Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) Holdings Cut by Coronation Fund Managers Ltd.

Key Points

• Coronation Fund Managers Ltd. has reduced its stake in Tencent Music Entertainment Group by 18.3%, owning approximately 4.5 million shares valued at around $64.8 million.
• Several institutional investors, including Vanguard Group Inc. and JPMorgan Chase & Co., have increased their holdings in Tencent Music, indicating a mixed sentiment towards the stock.
• The stock currently holds a market capitalization of $37.96 billion with a 52-week trading range between $9.41 and $22.50, and it received a consensus rating of "Moderate Buy" from analysts.

Coronation Fund Managers Ltd. decreased its position in shares of Tencent Music Entertainment Group Sponsored ADR (NYSE:TME - Free Report) by 18.3% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 4,498,333 shares of the company's stock after selling 1,010,737 shares during the period. Tencent Music Entertainment Group comprises approximately 3.5% of Coronation Fund Managers Ltd.'s holdings, making the stock its 6th biggest holding. Coronation Fund Managers Ltd. owned about 0.26% of Tencent Music Entertainment Group worth $64,821,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its stake in Tencent Music Entertainment Group by 1.4% during the 1st quarter. Vanguard Group Inc. now owns 29,993,486 shares of the company's stock worth $432,206,000 after buying an additional 404,674 shares during the period. Krane Funds Advisors LLC grew its holdings in Tencent Music Entertainment Group by 20.8% during the 1st quarter. Krane Funds Advisors LLC now owns 23,984,629 shares of the company's stock worth $345,619,000 after acquiring an additional 4,128,678 shares in the last quarter. JPMorgan Chase & Co. grew its holdings in Tencent Music Entertainment Group by 31.1% during the 1st quarter. JPMorgan Chase & Co. now owns 15,430,218 shares of the company's stock worth $222,349,000 after acquiring an additional 3,656,695 shares in the last quarter. FMR LLC grew its holdings in Tencent Music Entertainment Group by 64.7% during the 4th quarter. FMR LLC now owns 9,831,895 shares of the company's stock worth $111,592,000 after acquiring an additional 3,861,122 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. grew its holdings in Tencent Music Entertainment Group by 3,382.1% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 4,481,537 shares of the company's stock worth $64,579,000 after acquiring an additional 4,352,834 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 0.7%

TME stock opened at $22.12 on Friday. Tencent Music Entertainment Group Sponsored ADR has a 52-week low of $9.41 and a 52-week high of $22.50. The company's 50 day simple moving average is $19.87 and its 200-day simple moving average is $15.81. The company has a debt-to-equity ratio of 0.05, a current ratio of 1.83 and a quick ratio of 1.83. The firm has a market capitalization of $37.96 billion, a P/E ratio of 26.33 and a beta of 0.50.

Analyst Ratings Changes

Several research analysts have weighed in on the stock. Wall Street Zen raised shares of Tencent Music Entertainment Group from a "hold" rating to a "buy" rating in a report on Sunday, August 3rd. Macquarie set a $26.20 price objective on shares of Tencent Music Entertainment Group and gave the stock an "outperform" rating in a report on Tuesday, June 17th. Morgan Stanley reissued an "overweight" rating on shares of Tencent Music Entertainment Group in a report on Tuesday, May 13th. Finally, Sanford C. Bernstein reissued an "outperform" rating on shares of Tencent Music Entertainment Group in a report on Wednesday, May 14th. Two equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $16.60.

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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