Tencent Music Entertainment Group Sponsored ADR $TME Shares Sold by NewEdge Advisors LLC

Key Points

• NewEdge Advisors LLC reduced its stake in Tencent Music Entertainment Group by 12.1%, selling 13,066 shares during the first quarter, leaving them with 95,311 shares worth approximately $1.37 million.
• Institutional investors currently own 24.32% of Tencent Music Entertainment Group, with notable increases in positions from firms such as Oppenheimer, which raised its stake by 35.6%.
• Analysts have a bullish outlook on Tencent Music, with several firms raising their price targets, and a consensus rating of "Buy", indicating a potential for future growth.

NewEdge Advisors LLC lowered its stake in shares of Tencent Music Entertainment Group Sponsored ADR (NYSE:TME - Free Report) by 12.1% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 95,311 shares of the company's stock after selling 13,066 shares during the period. NewEdge Advisors LLC's holdings in Tencent Music Entertainment Group were worth $1,373,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of the stock. Ethic Inc. purchased a new position in shares of Tencent Music Entertainment Group in the 4th quarter valued at $192,000. Quantinno Capital Management LP raised its stake in shares of Tencent Music Entertainment Group by 31.9% in the 4th quarter. Quantinno Capital Management LP now owns 29,113 shares of the company's stock valued at $330,000 after acquiring an additional 7,033 shares during the period. Toronto Dominion Bank purchased a new position in shares of Tencent Music Entertainment Group in the 4th quarter valued at $286,000. Vident Advisory LLC raised its stake in shares of Tencent Music Entertainment Group by 23.0% in the 4th quarter. Vident Advisory LLC now owns 18,889 shares of the company's stock valued at $214,000 after acquiring an additional 3,538 shares during the period. Finally, Vise Technologies Inc. purchased a new position in shares of Tencent Music Entertainment Group in the 4th quarter valued at $169,000. Hedge funds and other institutional investors own 24.32% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on TME shares. 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 note on Wednesday, August 13th. Citigroup reissued a "buy" rating and issued a $29.00 target price (up previously from $23.00) on shares of Tencent Music Entertainment Group in a research note on Tuesday, August 12th. Macquarie set a $29.80 price target on shares of Tencent Music Entertainment Group and gave the stock an "outperform" rating in a research note on Tuesday, August 12th. Daiwa Capital Markets raised shares of Tencent Music Entertainment Group from a "neutral" rating to an "outperform" rating in a research note on Tuesday, August 12th. Finally, Wall Street Zen raised shares of Tencent Music Entertainment Group from a "hold" rating to a "buy" rating in a research note on Friday, August 22nd. Two analysts have rated the stock with a Strong Buy rating and nine have assigned a Buy rating to the company's stock. According to MarketBeat.com, Tencent Music Entertainment Group has an average rating of "Buy" and a consensus target price of $24.47.

Tencent Music Entertainment Group Stock Down 4.0%

TME stock traded down $1.05 during mid-day trading on Thursday, hitting $25.31. 10,301,192 shares of the company were exchanged, compared to its average volume of 5,424,741. The company has a market capitalization of $43.43 billion, a PE ratio of 27.81 and a beta of 0.54. 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 twelve month low of $9.66 and a twelve month high of $26.70. The firm has a fifty day simple moving average of $23.58 and a 200 day simple moving average of $18.33.

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.