Prudential PLC Reduces Position in Tencent Music Entertainment Group Sponsored ADR (NYSE:TME)

Key Points

• Prudential PLC has reduced its stake in Tencent Music Entertainment Group by 23.8%, selling 122,861 shares for a total holding of 392,690 shares valued at approximately $5.66 million.
• Institutional ownership of Tencent Music is notable, with around 24.32% of the stock held by institutional investors, including new positions from various hedge funds in the fourth quarter.
• Recent analyst ratings show a mix of upgrades and downgrades for Tencent Music, with a majority giving it a "buy" or "outperform" rating, and a consensus price target around $23.29.

Prudential PLC cut its holdings in Tencent Music Entertainment Group Sponsored ADR (NYSE:TME - Free Report) by 23.8% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 392,690 shares of the company's stock after selling 122,861 shares during the period. Prudential PLC's holdings in Tencent Music Entertainment Group were worth $5,659,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. BNP Paribas grew its stake in shares of Tencent Music Entertainment Group by 2.0% in the 4th quarter. BNP Paribas now owns 58,066 shares of the company's stock worth $659,000 after buying an additional 1,131 shares in the last quarter. Ballentine Partners LLC lifted its holdings in shares of Tencent Music Entertainment Group by 10.6% in the 1st quarter. Ballentine Partners LLC now owns 21,054 shares of the company's stock worth $303,000 after acquiring an additional 2,019 shares during the last quarter. Asset Management One Co. Ltd. lifted its holdings in shares of Tencent Music Entertainment Group by 0.5% in the 1st quarter. Asset Management One Co. Ltd. now owns 504,632 shares of the company's stock worth $7,272,000 after acquiring an additional 2,549 shares during the last quarter. Gabelli Funds LLC lifted its holdings in shares of Tencent Music Entertainment Group by 2.1% in the 4th quarter. Gabelli Funds LLC now owns 145,000 shares of the company's stock worth $1,646,000 after acquiring an additional 3,000 shares during the last quarter. Finally, Vontobel Holding Ltd. lifted its holdings in Tencent Music Entertainment Group by 10.2% during the 1st quarter. Vontobel Holding Ltd. now owns 36,441 shares of the company's stock valued at $525,000 after buying an additional 3,364 shares in the last quarter. 24.32% of the stock is currently owned by institutional investors.

Tencent Music Entertainment Group Stock Performance

Shares of TME traded up $0.01 during trading hours on Friday, hitting $25.53. The stock had a trading volume of 6,445,770 shares, compared to its average volume of 6,487,119. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.83 and a current ratio of 1.87. The firm has a 50-day moving average price of $20.61 and a 200 day moving average price of $16.28. Tencent Music Entertainment Group Sponsored ADR has a fifty-two week low of $9.41 and a fifty-two week high of $26.54. The firm has a market capitalization of $43.81 billion, a price-to-earnings ratio of 28.05 and a beta of 0.50.

Wall Street Analyst Weigh In

TME has been the subject of several recent research reports. Benchmark boosted their price target on shares of Tencent Music Entertainment Group from $19.00 to $28.00 and gave the company a "buy" rating in a report on Wednesday. Citigroup lifted their price objective on shares of Tencent Music Entertainment Group from $23.00 to $29.00 and gave the stock a "buy" rating in a research report on Tuesday. Barclays reaffirmed 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. Macquarie set a $29.80 price objective on shares of Tencent Music Entertainment Group and gave the stock an "outperform" rating in a research report on Tuesday. Finally, Sanford C. Bernstein set a $27.50 price objective on shares of Tencent Music Entertainment Group and gave the stock an "outperform" rating in a research report on Wednesday. One research analyst has rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Buy" and an average price target 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.