Morningstar Investment Management LLC Sells 53,655 Shares of Tencent Music Entertainment Group Sponsored ADR (NYSE:TME)

Key Points

• Morningstar Investment Management LLC reduced its holdings in Tencent Music Entertainment Group by 40.3%, selling 53,655 shares and now owning 79,384 shares valued at approximately $1.14 million.
• Several institutional investors, including Vanguard Group Inc. and JPMorgan Chase & Co., have significantly increased their stakes in Tencent Music with Vanguard now holding over 29 million shares.
• Analyst ratings for Tencent Music are diverse, with Nomura Securities upgrading the stock to a "strong-buy" rating, while Wall Street Zen downgraded it from a "buy" to a "hold".

Morningstar Investment Management LLC lowered its stake in shares of Tencent Music Entertainment Group Sponsored ADR (NYSE:TME - Free Report) by 40.3% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 79,384 shares of the company's stock after selling 53,655 shares during the period. Morningstar Investment Management LLC's holdings in Tencent Music Entertainment Group were worth $1,144,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors also recently bought and sold shares of the business. Ethic Inc. purchased a new stake in shares of Tencent Music Entertainment Group during the 4th quarter worth $192,000. Geode Capital Management LLC lifted its stake in shares of Tencent Music Entertainment Group by 3.7% in the 4th quarter. Geode Capital Management LLC now owns 4,463,596 shares of the company's stock worth $50,323,000 after acquiring an additional 160,078 shares during the period. 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 valued at $5,583,000 after purchasing an additional 37,108 shares during the period. American Century Companies Inc. lifted its stake in shares of Tencent Music Entertainment Group by 6.2% in the fourth quarter. American Century Companies Inc. now owns 749,447 shares of the company's stock valued at $8,506,000 after purchasing an additional 43,859 shares during the period. Finally, Balyasny Asset Management L.P. lifted its stake in shares of Tencent Music Entertainment Group by 2,271.0% in the fourth quarter. Balyasny Asset Management L.P. now owns 1,924,231 shares of the company's stock valued at $21,840,000 after purchasing an additional 1,843,075 shares during the period. Hedge funds and other institutional investors own 24.32% of the company's stock.

Wall Street Analyst Weigh In

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

Tencent Music Entertainment Group Stock Down 2.4%

Shares of NYSE:TME traded down $0.51 during midday trading on Friday, hitting $20.49. 3,461,356 shares of the company's stock traded hands, compared to its average volume of 7,494,249. Tencent Music Entertainment Group Sponsored ADR has a twelve month low of $9.41 and a twelve month 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 company has a market cap of $35.15 billion, a PE ratio of 24.40 and a beta of 0.55. The firm's fifty day moving average price is $19.39 and its two-hundred day moving average price is $15.33.

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.