Tencent Music Entertainment Group Sponsored ADR $TME Shares Sold by Union Bancaire Privee UBP SA

Key Points

• Union Bancaire Privee UBP SA reduced its holdings in Tencent Music Entertainment Group by 50.4%, selling 92,922 shares, leaving it with 91,468 shares valued at approximately $1.78 million.
• Despite changes in institutional holdings, several funds like Vanguard Group Inc. and JPMorgan Chase & Co. increased their stakes in Tencent Music, indicating confidence in the company's growth potential.
• Recent analyst ratings have been positive, with upgrades from multiple firms, projecting a consensus price target of $24.47 for Tencent Music's stock.

Union Bancaire Privee UBP SA decreased its holdings in shares of Tencent Music Entertainment Group Sponsored ADR (NYSE:TME - Free Report) by 50.4% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 91,468 shares of the company's stock after selling 92,922 shares during the quarter. Union Bancaire Privee UBP SA's holdings in Tencent Music Entertainment Group were worth $1,783,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its position in shares of 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 purchasing an additional 404,674 shares during the last quarter. Krane Funds Advisors LLC increased its position in shares of 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 purchasing an additional 4,128,678 shares during the last quarter. JPMorgan Chase & Co. increased its position in shares of Tencent Music Entertainment Group by 31.1% during the first quarter. JPMorgan Chase & Co. now owns 15,430,218 shares of the company's stock valued at $222,349,000 after acquiring an additional 3,656,695 shares during the last quarter. Nuveen LLC acquired a new stake in shares of Tencent Music Entertainment Group during the first quarter valued at about $85,498,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in shares of Tencent Music Entertainment Group by 15.2% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 5,062,619 shares of the company's stock valued at $72,952,000 after acquiring an additional 666,674 shares during the last quarter. Institutional investors and hedge funds own 24.32% of the company's stock.

Tencent Music Entertainment Group Trading Down 1.6%

NYSE TME opened at $23.34 on Wednesday. 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 52 week low of $10.11 and a 52 week high of $26.70. The stock has a market capitalization of $40.05 billion, a PE ratio of 25.65 and a beta of 0.54. The firm has a 50 day moving average of $24.00 and a two-hundred day moving average of $18.98.

Analyst Upgrades and Downgrades

TME has been the subject of a number of recent analyst reports. Wall Street Zen upgraded shares of Tencent Music Entertainment Group from a "hold" rating to a "buy" rating in a research report on Friday, August 22nd. Macquarie set a $29.80 target price on shares of Tencent Music Entertainment Group and gave the company an "outperform" rating in a report on Tuesday, August 12th. Citigroup reaffirmed a "buy" rating and issued a $29.00 price objective (up from $23.00) on shares of Tencent Music Entertainment Group in a research note on Tuesday, August 12th. Benchmark lifted their price objective on Tencent Music Entertainment Group from $19.00 to $28.00 and gave the company a "buy" rating in a research note on Wednesday, August 13th. Finally, Zacks Research raised Tencent Music Entertainment Group from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, August 26th. Two analysts have rated the stock with a Strong Buy rating and nine have issued a Buy rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Buy" and a consensus 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.

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