.00) on shares of Tencent Music Entertainment Group in a report on Tuesday, August 12th. Benchmark lifted their price objective on Tencent Music Entertainment Group from $19.00 to $28.00 and gave the stock a "buy" rating in a report on Wednesday, August 13th. Finally, Daiwa Capital Markets upgraded Tencent Music Entertainment Group from a "neutral" rating to an "outperform" rating in a report on Tuesday, August 12th. Two analysts have rated the stock with a Strong Buy rating and nine have given a Buy rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Buy" and an average target price of $24.47.

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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