Tencent Music Entertainment Group Sponsored ADR $TME Shares Sold by Myriad Asset Management US LP

Key Points

• Myriad Asset Management US LP reduced its stake in Tencent Music Entertainment Group by 32.1%, holding 121,294 shares after selling 57,324 shares in Q2.
• Several hedge funds, including Ballentine Partners LLC and SVB Wealth LLC, have increased their positions in Tencent Music, indicating growing institutional interest.
• Analysts have upgraded Tencent Music's ratings, with targets ranging up to $29.80, reflecting a positive outlook on its market performance.

Myriad Asset Management US LP reduced its stake in Tencent Music Entertainment Group Sponsored ADR (NYSE:TME - Free Report) by 32.1% during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 121,294 shares of the company's stock after selling 57,324 shares during the period. Tencent Music Entertainment Group accounts for about 1.6% of Myriad Asset Management US LP's holdings, making the stock its 14th biggest position. Myriad Asset Management US LP's holdings in Tencent Music Entertainment Group were worth $2,364,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also modified their holdings of TME. SVB Wealth LLC acquired a new stake in shares of Tencent Music Entertainment Group in the first quarter valued at approximately $34,000. Banque Transatlantique SA acquired a new stake in shares of Tencent Music Entertainment Group in the first quarter valued at approximately $46,000. Brooklyn Investment Group boosted its holdings 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 valued at $69,000 after acquiring an additional 4,307 shares during the period. Vise Technologies Inc. acquired a new stake in shares of Tencent Music Entertainment Group in the fourth quarter valued at approximately $169,000. Finally, Oppenheimer Asset Management Inc. lifted its holdings in shares of Tencent Music Entertainment Group by 35.6% during the first quarter. Oppenheimer Asset Management Inc. now owns 13,609 shares of the company's stock worth $196,000 after purchasing an additional 3,570 shares during the period. 24.32% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities research analysts recently weighed in on TME shares. Wall Street Zen raised Tencent Music Entertainment Group from a "hold" rating to a "buy" rating in a report on Friday, August 22nd. Macquarie set a $29.80 price target on Tencent Music Entertainment Group and gave the stock an "outperform" rating in a report on Tuesday, August 12th. Sanford C. Bernstein set a $27.50 price target on Tencent Music Entertainment Group and gave the stock an "outperform" rating in a report on Wednesday, August 13th. Zacks Research raised Tencent Music Entertainment Group from a "hold" rating to a "strong-buy" rating in a report on Tuesday, August 26th. Finally, Barclays reaffirmed an "overweight" rating and set a $27.00 price target (up from $16.00) on shares of Tencent Music Entertainment Group in a report on Tuesday, August 12th. Two equities research analysts have rated the stock with a Strong Buy rating and nine have issued a Buy rating to the company. Based on data from MarketBeat.com, Tencent Music Entertainment Group presently has an average rating of "Buy" and an average price target of $24.47.

Tencent Music Entertainment Group Trading Down 2.1%

Shares of NYSE:TME traded down $0.53 during trading on Monday, reaching $24.59. 2,610,041 shares of the stock were exchanged, compared to its average volume of 7,241,004. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.87 and a current ratio of 1.87. Tencent Music Entertainment Group Sponsored ADR has a 12-month low of $9.79 and a 12-month high of $26.70. The firm has a market cap of $42.19 billion, a price-to-earnings ratio of 27.02 and a beta of 0.54. The firm's 50-day moving average price is $23.68 and its 200 day moving average price is $18.48.

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.