Tencent Music Entertainment Group Sponsored ADR $TME Shares Sold by Cantillon Capital Management LLC

Key Points

• Cantillon Capital Management LLC has reduced its stake in Tencent Music Entertainment Group by 2.9%, holding approximately 18.7 million shares after selling 552,324 shares during the second quarter.
• Institutional investors now own 24.32% of Tencent Music shares, with several firms increasing their stakes significantly in the first and second quarters.
• Barclays and other brokerages have updated their ratings, with an average price target of $24.47 for the stock, reflecting a positive outlook for Tencent Music Entertainment Group.

Cantillon Capital Management LLC lowered its holdings in Tencent Music Entertainment Group Sponsored ADR (NYSE:TME - Free Report) by 2.9% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 18,687,995 shares of the company's stock after selling 552,324 shares during the quarter. Tencent Music Entertainment Group accounts for 2.1% of Cantillon Capital Management LLC's holdings, making the stock its 23rd biggest position. Cantillon Capital Management LLC owned approximately 1.09% of Tencent Music Entertainment Group worth $364,229,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. SVB Wealth LLC acquired a new stake in shares of Tencent Music Entertainment Group in the first quarter worth $34,000. Banque Transatlantique SA acquired a new stake in shares of Tencent Music Entertainment Group in the first quarter worth $46,000. Brooklyn Investment Group increased its stake in shares of Tencent Music Entertainment Group by 957.1% in the first quarter. Brooklyn Investment Group now owns 4,757 shares of the company's stock worth $69,000 after acquiring an additional 4,307 shares during the period. QRG Capital Management Inc. acquired a new stake in shares of Tencent Music Entertainment Group in the second quarter worth $243,000. Finally, PDS Planning Inc increased its stake in shares of Tencent Music Entertainment Group by 5.6% in the second quarter. PDS Planning Inc now owns 12,561 shares of the company's stock worth $245,000 after acquiring an additional 665 shares during the period. Institutional investors and hedge funds own 24.32% of the company's stock.

Analysts Set New Price Targets

A number of brokerages recently issued reports on TME. Weiss Ratings reissued a "buy (b-)" rating on shares of Tencent Music Entertainment Group in a report on Wednesday, October 8th. Barclays restated an "overweight" rating and set a $27.00 target price (up from $16.00) on shares of Tencent Music Entertainment Group in a research report on Tuesday, August 12th. Wall Street Zen upgraded Tencent Music Entertainment Group from a "hold" rating to a "buy" rating in a research report on Friday, August 22nd. Daiwa Capital Markets upgraded Tencent Music Entertainment Group from a "neutral" rating to an "outperform" rating in a research report on Tuesday, August 12th. Finally, Sanford C. Bernstein set a $27.50 target price on Tencent Music Entertainment Group and gave the company an "outperform" rating in a research report on Wednesday, August 13th. One equities research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and one has issued a Hold rating to the company's stock. According to data from MarketBeat, Tencent Music Entertainment Group has an average rating of "Buy" and an average price target of $24.47.

Tencent Music Entertainment Group Price Performance

Tencent Music Entertainment Group stock opened at $22.76 on Wednesday. Tencent Music Entertainment Group Sponsored ADR has a 12-month low of $10.11 and a 12-month high of $26.70. The stock has a market cap of $39.05 billion, a P/E ratio of 25.01 and a beta of 0.51. The company has a 50-day moving average price of $24.32 and a 200 day moving average price of $19.88. 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 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.

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