NewEdge Advisors LLC Sells 13,066 Shares of Tencent Music Entertainment Group Sponsored ADR $TME

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

Other institutional investors and hedge funds also recently made changes to their positions in the company. Ethic Inc. bought a new position in shares of Tencent Music Entertainment Group during the 4th quarter worth about $192,000. Envestnet Asset Management Inc. lifted its position in Tencent Music Entertainment Group by 10.6% in the 1st quarter. Envestnet Asset Management Inc. now owns 387,430 shares of the company's stock valued at $5,583,000 after acquiring an additional 37,108 shares in the last quarter. Cerity Partners LLC lifted its position in Tencent Music Entertainment Group by 14.1% in the 1st quarter. Cerity Partners LLC now owns 57,140 shares of the company's stock valued at $823,000 after acquiring an additional 7,066 shares in the last quarter. Oppenheimer Asset Management Inc. lifted its position in Tencent Music Entertainment Group by 35.6% in the 1st 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 in the last quarter. Finally, Cetera Investment Advisers bought a new position in Tencent Music Entertainment Group in the 1st quarter valued at about $1,008,000. Institutional investors own 24.32% of the company's stock.

Tencent Music Entertainment Group Trading Down 2.5%

Shares of TME stock opened at $24.98 on Friday. The company has a 50 day moving average of $23.14 and a 200-day moving average of $17.96. The company has a quick ratio of 1.87, a current 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. The firm has a market cap of $42.87 billion, a P/E ratio of 27.45 and a beta of 0.54.

Wall Street Analysts Forecast Growth

TME has been the topic of several recent research reports. Zacks Research raised shares of Tencent Music Entertainment Group from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, August 26th. Citigroup reaffirmed a "buy" rating and issued a $29.00 price target (up previously from $23.00) on shares of Tencent Music Entertainment Group in a research report on Tuesday, August 12th. Macquarie set a $29.80 price target on shares of Tencent Music Entertainment Group and gave the company an "outperform" rating in a research report on Tuesday, August 12th. Sanford C. Bernstein set a $27.50 price target on shares of Tencent Music Entertainment Group and gave the company an "outperform" rating in a research report on Wednesday, August 13th. Finally, Wall Street Zen raised shares of Tencent Music Entertainment Group from a "hold" rating to a "buy" rating in a research report on Friday, August 22nd. Two research analysts have rated the stock with a Strong Buy rating and nine have assigned a Buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Buy" and a consensus target price of $24.47.

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.

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