The Manufacturers Life Insurance Company Sells 87,517 Shares of Tencent Music Entertainment Group Sponsored ADR $TME

Key Points

• The Manufacturers Life Insurance Company reduced its stake in Tencent Music Entertainment Group by 2.4%, owning approximately 3.52 million shares valued at $50.76 million.
• Multiple institutional investors have recently altered their positions in Tencent Music, with Brooklyn Investment Group increasing its stake by 957.1% in the first quarter.
• Analysts have boosted their price targets for Tencent Music shares, with Barclays raising its target from $16 to $27.00, indicating positive market sentiment.

The Manufacturers Life Insurance Company cut its position in shares of Tencent Music Entertainment Group Sponsored ADR (NYSE:TME - Free Report) by 2.4% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 3,522,431 shares of the company's stock after selling 87,517 shares during the quarter. The Manufacturers Life Insurance Company owned 0.21% of Tencent Music Entertainment Group worth $50,758,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. SVB Wealth LLC acquired a new position in shares of Tencent Music Entertainment Group in the 1st quarter valued at about $34,000. Brooklyn Investment Group increased its holdings in shares of Tencent Music Entertainment Group by 957.1% in the 1st quarter. Brooklyn Investment Group now owns 4,757 shares of the company's stock valued at $69,000 after purchasing an additional 4,307 shares during the period. Vise Technologies Inc. acquired a new position in shares of Tencent Music Entertainment Group in the 4th quarter valued at about $169,000. Ethic Inc. acquired a new position in shares of Tencent Music Entertainment Group in the 4th quarter valued at about $192,000. Finally, Oppenheimer Asset Management Inc. increased its holdings in shares of Tencent Music Entertainment Group by 35.6% in the 1st quarter. Oppenheimer Asset Management Inc. now owns 13,609 shares of the company's stock valued at $196,000 after purchasing an additional 3,570 shares during the period. 24.32% of the stock is owned by hedge funds and other institutional investors.

Tencent Music Entertainment Group Stock Up 1.6%

NYSE:TME traded up $0.39 during trading hours on Wednesday, reaching $24.94. 3,303,764 shares of the stock were exchanged, compared to its average volume of 7,181,219. Tencent Music Entertainment Group Sponsored ADR has a twelve month low of $9.41 and a twelve month high of $26.54. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.87 and a quick ratio of 1.87. The firm has a 50 day moving average of $22.33 and a 200 day moving average of $17.40. The stock has a market cap of $42.80 billion, a PE ratio of 27.41 and a beta of 0.54.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on the company. Wall Street Zen upgraded Tencent Music Entertainment Group from a "hold" rating to a "buy" rating in a report on Friday, August 22nd. Sanford C. Bernstein set a $27.50 price objective on Tencent Music Entertainment Group and gave the stock an "outperform" rating in a report on Wednesday, August 13th. Morgan Stanley restated an "overweight" rating on shares of Tencent Music Entertainment Group in a report on Tuesday, May 13th. Citigroup reiterated a "buy" rating and set a $29.00 price target (up previously from $23.00) on shares of Tencent Music Entertainment Group in a report on Tuesday, August 12th. Finally, Daiwa Capital Markets upgraded Tencent Music Entertainment Group from a "neutral" rating to an "outperform" rating in a report on Tuesday, August 12th. Two research analysts have rated the stock with a Strong Buy rating and nine have assigned a Buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Buy" and a consensus target price of $24.47.

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.